Africa: Open for business like never before

Here is an excerpt of an article from Africa - The Good News, a website I have found to be a great resource over the years. It was written by Carol Pineau, a film producer, director and journalist. She talks about various entrepreneurs - including our own Ken and Keli! - and how they have contributed to the African society. You can have a look at the whole article here (although it is slightly repetitive, it's worth the read).

Africa's new generation of entrepreneurs show extraordinary ingenuity. They are determined visionaries who find solutions to seemingly impossible challenges and strive to succeed against all odds. Not only are they pulling themselves up by their own bootstraps. They are pulling up an entire continent as well.

The stories of Africa's entrepreneurs are the stories of Africa's heroes. While the media focuses on adversity, they are missing another great story: that of Africa's entrepreneurs who are busy getting down to business.

Take for example Ken Ofori-Atta and Keli Gadzekpo, founders of Databank, an investment group in Accra. The two are ivy-league educated Ghanaians, had top jobs on Wall Street [and with KPMG], but left in the early 1990's to return to Ghana and be part of building the nation. A few years later they launched Epack, Ghana's first mutual fund, which invests in more than half of Africa's stock markets and averaged a whopping 60% annual returns since the fund started.

One of their friends, Hermen Chinery Hesse, a software developer creates software specifically produced to withstand hot and humid climates. He is now launching a new business, Black Star Line, an African version of Paypal, and already has several million dollars backing his venture.

Nearby is Kingsly Awuah-Darko, who came up with new wire transfer technology that is faster and more versatile than existing services. The company, Money Systems International is giving Western Union and Money Gram a serious run for their money. Awuah-Darko explains that with newer technology he was able to leapfrog past long-established competitors to a far more functional and versatile system. The company started in 2002 with about $700,000 transferred that year. Within five years, the total in transferred was over $140 million. Awuah-Darko predicts within the next few years his company will be transferring over a billion a year.

These aren't just Africans solving African problems. Databank's E-pack and other investment services have helped Africans invest in Africa's markets, but also allowed international investors to get into the high-growth phase of Africa's nascent markets. Chinery Hesse's software is good for computer users in Africa, but also for those in any hot and humid climate. Black Star Line will help Africans to buy and sell products [and] also facilitate individuals and companies from all over the world to trade with Africa. Money Systems International doesn't just help Ghanaians in the diaspora to send remittances back home, it also helps Pakistani diaspora, Afghani diaspora, and more.

What is most impressive about today's entrepreneurs in Africa is their determination not to be stopped by even the most insurmountable road block. Ask most people to put a nail into a plank of wood and they will ask for a hammer. If there is no hammer, most will give up. Ask these entrepreneurs and they will say, "Here is a rock, there's a brick, I have my shoe."

Read the entire article here.