The sogo sosha of Japan and the chaebols of South Korea are examples of powerful champion companies that created bountiful opportunities for their respective nations to become global economic powerhouses.
Through deliberate planning, their companies like the English and Dutch merchant companies boosted their nation’s economy in search of business opportunities abroad. Similarly, the Asian Tigers followed suit and created champion companies of their own.
African countries can follow in the footsteps of Asian Tigers by creating an environment that allows for the development of champion companies. It’s a simple strategy, yet one that will bring prosperity to every nation that properly executes it.
If something hasn’t worked for fifty years, why continue to try, try again? For decades, African countries have tried the same things without success. It is crucial for African leaders, now more than ever, to listen to the ideas that are out there to bring their countries to the forefront of the global economy.
The people of African nations are the most important resources for the continent, but the high value of African currencies and the high cost of living make it tough for the people to prosper.
What do millions of dollars worth of watches found in Brazil, land reform in South Africa, and AGOA all have in common? They are all topics of this month’s episode of the Unleash Africa podcast.
African leaders have failed their people through a lack of foresight and strategic thinking. But, if those leaders can understand how they can bring their nations into the race to the top of economic prosperity, their people will benefit.
There’s an old proverb that says, “Give a man a fish, and you feed him for a day. Teach a man to fish, and you feed him for a lifetime.” In a similar way, African nations need to find a way to long-term fixes for their people instead of offering ineffective, short-term assistance. And the way to do that is with jobs.
African countries have untapped potential in their natural resources and especially in their young and unemployed populations.
The begging-bowl approach that African nations have continued to try to implement is a process that simply doesn’t work. So why do African leaders continue to go that route?