No. 47 – 3AMReads: Akon Going Public | Robots Mess Up Development Formula | Don’t Sleep on Halal Tourism

Bloomberg: Star Rapper Akon Mulls IPO of Chinese-Funded African Solar Unit

I was surprised to see this news. Akon’s Lighting Africa project has gotten a good bit of media attention over the past several years. Perhaps, as time goes by, more information about the company’s financials will come out. I think a lot of people are curious to see them.

Axios: Robots could hobble developing countries

I’ve mentioned a few times my nervousness about the technological advancements society is making right now. I fear a sort of point-of-no-return where artificial intelligence, in particular, puts a wide gap between the developed and developing world. So, when I see pieces like this, my chest gets tight.

Perhaps alternatives to low-cost manufacturing serving as the path to development will emerge. The work startups like Andela are doing, for example, is quite interesting – developing technical talent and prepping them to work for global companies. The cost of hiring software engineers trained by Andela is much lower than hiring one in Silicon Valley. The problem is that as technology continues to advance, you need fewer and fewer engineers to reach scale with products. Andela just launched in its second country, Uganda, a few weeks ago. So, they are very much a wait and see case study.

How do you think African countries should navigate technological advancements like robots and artificial intelligence?

Quartz: The new growth industry in Africa is Muslim tourism

Several years ago, I traveled to a number of African countries with a group of Muslim entrepreneurs. It was a fascinating experience. The level of attention they paid to whether things were halal, making time for prayer, and other considerations was informative to be part of, and I could see how the tourism industry catering to Muslims could be lucrative.

 

Here’s My Issue with the IMF/World Bank Africa Rising Seminar

When I first saw, the agenda for the Africa Rising seminar at this year’s IMF/World Bank Spring Meetings, I posted a tweet:

Probably not the wisest thing to not provide any context. So, here goes.

My issue with the seminar is the makeup of the panels. I believe there could be a greater representation of African academics and practitioners. Currently, 30 percent of the panelists are African nationals. Considering that the topic is Africa, this strikes me as odd.

Consider the following promotion of the Africa Rising Conference slated to take place in Mozambique next month.

The Government of Mozambique and the IMF will convene a high-level conference in 2014 to take stock of Africa’s strong economic performance, its increased resilience to shocks, and the key ongoing economic policy challenges. The Africa Rising conference will be held May 29-30, 2014, in Maputo. The event is intended to follow up on the 2009 Tanzania Conference, which helped galvanize international support for Africa after the 2008 financial crisis. The conference will bring together policymakers from Africa and beyond, the private sector, civil society, academics, and private foundations with the goal of sustaining the current growth and sharing its benefits among African populations.    

I find the statement in bold odd considering the relative struggles much of the rest of the international community faced after the financial crisis. Furthermore, the statement defaults to Africa somehow being dependent on externally driven development. I think the structure of this week’s Africa Rising seminar could potentially do the same.

Afara Global exists to see a world in which African and Western countries engage economically at an eye-to-eye level. To do that, you need the right people at the table. While the majority of the panelists are quite impressive, I think the right people are not all present – at least not in this seminar.

A few candidates come to mind for future reference:

Amadou Hott runs Senegal’s newly established sovereign wealth fund and chairs the development of the country’s new airport.

Rolake Akinkugbe is Head of Energy, Oil and Gas Research at Ecobank.

Alexander Chikwanda serves as Zambia’s minister of finance. As Africa’s biggest producer of copper, the country has had to deal with global copper prices while driving inclusive growth at home.

Yaw Nyarko is Professor of Economics at New York University and is Director of the university’s Africa House and focuses his research on technology and economic development, and has done work on human capital.

Dambisa Moyo is CEO of the Mildstorm Group and has a global view on economics and development from an African perspective.

Rentia van Tonder is Head of Renewable Energy, Power and Infrastructure at Standard Bank.

Akinwumi Adesina is Nigeria’s Minister of Agriculture and has earned a lot of attention for his efforts to grow Nigeria’s agriculture sector. He could speak to inclusive growth and structural transformation and economic diversification.

Who are some people you think would make for good panelists?