As a young Black professional, you have more opportunities now than ever before to invest in a multitude of possibilities. That said, 2020 can be the time to make some real power moves! 

If you are not sure where to spend some of your funds, a look at investment opportunities in Africa should be on your list of considerations.

Getting Black millennials to invest in Africa is not a new concept. Several years ago, in 2014, the U.S. Africa Summit, the largest contingent of African heads-of-state assembled in Washington, D.C. This was the first time the United States ever hosted a summit of that size for representatives from Africa. A White House official reported that six out of the ten fastest-growing economies in the world are African. At that time, it seemed that African American business people and entrepreneurs were oblivious to this opportunity, and the race was on to make sure they had a place at the table before all the major seats were taken.

BlackEnterprise.com interviewed a few people with unique perspectives on these critical issues. 

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Danaldi Verheijen, managing director at Verod Capital, a leading investment firm in Lagos, Nigeria, advised Black business people to go to the continent and set up shop. He said that everything was imported, and they need things produced locally. He acknowledged that there is some money to be made exporting goods to Africa, but feels that the bigger opportunity is to set up local businesses or invest in existing smaller companies on the continent.

Included on the 2010 list of Foreign Policy’s Top 100 Global Thinkers, Rosa Whitaker, is the President and CEO of the Whitaker Group. She served in both the George W. Bush and Clinton administrations as the Assistant U.S. Trade Representative for Africa. Whitaker said, “there is much synergy between Africa and African American business because the region is growing in precisely the areas where African American firms are competitive.” Whitaker went on to say that in 2013 African American firms grossed over $21.8 billion in the industrial services sector in the U.S., a two-billion-dollar increase. She said that the African industrial services sector is the fastest-growing in the world.

This begs the question that if African American and African interests naturally coincide, then why have so many African American entrepreneurs chosen to look the other way? One could say that it is wise for Black millennials to accept the idea of profiting off the available opportunities in Africa because of the over-saturated U.S. market. Black youth having interests in forming relationships with young Africans early on in life could be essential in facilitating stronger bonds between both parties and the strengthening of financial ties. (Black Enterprise)

Just a couple of weeks into 2020, singer/songwriter and entrepreneur, Akon, announced on Twitter that he finalized an agreement to build a 2,000 acre “Akon City” in Senegal. The singer compared it to a real-life Wakanda referencing the popular 2018 film, Black Panther, which featured the futuristic African country. Akon City will operate entirely on Akoin, his self-named cryptocurrency.

Before moving to New Jersey, Akon spent his early life in Senegal. He announced his plans for the crypto-run city at the Cannes Lion Festival in 2018. At the festival, the singer said that he feels blockchain can be the key to growth in Africa. Akon said, “I think that blockchain and crypto could be the savior for Africa in many ways because it brings the power back to the people. Cryptocurrency and blockchain technology offers a more secure currency that enables people in Africa to advance themselves of the government.” (Business Insider)

President Nana Akufo-Addo of Ghana declared 2019 the “Year of Return” for Africans in the diaspora. December is known by many Accra-dwellers, as “the month of the returnees.” Ghanaians from across the diaspora travel to the country by the thousands from London, New York, and other widespread cities during this month. Family members await reuniting with their loved ones at the Kotoka International Airport, filling up taxis, churches, and partying non-stop. This past December, Ghana welcomed a different group of returnees, many of whom were making a trip to the African continent for the first time. This group of visitors included CEOs, top executives, businessmen and women, celebrities, and more. One of the activities attended by the stars was the Full Circle Festival, which launched the “Year of Return, Ghana 2019,” a campaign led by the Office of the Diaspora and supported by the Ghanaian president. (Equal Times)

The “Year of Return” commemorated the 400th anniversary of the arrival of the first recorded African slaves in Jamestown, Virginia in 1619. It welcomed all peoples of African origin to celebrate the resilience of Africans over the past 400 years. It was an excellent opportunity for stakeholders, businessmen and women, celebrities, and more to visit Ghana, see its people, communities, and businesses. (Visit Ghana)

By hosting such an event, Ghana aimed to bring in tourists from across the African diaspora to reconnect with the continent. Tourists attended numerous events that ran through the end of the year, including investment summits, leadership forums, and cultural activities. Akwasi Ababio (Chairperson of the Year of Return committee), told Equal Times that for many in the African diaspora, the chance to return “home” holds significance. Ababio said, “some people have come to Ghana, and just on arriving at the airport, seeing that they’re standing on the land that their ancestors used to occupy, has brought a sort of relief.” He went on to conclude that “they can come and reconnect spiritually.” (Equal Times)

The “Year of Return” was such a success that it resulted in Beyond The Return, a follow-up 10-year project under the theme, “A Decade of African Renaissance 2020-2030,” which will be built on several pillars. (Visit Ghana).

“Beyond The Return,” as noted by President Akufo-Addo, will involve Ghanaians engaging in mutually beneficial trade and investment and cultural cooperation with the African diaspora. 

He urges all Ghanaians to bring the same level of enthusiasm and commitment to this continuing initiative, that they brought to the “Year of Return,” to help make it an enduring success. (Ghana Web)

This ten-year campaign is an opportunity for millennials (especially those who have never traveled to the African continent), to learn about their ancestors, African cultures, the dynamics of the African economy, and more. Investing in the “Motherland” is a way for Blacks in America to give back to the continent, prosper along with its people, and possibly connect on a deeper spiritual level.

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