Minister Maropene Ramokgopa: Hamburg Sustainability Conference
President and CEO of the African Center for Economic Transformation, Ms Mavis Owusu-Gyamfi,
The Minister of International Development in Norway, Her Excellency Anne Beathe Tvinnereim,
The Deputy Minister of Foreign Affairs and International Cooperation in Italy, Honourable Edmondo Cirielli,
CEO of the African Guarantee Fund, Mr Jules Ngakam,
Young entrepreneurs present,
Ladies and gentlemen,
Good afternoon
Today, I stand before you with a message of hope, opportunity, and vision. Africa is bursting with potential, driven by an unprecedented surge in youthful energy, creativity, and an entrepreneurial spirit. Unlike before, we do not just speak of Africa on potential alone. We are seeing action and innovation towards this being the “African century".
To unlock this vast potential even more, we must make a collective effort to empower the very group that holds the key to Africa's future – our young entrepreneurs.
In a world defined by innovation, rapid change, and technological advances, Africa's youth are not merely spectators, they are the drivers of change. From financial technology, agriculture, renewable energy, the creative sector, to digital health solutions, young African entrepreneurs are transforming their communities, creating jobs, and reshaping economies.
Despite this, the journey for many young entrepreneurs is filled with challenges. Access to finance, mentorship, training and relevant networks remains limited to many. This presents to governments, the private sector and international organisations, the opportunity to act.
Ladies and gentlemen,
Empowering young entrepreneurs and addressing the barriers faced, such as bridging the financial gap, is of great importance if we are to realise the potential of the African continent and accelerate action to help countries in the continent to meet the Sustainable Development Goals (SDGs). Why is this?
Firstly, Africa's demographic advantage is undeniable. According to the United Nations Population Fund, about 60 percent of Africa's population is currently aged under 25, with the population of people under the age of 25 in the continent expected to grow to 1.4 billion by the year 2063. This is evidence that financing businesses should prioritise the youth.
Secondly, we need jobs. According to African Development Bank estimates, each year around 12 million youths in Africa enter a workforce that only has 3.1 million jobs available. We train and develop youths to be ready for the workforce, but there not enough jobs. As governments, we need to put entrepreneurship at the centre of our interventions and policies to create jobs. We need to incentivise and support young entrepreneurs by addressing red tape and making financing available for young entrepreneurs through grants and tailoring public-private partnerships to address funding inequalities which particularly affect young entrepreneurs.
Thirdly, innovation is in our DNA. From Lagos to Nairobi, Johannesburg to Accra, and Windhoek to Cairo, young Africans are at the forefront of global technological innovations. They are solving local challenges with home-grown solutions, such as developing new apps, services, and business models that meet the unique needs of African markets. We need to reward and support this solutionist thinking, as these innovations will propel us into the future.
It has been encouraging to see the Home-Grown Solutions Accelerator for Pandemic Resilience in Africa being operationalised on the continent. This public-private partnership led by the African Union Development Agency aims to strengthen Africa's ability to respond to future disease outbreaks through home-grown solutions. We need to continue mainstreaming local innovations, thereby reducing barriers to capital and opportunities. By empowering our youth, we are not only strengthening Africa's entrepreneurial ecosystem, but also contributing to global innovation.
Ladies and gentlemen,
We must break down the barriers to funding. Traditional banking models often overlook young entrepreneurs, viewing them as high-risk. But innovative financing solutions, including venture capital, impact investing, and microfinancing, must be made more accessible. Governments, financial institutions, and private investors need to come together to create pathways for young entrepreneurs to access the capital they need.
Entrepreneurship is not just about ideas. It is about execution. We must invest in capacity building and education that fosters creativity, problem-solving, and business acumen. From mentorship programs to entrepreneurial boot camps, we need to equip young people with the skills they need to scale their businesses.
We need to take greater responsibility as governments and policymakers to create an environment where entrepreneurship can flourish. We need to create the conditions for young people to start and grow businesses by reducing red tape, providing incentives and implementing business-friendly policies. This means investing in infrastructure to connect entrepreneurs to markets and opportunities across the continent.
The term, “global network", is frequently used in conversations about business and the economy. This term informs the networks, incubators and hubs that bring entrepreneurs together. We need to create these platforms for young entrepreneurs on the continent, for collaboration, learning and support. This will go a long way in ensuring young entrepreneurs are able to benefit and develop within inclusive economies.
Ladies and gentlemen,
The time is now. Empowering young entrepreneurs is not just a moral imperative. It is an economic and developmental imperative, as a sustainable future for Africa depends on it.
By investing in our youth and opening up financial opportunities to young entrepreneurs on the continent, we are not only building businesses, but are building the future of Africa. We are creating a continent where young people do not have to look beyond our shores for opportunities because they can create them right here where they are.
In South Africa, we are advancing collaboration between government, the private sector, civil society and other stakeholder to work together to meet the country's development goals. I would encourage countries in the African continent and in the rest of the world, who are committed to a sustainable future, to do the same.
I call upon governments, investors, corporations, and civil society to unite in the mission to support and make funding opportunities available for young entrepreneurs. Let us pull our resources, share our expertise, and create an ecosystem where young African entrepreneurs can thrive. Together, we can ensure that the dreams of millions of young Africans are not turned to reality.
The Africa we envision is one where innovation knows no bounds, where the energy of youth powers our economies, and where entrepreneurship drives inclusive growth and development. Let us be the generation that empowered Africa's youth to transform the continent and the world.
I thank you.
