Africa: Trade winds 2.0

In 1960, then-British Prime Minister Harold Macmillan famously delivered his “Winds of Change” speech after visiting several British colonies – later to become independent African nations – during a month-long visit to the continent. Macmillan’s statement included the prescient and insightful words, “The wind of change is blowing through this continent. Whether we like it or not, this growth of national consciousness is a political fact.”

Macmillan had perceptively understood that Africa was now in the throes of decolonization, and there was nothing that would – or could – stop the momentum that had gathered towards realising this dream. Africa’s future would be decided not by distant rulers, but by the vibrant, diverse and resourceful individuals who make the continent the extraordinary place that it is. The events that followed, as Africans across the continent embraced the new consciousness that Macmillan had described, brought profound changes to the world order. But this was only the beginning of Africa’s new era, and the continent continues to take many by surprise as it embraces its potential and confounds the repeated negative predictions that it has received since decolonisation.

I draw comparison between this speech in 1960 and where we stand today in 2020 – 60 years later – for many reasons. However, the most important issue for me is that Africa, despite the global COVID-19 pandemic, is defying the status quo and has once again overturned current thinking. Many feared that Africa would see death toll numbers not seen since the bubonic plague. However, two factors limited this presumed scenario: first, Africa’s growing youth population, which in many cases presents asymptomatic symptoms; and second, the decisive lockdown measures enacted by many in positions of leadership. Action was taken quickly, borders were closed, and in many instances strict consequences were enforced for rule breakers. I marvelled at the synchronicity with which actions across most of the continent too place – indeed, most countries in my own region of East Africa took the safety measures to unprecedented levels.

Speaking personally, what makes Africa a unique and enticing investment destination is the element of surprise. A continent (not a country, as I sometimes still hear!) of 54 countries that has birthed leapfrogging technologies, witnessed a young engineer from Uganda at 24 who created an app to identify malaria, has some of the fastest long-distance runners in the world, and many, many other remarkable feats.

Today, Invest Africa is hosting its 6th Africa Debate, with a focus on ‘Resilience and Re-emergence’. Many of Africa’s leading business minds will be joining us to share their experiences, and – despite the challenging global circumstances, with the world economy likely to face significant damage from COVID-19 – many of them would agree that Africa still presents the patient investor with an abundance of opportunities. As we reflect on the past 11 months, I am confident that the trade winds will blow in favour of my beloved home continent.

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