Billions Looted from Africa

Our YouTube podcast is trending

By Peter Grear

I am pleased to announce that, as I write this article, my podcast of the same name is trending on YouTube with a significant, positive worldwide response starting July 16, 2024.

A few months ago, Gerry McCants, my podcast co-host, and I discussed a video entitled “This African CEO Exposes how the West is making Billions from Africa’s Natural Resources. We delved into the fascinating video that highlighted significant economic opportunities in Africa. This discussion aims to give you a flavor of what our podcast entails and encourage you to join us, subscribe, and share with your friends. Our ultimate goal is to foster business relationships between African enterprises and the African diaspora, tapping into Africa’s immense potential. We’ve been doing extensive research, and the data supports our enthusiasm about these opportunities.

Bridgette Harrington, the CEO, revealed that Western countries extract approximately $50 billion in natural resources from Africa annually, process them into products, and then sell them back to Africa for an estimated $500 billion each year.

Gerry shared his impressions of the video and discussed some products and possibilities for supporting African-made goods. He thought she provided insightful details about Africa’s raw materials and commodities and that, as a businessperson, understanding these resources brings us closer to the opportunities available on the continent. Africa is rich in petroleum, oil, gold, cocoa, and shea butter, among many other resources. However, doing business in Africa requires due diligence. Building relationships on the ground is crucial, as evidenced by Jeff Foster of Core Technology Molding Company, who emphasized the importance of local connections for his business in Johannesburg.

The discussion made clear that while investing in Africa offers tremendous opportunities, it comes with risks, much like any other investment. Thorough research and building relationships are key. For those hesitant to engage directly in business, investing in mutual funds with African portfolios can be a safer way to participate in Africa’s growth. These funds often conduct extensive due diligence, providing security for investors.

Gerry and I are also involved with the African Diaspora Development Institute (ADDI), led by Dr. Arikana Chihombri-Quao, founder and CEO. ADDI is dedicated to fostering business relationships between Africans and the diaspora. Dr. Arikana emphasizes that African Americans are among the best-educated blacks globally, with a skill set that is highly valuable to Africa. However, offering our expertise meaningfully and beneficially requires preparation and understanding of the local context.

Bridggette Harrington, an investor in a coffee company, highlighted the existence of micro, small, and medium-sized enterprises across Africa. The African Continental Free Trade Area (AfCFTA) plays a crucial role in consolidating these smaller businesses and facilitating their participation in international trade by handling import and export logistics.

 Bridggette Harrington’s video underscores the economic disparity caused by exporting raw materials from Africa, which are processed and sold back at significantly higher prices. The solution lies in building manufacturing capabilities within Africa. Doing so can create large-scale employment opportunities and drive economic growth. This approach requires careful planning and investment, but the potential rewards are immense.

As the Chairperson of ADDI for North Carolina, I invite anyone interested in learning more about doing business in Africa to join our monthly meetings. We review relevant videos and discuss strategies for building business relationships with Africa. Whether you have extensive knowledge or are just starting, we welcome you to learn with us. Consumer power is also crucial – by supporting African-made products, we can empower black businesses and contribute to Africa’s economic development.

Gerry indicated that our podcast offered an excellent platform for sharing information and inviting others to explore business opportunities in Africa. Building relationships with Africans on the continent and in the diaspora is important. Understanding the local market, politics, and infrastructure is essential. Before making any investments, Gerry encourages everyone to visit Africa, build connections, and gather first-hand knowledge.

We discussed that people don’t have to be investors to contribute to Africa’s growth. Being a tourist or a consumer of African-made products can significantly impact the country. Our goal is to shift Black consumer power towards supporting African businesses.