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Smith
Black MBAA Hosts Africa Forum,
Celebrates African Diaspora
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Frank Douamba, Senior
Strategy Officer at the
Sub-Saharan Department of
the International Finance
Corporation, begins his
remarks on “Creating
Opportunities through the
Private Sector in Africa”
while fellow Africa Forum
panelist Kip Yego, Senior
Consultant, IBM (Smith ’06),
looks on. |
Even the most casual followers of
broad macroeconomic trends are familiar
with the BRIC countries (Brazil, Russia,
India, China) and the rapid future
economic growth that is predicted for
each. But many people are relatively
unaware of a less discussed, but just as
critical, new emerging global market:
Africa. In 2003, foreign investment in
sub-Saharan Africa totaled $140 million;
by 2007, this figure had increased
exponentially to $1.4 billion. One group
that is actively promoting awareness of
Africa’s growing economic relevance is
the Black MBA Association (BMBAA), which
hosted its annual Africa Forum & African
Diaspora in Van Munching Hall on
Wednesday, April 23, 2008.
The theme of this year's Africa Forum
was “Fear of the Unknown: Doing Business
on the Continent.” Forum panelists
included Peter Clottey, international
broadcaster/journalist, Voice of
America; Frank Douamba, Senior Strategy
Officer, Sub-Saharan Africa Dept,
International Finance Corporation (IFC);
and Kip Yego, Senior Consultant, IBM,
(Smith MBA ’06). Douamba began the Forum
by discussing the IFC’s three focus
areas for Africa: proactive engagement
of finance and advisory services to
support new private investment, focused
products and services for Africa’s small
and medium enterprises (SMEs), and to
help Africa improve its overall
investment climate. “The panelists
presented encouraging insights into the
business and economic climate in Africa,
which made for an interesting dialogue
with the audience. In general, the event
brought together full & part-time MBA
students, undergrads, and faculty
members, all of whom helped make the
Forum a success,” said first-year
student Peter Mbugua, VP of Finance,
Black MBA Association.
Following the Forum, the event moved
to the Executive Dining Hall to
celebrate the African Diaspora, which is
the movement of Africans and their
descendants to other countries
throughout the world. A variety of music
and entertainment was provided, the most
popular of which was a tutorial on
African drumming. Delicious African food
from 5 countries was served; the
following countries and foods were
represented:
- Jamaica - Curry chicken and
fried plantains.
- Ethiopia – Tibs (a beef and
pepper dish), and dorowat (a chicken
dish).
- USA - Fried chicken and collared
greens
- Cape Verdan - Catchupa (a hominy
stew), and gufongo (a fried dough
that includes bananas).
- Nigeria - Puff puff (a
donut-like confection), and jollof
rice.
For Africa, the opportunity for rapid
growth is now: world governments are
increasing their commitment to private
sector development in Africa, the demand
for infrastructure is high, and the
continent’s overall political stability
is stronger than ever. "I've been taking
MBA classes for nearly a year and we've
never talked about Africa as an emerging
market. I'm glad Smith is supporting
efforts by groups such as the BMBAA to
broaden the horizons of its students,”
stated first-year MBA student Asma Mirza.
▓ Pete Baird, MBA
Candidate 2009, Smith Media Group |
