Smith Black MBAA Hosts Africa Forum, Celebrates African Diaspora

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