COVID-19: YPO Africa, Invest Africa partner to spearhead investment drive into the continent

African economies have faced unprecedented challenges due to the impact of the COVID-19 pandemic, with businesses across the continent struggling to stay afloat amidst the crisis. In response to the economic turmoil, YPO Africa and Invest Africa have joined forces to spearhead an investment drive into Africa. The partnership aims to address the funding gaps felt across various sectors, including healthcare, infrastructure, and small and medium enterprises, in order to stimulate economic growth and support businesses in navigating the challenges posed by the pandemic. Riël Malan, the YPO Africa COVID-19 Response Committee Chair and an Invest Africa Board Member, highlighted the diverse impact of the pandemic on businesses across Africa, noting that some sectors like retail, food, and agriculture have been relatively shielded from the effects of COVID-19, while others like tourism and certain service industries have been severely impacted. With a membership of 900 CEOs from diverse sectors, YPO Africa members are actively seeking solutions to sustain their businesses and preserve jobs amidst the economic uncertainty. Malan emphasized the importance of leveraging the collective expertise and resources of YPO Africa members to drive investment initiatives. The organization has established 11 work streams to address critical areas where combined efforts are needed, mobilizing its members to support various initiatives aimed at mitigating the challenges faced by businesses during the pandemic. In assessing the governmental responses in the countries where YPO Africa members operate, Malan acknowledged the proactive role that entrepreneurs play in addressing societal needs and driving change, particularly in instances where government interventions may be perceived as slow or inadequate. Entrepreneurs have demonstrated agility and innovation in addressing challenges on the ground, supplementing government efforts to support businesses and communities affected by the crisis. Malan underscored the significance of attracting investment into Africa to stimulate economic growth and create sustainable opportunities for businesses. He highlighted Invest Africa's focus on sourcing investments for the continent, noting that Africa is often perceived as a risky investment destination by the global investment community. The collaboration between YPO Africa and Invest Africa aims to showcase success stories and promote investments in Africa, dispelling misconceptions about the continent's risk profile and emphasizing the potential for lucrative and sustainable investment opportunities. Overall, the partnership between YPO Africa and Invest Africa signifies a concerted effort to drive investment into Africa, support businesses in overcoming the challenges posed by the COVID-19 pandemic, and promote economic resilience and growth across the continent.