Global Insider Talks

Episode 7: Expanding to Africa – Risk, Opportunity & Reality

November 2, 2022

For international companies seeking new business opportunities – particularly in Fintech, agriculture, healthcare services, and energy – now is the time to take a serious look at key markets in Africa, the topic of our latest Global Insider Talks episode.  

We spoke with Rubby Golo, Founder & CEO of Accra-based Global Trade Consult and former UK Department for International Trade executive in Ghana. For decades, Rubby has guided international business executives on their strategic planning for expansion projects to Ghana and other key African markets.
Rubby discussed the importance of conducting thorough market research and partnering with trusted local experts to help foreign investors inform their expansion strategy and reduce risk.
There’s no such thing as an African strategy. Africa is comprised of 54 countries, each with its own unique characteristics, from business norms to language, values, rich cultures, and traditions. Having a local partner to help you understand the key nuances of the market will help ensure a successful entry for your organization.
Other topics discussed during this episode include:
  • Fintech growth: an immediate need for companies providing payment solutions, cross-border trade technology, money remittance, and other mobile services;
  • Growing labor force; by 2032, more than half of the world’s workers will reside on the African continent. Do you have a plan?
  • Various government sector-specific incentives for foreign investors;
  • Establishing your business locally as a 100% foreign-owned business, a joint venture with a local company, or appointing an in-market representative.

Doing business in Africa is often shrouded in mystery and ultimately deemed too risky for foreigners. But by 2032, more than half of the world’s labor force will reside in Africa. If not now, when?

How do you expand to Africa? Our COO, Jeff Smith spoke with Rubby Golo about the fastest-growing industries and why NOW, despite the risks, is the time to invest in Africa.

We condensed a few highlights from the interview and are proud to share them with you.

Here’s more on doing business in Africa, fast-growing industries, and why you can’t afford to delay exploring Africa any longer:

Is your organization in the Agricultural sector? If so, now is especially a good time to invest in Africa. (1:05)

From farming equipment to agricultural services, many African markets are ripe for investment. With more than 40% of the continent available for farming, optimal weather, and a young workforce, bottom-line growth for your business is on the horizon.

Conducting thorough market research and finding local partners are keys to your success in Africa. (1:01)

For foreign investors wary about the risks of working in Africa, conducting a robust market research study and identifying key, local partners and experts will set you on the right course to success.

What areas of Fintech are most exciting today in Africa? There are many. (0:45)

Fintech companies offering payment solutions, cross-border trading platforms, money remittance services and other business transaction solutions are in high demand right now in Ghana, Kenya, and other key African markets.

Watch the full-length interview here: (14:06)

Special thanks to Rubby Golo for sharing her insights and for agreeing to speak with Factum Global.