In what was unprecedented in Cameroon, the first edition of the African Economic Development Week organized by the African Economic Development Agency (AEDA) took place in Yaounde from the 24th to 26th July 2024.
The event had a lineup of activities from Business Meetings with government representatives, local and international Entrepreneurs, company heads, young entrepreneurs` meet up with potential investors, B2B meetings etc.
As expressed by its Founder and Convener Dr. Ruth Tembe, the aim of this annual event is to showcase African ingenuity, expose Africa`s rich cultural landscape and unleash Africa`s investment opportunities to the world hence attract foreign direct investment into Africa to boost its economy.
In addition to the brilliant exposés made by the Speakers, explaining the importance of bilateral trade and economic partnerships for growth and sustainable development, the highlight of this event was the resounding announcement made by the organizers` Chief Guest of Honor Dr. Abdul Manaff – of a 48 billion dollars fund dedicated for Africa`s economic development by First Holdings International.
Dr. Abdul Manaff, a seasoned Business Man, Economist and Global Investor with a large portfolio of companies across varied sectors explained that the funds allocated will serve to build infrastructures in Africa, including investing in Agriculture, healthcare, education and $1 (one) billion dedicated to
Women -owned enterprises.
He emphasized on his commitment to support Young Entrepreneurs whom he described as the architects of the new economic era.
As clearly expressed on national television whilst in Cameroon, Dr. Manaff expressed his vision for Africa and Cameroon stating that Africa must embrace globalization not merely as a necessity but a strategic imperative. As an advocate for African development, he underscored that globalization has reshaped the global economic landscape, fostering interconnectedness and expanding horizons for economic prosperity.
As barriers to trade and investment diminish, Africa has the unprecedented opportunity to integrate into global supply chains, attract foreign investment, and propel industrialization across diverse sectors.
Dr. Abdul Manaff also emphasized the imperative to fortify institutional capacity, enhance regulatory frameworks, and foster inclusive growth to mitigate risks and maximize benefits from globalization.
In this light we believe Africa is headed for a major transformation as the African Economic Development Agency asserts its unflinging efforts towards enhancing development in the continent by promoting economic co-operations for shared prosperity.