Putting Africa first is at the heart of Africapitalism. It is an understanding of Africa as a place with meaning to people’s identities.
Oramah’s developmental commercial banking idea needs Elumelu’s Africapitalism, By Kenneth AmaeshiEXCLUSIVE: Northern senators move against Akpabio over alleged N4trn budget paddingClimate change, extreme weather, conflict exacerbate global food crisisOramah’s developmental commercial banking idea needs Elumelu’s Africapitalism, By Kenneth AmaeshiProfessor Benedict Oramah, President Afrexim Bank.
Over the years, I have spent some time intellectualising the role of business, particularly banking, in Africa. Initially, it started with an interest in Corporate Social Responsibility. In 2006, together with colleagues, I published one of the first academic papers on, exploring if the practice was driven by indigenous values or an expression of Western mimicry.
The problem here is not necessarily the spirit of capitalism as the harbinger of human freedom and economic emancipation, but the inherited form of capitalism practised in Africa, which is often at variance with the continent’s socio-economic development. This misalignment invariably creates lopsided outcomes – e.g. economic banditry, corruption, inequality, poverty, et cetera – which Oramah’s Developmental Commercial Banking will seek to address in Africa.
Today, Africapitalism is making its way, albeit gradually, into the global academe. However, the question remains: how can Africapitalism, as a discourse, be translated into practice? This is where Professor Oramah’s Developmental Commercial Banking idea comes in. However, the idea needs a strong and coherent economic and business philosophy, which Africapitalism provides.
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