Globally, markets are starting to embrace online grocery shopping, even though the rate of adoption is slow. Multiple retailers are expanding their offerings into online grocery shopping. In Europe, some of the retailers are Tesco and Ahold. In the US, some examples include FreshDirect and Amazon Fresh while in Kenya, some of the retailers offering...
Despite Africa’s economic and political volatility, geographical complexities, and infrastructural gaps, global business interest in the continent is continuously blooming. Among the key drivers of this interest are a population that is fast growing & urbanizing, increasing digital & mobile access, innovations and large reservoirs of key natural resources (arable land and minerals). In the...
The climate agenda has brought the human race to the realization that climate change is borderless and no one can escape the climate crisis. However, the true realization is that, on a global scale, the climate consequences are not evenly felt, with some being more adversely affected than others. The least contributors to carbon emission...
The AVCA Venture Capital In Africa Report 2021 released in April this year paints a picture of a rising economic block; and enhanced investor confidence in the growth potential for businesses across Africa. As per the report, USD 5.2 billion was raised by 604 unique companies in 2021, a 104% growth from the 319 VC...
According to OECD model for tax convention, intangibles are intended to address things that are not physical assets or financial assets; but which are capable of being owned or controlled for use in commercial activities. In addition, the use or transfer of these intangible assets would be compensated had it occurred in a transaction between...
China has become Africa’s largest trade partner with over 10,000 Chinese owned firms operating within the continent; with business transactions valued at more than USD 2 trillion. Through trade, China’s economic growth has directly impacted the economies of developing countries. Time and again, Africa has proven to be vulnerable to the competitive threat that China...
Neobanks in the African market are solving two problems for the continent’s population. First, neobanks are bringing banking services and products to populations that traditionally did not have access to them such as savings, investments or capital. Access to capital is one of the key hinderances to economic growth and this is a major challenge...
Consumer goods companies are engaged on daily wars against each other to control larger market shares; and this competition is projected to intensify into the future. This war is waged on three major fronts. On the first front, retailers face competition from their suppliers who have finally decided to adopt the direct-to-consumer (DTC) route. These...
The better a country’s air connectivity and development is, the greater its ability to reap the economic and social benefits that come with such connectivity. Air connectivity in Africa is currently focused on international routes, primarily to Europe and the Middle East; whereas intra-Africa connectivity is much more limited. African aviation exploded in the early...
Over the last two years, the food commodity market has been straining from the post COVID-19 pandemic demand, export restrictions, supply chain bottlenecks and taxes. The invasion of Russia into Ukraine in late February this year dramatically worsened the situation by altering global trade patterns, production and consumption of food commodities. The war disrupted the...
Kenya through its proposed Finance bill 2021, introduced documentation guidelines for Multinational Enterprises (MNEs) operating locally through their subsidiaries. This comes at a time when globally jurisdiction members under Organization for Economic Cooperation and Development (OECD) are racing to implement Inclusive framework on BEPS (Base Erosion and Profit Shifting) to combat illicit financial flows, tax...
The 21st century has brought with it advancements in technology that have affected how people work and operate, and this effect has triggered disruptions across different sectors. One sector that is facing the technology onslaught currently is the banking sector. Technology has moved banking from the traditional banking halls to the customer’s mobile phone or...
Selling directly to consumers is an effective strategy to achieve higher conversion ratios for ecommerce businesses. Direct selling gives more power to the brands to minimize inefficiencies that arise in the traditional supply chain. With e-commerce sales projected to hit 7.4 trillion dollars by 2025, there is a lot of untapped potential for consumer brands...
According to the Africa focused startup funding data platform The Big Deal, Kenya bagged more than 90% of all the startup funding that was invested in Eastern Africa from 2019 to May 2022. At USD 1.9 billion, Kenya received more than 10x the amount received by Tanzania over the same period at USD 152 million....
Globally, countries especially across Middle East (Gulf countries) and Africa like Tunisia, Uganda and Egypt are racing towards implementing electronic tax invoice. The wave is already being felt locally with Kenya Revenue Authority (KRA) rolling out the hardware-based electronic tax invoicing which commenced on 1st August 2021; with a deadline for complying extended to 31st...
In many business environments, consumers are always exploited through overpriced products, artificial scarcity, substandard goods, and misleading advertisements among other ways. Traders leverage on the consumer’s lack of knowledge about the price and quality of commodities, their indifference attitude towards purchase decisions and insufficient market information to take advantage of them. Such business practices are...
Economic circularity seeks to transform the current linear model of production and consumption by focusing on three main principles: reducing consumption of finite material resources, recovering materials from waste through recycling, and extending product life through reuse. It examines the transition from a linear to a circular economy, which provides a value chain approach to...
Cottage industries are small-scale manufacturing operations that operate out of residential areas including people’s homes. These industries are characterized by the small financial resources needed to set them up and the limited number of employees and output that they generate. Prior to the first and second industrial revolutions, production of consumer goods such as bags...
Venture capital funding activity in Africa has been on a steep rise in the past couple of years, with the startup ecosystem raising about USD 4.9 billion in 2021; according to the Africa Investment Report 2021 by Briter Bridges. The figure was about 3x the amount raised in 2020 and 2019 at about USD 1.7...
In the past years, the private sector’s role in climate finance was focused on mitigation to reduce greenhouse gas emissions; but today, the private sector’s role is becoming increasingly relevant in the global adaptation debate. The private sector accounts for roughly 86% of all global investments. In developing countries, up to 90% of the population...
The retail market in Kenya is characterized by both formal and informal developments. Despite significant investments by Fast Moving Consumer Goods (FMCG) multinational giants; the informal sector particularly micro-retailers known colloquially as “dukas” remain to be the true drivers of the sector. It is estimated that the micro-retailers sell a total of USD 11 trillion...
M&A activity in Kenya for the last three years saw key sectors deal closures and exits. The sectors included but not limited to; Financial services sector; DE La Rue Kenya Ltd (a subsidiary of De La Rue Plc) wholly acquired by American Company, HID Corporation Ltd. Banking sector; Kenya Commercial Bank (KCB) acquired National Bank...
E-commerce industry has garnered a lot of popularity among consumers since 2010. Consumers are getting more comfortable with to shop online. Looking back from 2014, the e-commerce global market has grown from USD1.3 trillion to USD 4.9 trillion in 2021; partly due to induced demand as a result of Covid – 19 restrictions. E-commerce platforms...
The term industrial revolution used to represent the economic transformation that Britain went through in the 18th to 19th Century. However, as time went by, the term started to represent the process of economic transformation as opposed to a period of time. This economic transformation that the term represents is characterized by technological, cultural and...
In 2021, MarketForce made a 100% strategic acquisition of Digiduka in order to enhance their value propositions to their target customers; and achieve quicker scale for their merged operations. The deal was announced in June 2021; a month before MarketForce closed their pre-series A funding round of USD 2 million from a group of venture...
A platform is an avenue of exchange where vendors and consumers are able to exchange information, goods or services. In addition, the community that interacts within the platform is as well part of the platform. The community is a key element of a digital platform as the most successful platforms have been able to capture...
In the recent years, the global financial sector has experienced rapid development of new financial products and intermediaries such as Decentralized Finance (DeFi). This is in a bid to meet the varying needs for investors and consumers in different demographics; with countries racing to bridge the financial inclusion gap. Decentralized Finance (DeFi) is a fast-developing...
Accounting for 70% of its 1.4 billion population and with a median age of 19.7 years, youths in Africa are its most valuable asset and resource in the region’s economic development. The continent’s massive youth population represents a huge opportunity for inclusive economic growth, but only if they are properly empowered to reach their full...
The emerging niche of green consumers across the globe is forcing organizations to rework their marketing strategies. Green marketing has become a key differentiator for businesses incorporating environmental conservation measures in their activities. Not only has it helped firms become more competitive by tapping into new markets but also, but it has also helped businesses...
In 2021, the total value of merger and acquisitions (M&A) deals in Africa was about USD 58 billion. This fades in comparison with the global M&A deals value of USD 5.9 trillion the same year. With a GDP of USD 3.4 trillion, Africa has not yet attracted super huge M&A deal sizes. However, as specific...
Cross boarder payments are crucial to enable movement of goods and services between the transacting parties. One of the major segments in finance that facilitates this is correspondent banking. Correspondent banking is a context where one bank provides services in a particular region to another bank that may not have physical presence within that area....
Competition policies help facilitate trade and economic development through protection of consumers and businesses. They lay a foundation for fair play and take into consideration the health, price and quality concerns that consumers have. Additionally, these regulations set the guidance on how intellectual property rights will be respected and enforced. Over the recent years more...
Medium Term Debt Management Strategy (MTDS) has been designed as a public finance management tool to facilitate decision making based on the evaluation and management of public debt related risks and fiscal deficit financing through a cost-risk analytical framework. To that extent, the MTDS is required to provide the following information: The total of debt...
Corporate goals are founded on the fundamentals of people and resource productivity, as well as long-term growth. As a business scales and expands, it focus shifts to serving its market with maximum efficiency through process optimization. The Pareto Principle also known as the 80/20 principle, states that inputs and outputs are always skewed and not...
Technological advances have made exponential leaps and bounds over the last decade. By 2025, the interaction between humans and machines will be as standard as the corporate balance sheet. Employees shall be able to leverage the power of real-time data to aid their decision making. According to Cindi Howson at the MIT Chief Data Officer...
Retail chains in Kenya are fueled by local suppliers who keep them operational through stocking their shelves with their inventory, so as to attract their target customers. While the two parties enjoy a symbiotic relationship, it has not always been a smooth ride. Many local suppliers have been forced to close shops because of cash...
Traditional restaurant sector has historically suffered very thin margins on its menus. Customers hardly order the high margins foods as they are quite expensive. This has left majority of the customer segment ordering the more affordable options provided, leaving the restaurants with about a 7 – 22% profit margins. The global food industry is estimated...
Economic expansion in any region is always preceded by an increase in market activity in terms of both private consumption and product output. Economic development and a rise in movement of goods and people have a direct link that leads to an increase in demand for expanded transportation infrastructure. Gradually Africa is transitioning from the colonial...
According to IRENA, the African continent receives an annual solar irradiation of 2,119 kilowatt hours per square metre (kWh/m2); with most countries in the North, West and Southern Africa receiving more than 2,100 kWh/m2 annually. Cumulatively, Africa has a solar PV technical generation potential of 7,900 GW; and this capacity has barely been scratched yet....
Intellectual property (IP) are creations of the mind such as inventions, designs or symbols that give the owners the ability to earn financially from their creations; as well as to protect these creations from exploitation. These intangible assets can be owned by a company or an individual and are enforceable by law. The systems that...
Food production is critical in sustaining Africa’s population growth; which is projected to reach 2.3 billion people by 2050, according to a report by the United Nation. It is estimated that as the population grows, food production must increase by over 50% in order to meet the growing demand. The increase in agricultural activities to...
A continental funding challenge Insufficient funding is flowing into the renewable energy sector in Africa. Commercial and development financiers agree that there are sufficient funds to finance the energy transition in Africa; however the continent faces challenges that are slowing down the rate of capital deployment into the clean energy sector. According to a report...
The Covid-19 pandemic has been a major catalyst in the surge of technological innovations and adoptions worldwide. Some would refer to this moment as the “tech-celeration” moment that has leapfrogged digital innovations. Some sources would argue that 5 years’ worth of technological advances were adopted in just 5 months. Taking a closer look at the...
According to the Organization for Economic Co-operation and Development (OECD), digital trade has been impactful in connecting many businesses to consumers at a global level. Digital trade has significantly cut the costs of cross-border transactions, promoted coordination amongst value chains globally, and encouraged diffusion of technologies and ideas through innovations. By definition, digital trade entails...
In 2019, intra African trade was valued at $69 billion accounting for 15% of Africa’s total trade in that year. The Africa Continental Free Trade Agreement (AfCFTA) aims to boost intra African trade. One of the tools that the AfCFTA have come up with in collaboration with Afreximbank to facilitate free flow of money between...
Africa’s population is projected to grow to more than 2 billion people by 2050 from the current figure of about 1.2 billion people. More than 80% of the population growth is likely to occur in urban areas; with African cities projected to triple their populations by 2050. It is estimated that 13 out of the...
The digital economy has gained significant importance within the global economy as a driver of innovation and competitiveness. In Africa, Kenya has positioned itself as a leader in access to digital infrastructure; with 98% of its citizen owning sim cards, and 65% of the population having access to the internet. The high internet penetration in...
Smart Green Infrastructure (SGI) presents a huge investment opportunity globally, with an estimated USD100 trillion worth of climate action infrastructure required by 2030; in order to meet the Paris Agreement emissions reduction targets. However, there is a shortage of finance as well as a shortage of identifiable, investment-ready, and bankable projects. There is also lack...
In 2021 the world was coming out of the 2020 Covid-19 induced slowdown in the global economy; and the focus was on how to build resilience in countries across the world, to avoid plunging into a prolonged recession. At the United Nations Climate Change Conference (COP 26) held in Glasgow in the fourth quarter of...
Finance Bill, 2022/23 Proposed Amendments on Transfer Pricing Documentation The finance bill 2022 was received in the National Assembly on 12th April 2022 for debate. The income tax amendments section 18C has been introduced to include notification to the commissioner by a multi-national enterprise (MNE) group on the following disclosures not later than the last...
In January 2022 the OECD (Organization for Economic Co-operation and Development) released a final version of the transfer pricing guidance on documentation and other important sections pertaining to transfer pricing. As per OECD 2022 guidance on documentation, it provides guidance for tax administrations to take into account in developing rules and/or procedures on documentation to...
The carbon credit market was established in 1997 as part of the Kyoto Protocol to limit greenhouse gas emissions. It is a market-based system that allows investors and corporations to trade both carbon credits and carbon offsets simultaneously to reduce their environmental carbon footprint. Emission trading is one of the key mechanisms outlined in Article...
The Africa Continental Free Trade Area (AfCFTA) agreement is an important instrument in helping Africa realize its economic integration and development goals. It builds up on the progress realized by the Regional Economic Communities (RECs) to establish a USD 3.4 trillion market of goods and services with over 1.3 billion people. The scope of the...
Private companies exist to create and grow value for their shareholders. Some of the ways to achieve this core mandate is by growing the business operations through expansion to new markets, developing new products or services or through mergers and acquisitions. When seeking new avenues for growth, most companies conduct outward looking feasibility studies that...
Dampened by the negative impacts of Covid-19, the Kenyan economy experienced a 3% contraction in 2020, from an annual growth of 5.8% in 2019. However, in 2021, the economy rebounded and recorded a growth of 2%, 11.9% and 9.9% in the first, second and third quarters in 2021; with the fourth quarter estimated to grow...
The African Continental Free Trade Area (AfCFTA) agreement is set to unlock the continent’s growth potential by connecting over 1.3 billion people across 55 countries; with a combined Gross Domestic Product (GDP) of USD3.4 trillion. According to the World Bank, its implementation could boost Africa’s exports by USD560 billion, increase incomes by USD450 billion, and...
A circular economy, according to UNCTAD, entails markets that incentivize reusing products rather than scrapping them and extracting new resources. It promotes the reuse and recycling and the sustainable use of natural resources, offering an alternative that could generate $4.5 trillion in economic benefits globally by 2030. In such an economy, all types of waste,...
In African traditional culture, people lived in communities and they looked after each other’s affairs communally. When one person had a misfortune, the community led by the village elders mobilized resources from the community and people came together to support one of their own. Fast forward to post-colonial Kenya, the spirit of Harambee continued the...
Overview of DRC According to the World Bank, the DRC is the largest country in Sub-Saharan Africa (SSA) with a population of about 90 million people and is the second largest country by landmass in the continent. DRC is well endowed with natural resources among them minerals such as copper and cobalt, vast arable land,...
Fast-moving consumer goods (FMCG) also referred to as consumer packaged goods can be defined as products that sell quickly in large quantities at a relatively low price because of their high demand or perishability and are consumed on a regular basis. They are categorized into processed foods, prepared meals, beverages, baked goods, fresh foods, frozen...
Taxation plays a critical role in modern states by enabling provision of public services (roads, justice system, defense, healthcare and education among others), spur economic growth, harmonizing unfavorable competitive environments and protection of the population’s well-being. Kenya thrives as an economic powerhouse in East Africa and the home of innovations popularly referred to as the...
The apparel and textile industry globally has been growing rapidly with clothing production doubling to account for 60 per cent of the overall textile production over the last 16 years. The fast fashion trend has been the key growth driver for the industry, as it has made it increasingly possible for retailers to bypass wholesalers...
In today’s world, most businesses focus on the day-to-day activities of their operations and lose sight of the internal progress tracking and performance review. Without a well-thought-out budget, a company risks being lost in a dark alley of utter chaos with no clear action plan to guide it. The budget tool links strategies to objectives,...
World Trade Organization (WTO) estimates that about 80% of the trade conducted globally relies heavily on trade finance. The annual global trade finance market is valued at about USD 5.2 trillion; and it forms the backbone upon which international business transactions are carried out. Trade finance can simply be described as financing of international and...
In 1997, industrialized countries made a promise under the Kyoto Protocol to reduce their annual emissions by an average of 5.2% by the year 2012; which represented 29% of the world’s total greenhouse gas emissions. In 2015, the Kyoto protocol was replaced with a non-binding Paris Agreement with a mandated progress review every five years...
According to the Organization for Economic Co-operation and Development (OECD) thin capitalization refers to the situation in which a company is financed through a relatively high level of debt compared to equity. The Kenya Finance Act 2021 introduced new provisions governing interest payments that are not deductible for corporation tax purposes. The Act, provides for...
The world of cyber security is changing rapidly with new threats and remedies coming up every day. Employees are not able to keep up with these technological advancements every day; especially those without a technology background and not working within the information technology (IT) departments in their organizations. It is therefore paramount for organizations to...
The clothing industry in Kenya is dominated by the imported second hand clothes (mitumba) which are often preferred by a majority of the population over the new ones. Living in a middle income country, a huge chunk of the disposable income for most Kenyans is channeled towards basic human wants like food, shelter and mitumba...
The workplace is a distinct environment characterized by policies and culture that promote effective work ethics and standards. Employees must follow the rules and regulations established by management to guide their workflow, and any violations can result in disciplinary action; which in extreme cases can lead to termination. However, a workplace that is only defined...
The global Covid-19 pandemic exposed numerous companies to a type of risk that is usually not considered a priority risk and that is Supply Chain risk. This is the risk that your suppliers or buyers of your products will not be able to meet their obligations to you due to factors that are beyond their...
Air travel is a powerful economic growth and development catalyst, facilitating integration into the global economy and providing critical connectivity on a national, regional, and international scale, supporting 7.7 million jobs and $63 billion in African economic activity. According to Aviation Benefits Beyond Borders, this represented 2.2% of total employment and 2.7% of total GDP...
The second hand clothing (mitumba) industry has been the breadbasket for about 2 million Kenyans. Albeit classified under the informal sector, the industry is a blend of both skilled and unskilled labour from different sectors, employing an estimated 10% of the total extended labour force (20,641,175 people) according to the Labour Force Survey report in...
The finance bill 2021 was tabled in National Assembly on 11th May and passed on 29th June 2021. The bill proposed the following amendments to the following statutes that took effect in 1st January 2022; Income Tax Extractive Industries Taxation: The Act grants an allowance of 50% in the first year of use of machinery...
Sustainable business growth is nurtured in a peaceful and productive environment for capital multiplication and market expansion to accommodate additional capital investments. A company’s capital multiplier comes from its retained earnings or from capital gains for its shares; which are two key value creation drivers that are closely linked with prevailing business environment conditions. Since...
The core mandate for businesses across the world is to maximize their shareholders’ wealth through strategies meant to increase their revenues, while maintaining an efficient operation; in order to optimize their bottom lines. To boost their top lines, businesses make strategic decisions such as development of new products, expansion into new markets or mergers and...
Women and youths form a critical demographic that has direct impact to the success of the African Continental Free Trade Area (AfCFTA) agreement. The main agenda for the AfCFTA is to create a single market for goods and services across Africa; facilitated by free movement of people and capital. However, despite Africa being the youngest...
Over the past decade, Africa has been taunted as the next growth frontier for the world; with the potential to generate outsized returns for investors from within and out of the continent. However, the anticipated exponential growth has not been experienced yet. This is due to a number of factors, one of which is the...
Under the mission of the Glasgow Finance Alliance for Net Zero, every company, bank, insurer, and the investor will need to adjust their business models, develop credible plans for the transition to a low-carbon, climate-resilient future, and then implement those plans. Private finance can help fund private sector initiatives and turn billions committed to climate...
Within the financial services sector, liquidity risk is closely monitored by sector regulators to avoid jeopardizing the stability of the sector and the economy at large. Central banks around the world require that banks maintain a certain level of liquidity in order to meet expected and unexpected withdrawals from customers. The destructive nature of liquidity...
The star Hollywood actor, Chadwick Boseman died as a shock to many fans who had seen him in perfect health previously in the last movie he led, The Black Panther, a Marvel superhero franchise. Cancer had claimed one of the most popular actors among the black community and Africa as a whole. Doctors argue that...
According to World Bank, there is great interest globally on the role of small and medium size (SME) enterprises in employment creation, income generation and economic development. They represent about 90% of businesses and more than 50% of employment worldwide. Formal SMEs contribute up to 40% of national income (GDP) in emerging economies. In Kenya,...
The transportation sector accounts for nearly 25% of all energy-related greenhouse gas emissions globally. The transportation sector relies heavily on the combustion of fossil fuels, making it one of the most significant producers of both urban and regional air pollution. According to the “Used cars and the Environment” report by UNEP used vehicles exported from...
Energy inclusion for rural households in Africa: A case of Rwanda Lack of electricity connection and regular power outages are cited as some of the leading causes for slow growth and businesses failure in most African countries. This then results to the vicious poverty cycle in rural communities across the continent. To deal with this...
Market Overview The growth of Kenya’s e-commerce ecosystem has been on an upward trajectory, thanks to mobile connectivity which has improved internet access, online payments systems that have facilitated transactions and the logistical infrastructure that is slowly taking shape in the country. According to Statista, revenue in the e-commerce market in Kenya was projected to...
Electronic games are the fastest growing segment in the gaming industry. Electronic games also have the highest level of product type heterogeneity, encompassing a wide range of programmed products that are consumed via different hardware at different occasions. Each game assigns an active role to the user that goes well beyond the activity level required...
The concept of a shopping mall with large department stores originated in the United States and aimed at creating a community-based environment for shopping and leisure. Families and friends would visit malls to enjoy the scenery and products offered by the various brands that occupy the spaces. A mall would attract customers if it was...
In many ways, 2022 will be similar to 2021; with renewed hope for economic recovery across the world as countries continue to reduce Covid-19 restrictions. At the global arena, we expect two main agenda to dominate decision making by executives in the private sector and policy makers in the public sector: Covid-19 and the climate...
A decade ago, the narrative about startup investing in Africa was centered around grants funding tempered with a few impact investments. The two later morphed into what we now know as venture philanthropy that seeks to invest in social enterprises that are pursuing the triple bottom line model of economic, social and environmental impact. Except...
The city of Kigali generates about 600 tons of Municipal Solid Waste per day, which is projected to grow over time as the country undergoes significant economic transformation to become a lower middle income country. Currently the city of Kigali is struggling with its Solid Waste Management (SWM) system because of its limited waste minimization...
When it comes to the future of digital marketing, it is important to look at the technology behind it. The internet has changed the way we live, and it has changed the way we do business. With the global adoption of the internet, the era of artificial intelligence (AI) has set in. Machines can complement...
A proper transport network is a major catalyst to economic development and growth for any developing or developed country. Transport and logistics enables movement of economic commodities through different economic zones. In Africa, transport plays a critical role in not only facilitating growth but also in the integration of the region. It provides vital links...
The aspirations of the founding fathers of the African continent post-independence converged on a united Africa under the spirit of Pan Africanism and Ubuntu. Fast forward about six decades later, trading under the African Continental Free Trade Area (AfCFTA) was launched in January 2021; marking the beginning of trade liberalization across the continent. As Africa...
That Africa is shifting its economic growth model from being commodity based to entrepreneurship driven is a no brainer to policy makers across the continent. Following the fall in commodity prices in 2015 that led to many oil dependent countries slowing down in terms of economic growth policy makers in most African countries are now...
The impact investing space is growing in Africa and could be the trigger this developing continent needs for faster sustainable development. As the MDGs are being replaced by the SDGs in 2015, new development concepts and policies are being floated for Africa to adopt. Impact investing could be one of the best strategies if embraced...
Coming from a premise of factor-driven economies, Africa has not in the past explored extensively the relationship that exists around entrepreneurship, economic growth & structural transformation. However, as we highlighted in our article on Fusing Innovation & Entrepreneurship for Economic Growth in Africa; the tide is quickly changing, and now it’s the right time for...
From Foraging to Domestication A trip down history lane reveals that all humanity was once engaged in similar activities of hunting and gathering. Yes, some many years ago depending on which history book you read, we were all hunters and gathers doing what is commonly referred to as foraging. However, due to climatic changes and...
Coming immediately after the Agricultural Revolution, the Industrial Revolution was characterized by mechanization of production processes, use of new sources of energy and rapid urbanization. The Agricultural Revolution led to increased food production which lowered the cost of food and shifted the focus of communities into demanding other goods and services that could improve their...
Entrepreneurship and economic growth are intertwined as explained in our article on Understanding the Nexus around Entrepreneurship & Economic Growth in Africa. What we did not explore is how entrepreneurship leads to structural transformation in an economy when it is catalyzed over time. In order to achieve structural transformation within an economy, the kind of...