THE private sector has been called upon to prioritise economic growth and development as a way to drive prosperity on the African continent.
This was said by Omar Samar, secretary general of the One Africa Initiative, during a Weekly Networking Breakfast in Harare on Wednesday.
He emphasised the critical role that small to medium enterprises (SMEs) must play in leading the charge towards building a thriving Africa.
The programme is an initiative brought up by the Zimbabwe Chamber of SMEs and its partners to empower SMEs in the country.
"Africa has a faulty civilisation that is why we are called an economic mistake in the world. There are four dimensions that rule every country: political, social, security and economic. To succeed as a civilisation, we have to separate the four dimensions,” he said.
"Governments are for regulation not for production. Security is for safety not production but African countries emphasise only two aspects which are politics and safety, we are still backward.
"Even the African Union (AU) is still a political assembly when the European Union (EU) is an economic block. So, we have to convert AU into an economic bloc not political anymore.”
In Zimbabwe, SMEs contribute significantly to job creation, economic diversification and national development.
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Samar added: "Every strong economy is propelled by strong enterprises. I have never seen any economy doing so well which does not have a strong enterprise."
As of 2023, the gross domestic product (GDP) of Africa estimated at roughly US$3,1 trillion for all 54 countries was surpassed by Japan's GDP estimated to be around US$4,21 trillion.
Also speaking at the same event, lawyer and entrepreneur Ruvimbo Ngara said running a business goes beyond acquiring certificates of incorporation.
"Companies need to operate beyond just documents which are displayed on the walls and signatures. There are important things that should be followed when setting up a business like knowing your target market, market research and performing SWOT analysis," she said.
