Stop begging, young entrepreneurs told
26 September 2018
Businessman Frank Buyanga is on a drive to educate young entrepreneurs to shun “begging for funding”.
His mission is to help them focus on creative ideas on how best they can generate value from the resources on the continent.
Buyanga, who is the executive director for Small Medium Enterprises Strategy for the Pan African Business Forum, believes Africans can do more on their own through what he termed strategic thinking.
The PABF is a private initiative, devised by Africans to accelerate the socio-economic development of the continent, through a combination of carefully considered programmes and projects developed both by Africans locally.
The group is planning to launch a $500-billion-dollar infrastructure fund for development projects in Africa.
The forum’s mandate is to facilitate regional integration, attract FDIs and also generate a good environment for investors on the continent.
“In Africa, we are the authors of the world’s destiny but we don’t know it. Africa today has the greatest resource apart from human capital, mining, and resources on the ground. Africans have the best the world has to offer but the only people who don’t know about this are Africans,” Buyanga explained.
The wealthy entrepreneur said further:
“The only people who are ignorant seem to be African but everyone else seems to know about the wealth in Africa.”
Buyanga who has been associated with South Africa’s top politicians said about 40 percent of the world’s gold came from South Africa but the country doesn’t regulate the prices of the mineral.
“We are price takers; we are not price givers and that in itself is a problem,” he said.
Over 50 percent of all gold ever mined on earth came from the South African gold belt and the situation is set to continue after new gold discoveries in the country.
Buyanga said over-dependence was the major hindrance for Africa to progress.
In recent weeks the businessman offered to assist the new Zimbabwe government to fund and capitalise Sovereign Wealth Fund, which he said can assist start-ups in the country.
In South Africa, Buyanga’s African Medallion Group (AMG) a few months ago took control of Cape Town-based Pagliari Group, a subsidiary of Rand Refinery, which manufactures and supplies high quality minted products.
AMG deal with Rand Refinery, the largest integrated single-site precious metals refining and smelting complex in the world opened a new area for the founder Buyanga, who has interests in financial services, mining, and property.
The deal came as AMG has hit the R3.5 billion mark on its gold reserves.