What do you guys think about Africa and its business opportunities?

Without a proper rule of law the risk and the rewards are greater, but you need local contacts and people you can trust. However, there is also non-recourse money available in some of the regions. If you love Africa, and you have a passion for what you want to bring there, start developing the contacts you need and see where it leads.

There is massive opportunity across the continent, but nuance is very important so there must be local knowledge, networks, and good execution. I would be weary of entering an African country for the first time and attempting to run a business there. For context, I am originally Tanzanian but grew up in Botswana and have spent the last 15 years in South Africa. I have also been in the investment industry my whole career and with a pan-African focus (largely owing to my background), so have had the pleasure of investing in and experiencing many different African countries. Choosing the right business is key, and I think it is a good risk mitigant for searchers is to find companies that incorporate an export component so as to diversify currency risk. There are too many instances of companies performing great in local terms but not so great in hard currency, and since a lot of us will also target international capital, it is important to make sure we provide our investors with a great experience so we can deliver a strong demonstration effect and grow this asset class.