CSRNEWSSA
From the African Jacana, nicknamed the Jesus Bird, because of its apparent ability to walk on water, the buzz of the Hummingbird’s wings, the bright yellow feathers of the Southern Masked Weaver to the African Fish Eagle’s keen vision, 2.4 meter wingspan, balance, precision and power, the qualities of these birds are vast and mesmerising.
The African Fish Eagle, ironically, is the national bird of Namibia, South Sudan and Zimbabwe. One of the most intriguing of bird activities is the nest building process. With natural materials and innate skill and tenacity, durable, aesthetically impressive abodes are constructed over a 2-day to 4 week period. The primary reason for this building project is to provide a safe space for the laying, incubation and taking care of eggs. Ultimately, the entire process takes place out of an obligation to the next generation.
Inspired by the above, the Africa of my dreams comprises of magnanimous systems, institutions and innovation.
One of these is the sovereign wealth fund. Sovereign wealth funds are state owned investment vehicles which invest in various asset classes such as bonds, equities as well as alternative investments such as hedge funds. In 1994, Botswana launched the continent’s first, The Pula Fund, worth approximately $6.9 billion US today, from its diamond revenues. Other such funds include the Nigeria Sovereign Investment Authority, The Heritage Fund in Ghana, the FSDEA in Angola as well as the FRR in Algeria, which is the largest in Africa with $77.2 billion US in assets under management in 2017.
The modus operandi of the funds differs amongst countries. The Pula Fund, similar to Norway’s sovereign wealth fund, invests in assets globally, only spending returns on their investments. Nigeria’s Sovereign Investment Authority allocates 40% of its fund into a Future Generations Fund, aimed at global assets over a 20 year period. It directs another 40% to domestic projects, with preference given to sectors such as agriculture, energy and highways. The FSDEA, amongst a host of other investments such as hotels and farming, has spearheaded a deep-sea port.
The poignant advantages of sovereign wealth funds mean that they also become strategic assets for nations. Hedging against commodity price fluctuation and shocks, creating jobs nationally, a source of eliminating national debt and funding free education etc. all become a reality. Working in tandem with various African development institutions using a hybrid model for some nations, a large component of African development could be funded by Africans, executed primarily by African companies and talent. I salivate intellectually at the thought of the realisation of the dream in which all nations on the continent have a sovereign wealth fund, servicing the needs of their people with dignity and honour.
Chief amongst the cornerstones of building a sustainable continent is for each country to have autonomy over its energy mix, given that Africa accounts for less than 4% of all global carbon emissions. Desalination plants from Cape to Cairo should provide high quality water for all. This should also be complimented by masterful engineering such as self-repairing asphalt roads, making potholes history and architecture which is not at variance with Africa’s enviable ecology and scenery, but through design, should accentuate and collaborate with nature to create a beautiful tapestry.
As capital markets are attracted to our shores and Africa’s economies grow, per capita incomes of workers ought to track such a trajectory, at a superior rate to inflation. Furthermore, due to a competitive advantage underpinned by, amongst other things, a large youth dividend, increased aggregate demand for goods and services, an ability to attract and retain human capital and sustained increases in total factor productivity, Africa’s share of global trade should increase to at least 20%.
One of the catalysts for this could be the world’s first continental cryptocurrency, what I simply refer to as Afro, used to purchase everything from a sandwich to LED lights made in Mthatha for use by corporations in Luanda and Lima. In the spirit of true democratisation of financial markets, Afro could be traded on futures exchanges in Johannesburg and Addis Ababa, with futures contracts which can also be traded by the layman. This will ensure that Afro Futures are not only the preserve of large institutional investors, but are also accessible to a vibrant retail market.
In 1992, world-renowned psychologist Professor Mihaly Czikszentmihalyi published his now universally celebrated book, Flow: the psychology of happiness. In his offering, he extrapolates on the state of flow, a state of being derived from partaking in activities or events which result in a heightened consciousness, what some elite athletes, as highlighted by Ilona Boniwell, refer to as being ‘in the zone’. One is so blissfully unaware of both the world and self that time seems to move at the speed of light, or has the perception of slowing down to a snail pace. Furthermore, flow is also reached when one’s skill-level and challenge faced are both high: one’s mind or body are voluntarily stretched in a worthwhile endeavour. Reciprocally, a high skill level and a low challenge level invariably result in boredom.
In the book, Professor Czikszentmihalyi interviews thousands of people from vast walks of life: surgeons, chess players, dancers etc. He concludes that these people share certain characteristics, amongst others, in their chosen field: a sense of control over what one is doing, actions and awareness are merged, transformation of time as alluded to above and most notably, the activities are intrinsically rewarding.
Another psychologist, Dr Abraham Maslow, who pioneered Maslow’s hierarchy of needs in 1965, championed the term ‘peak experiences’, which describes moments of abundant joy. Maslow inferred that peak experiences are within grasp of every human being, but people who had self-actualised were more likely to attain them.
It is my dream that institutions, organisations and systems in Africa foster the self-actualisation of every human being. With students baptised in a pedagogy of exploration and a workforce which possesses infinite enthusiasm; are enabled to follow their intellectual curiosity and passion, innovation and excellence are a certainty.
