Magatte Wade on increasing prosperity in Africa
HTML-код
- Опубликовано: 27 сен 2024
- Magatte Wade is an entrepreneur, speaker, and visionary leader in the fields of African entrepreneurship and innovation. She joins Inaya Folarin Iman on Equianopod to discuss the real reason that Africa struggles today.
Magatte has been named a Forbes “20 Youngest Power Women in Africa,” a Young Global Leader by the World Economic Forum at Davos, a TED Global Africa Fellow, and “Leading Woman in Wellness” award winner by the Global Wellness Summit.
In this episode, Magatte explains that the solution to poverty is prosperity, and entrepreneurs play a crucial role in creating economic growth. She challenges the common belief that corruption is the main cause of Africa's poverty, pointing out that poverty itself enables corrupt practices.
Magatte has spoken at the World Economic Forum, United Nations, Aspen Institute, Clinton Global Initiative, Harvard, Oxford, Stanford, Yale, MIT, and the TED mainstage. Her work has been featured in The New York Times, The Wall Street Journal, The Guardian, the BBC, CNN, Fast Company, Fortune, and the Huffington Post. She is one of the most popular guests of all-time on both Jordan Peterson and Lex Fridman’s podcasts, with over 10 million views.
Her passion for the role of free markets in overcoming poverty and the power of enterprise to tackle social issues and promote entrepreneurial education make her a sought-after speaker and thought leader at major conferences, events, and universities around the world.
Books:
The Heart of a Cheetah (2023)
www.magattewad...
Follow our guest:
/ magattew
Follow the Host:
/ inayafolarin
Watch some more videos from The Equiano Project:
• Amplifying Diverse Per...
• Angel Eduardo on colou...
Connect with us:
/ equianoproject
/ theequianoproject
/ theequianoproject
Our SUBSTACK
theequianoproj...
Listen to EQUIANOPOD on SPOTIFY, APPLE PODCASTS and other podcast streaming platforms
linktr.ee/thee...
About The Equiano Project: The Equiano Project, founded in August 2020 by Inaya Folarin Iman, is a debate, discussion, and ideas forum. We facilitate conversations about and promote the values of freedom, common humanity, and universalism.
Learn more about our work - www.theequiano...
"The solution to poverty is prosperity" - Magatte wade
Share your thoughts on the discussion in the comments.
We also had a similar conversation with Dr. Remi Adekoya, author of "It's Not About Whiteness, It's About Wealth."
Check it out here 👇
ruclips.net/video/HOoxaGhVrLg/видео.html
as an african man, magatte is a long overdue breath of fresh air
I have a background in debt relief negotiations, but have mostly worked in Asia. There's a strong line of argument amongst many African elites and western advocacy groups that external debt is crushing development prospects. This is only partly valid - if the loans had worked as intended, in a supportive governance and regulatory environment, perhaps the problem wouldn't be so grave, but there is a serious problem with path dependence. I recall a caucus with some African senior officials as one round was wrapping up, there were still calls to expand the reach and remit, more funds, less oversight - the usual stuff. But it was basically wrapped up. I asked what the plans were if the round went through - with the additional fiscal space, was there any intention to address tariff and tax reform, improve tech and transparency in customs and revenue, all that really boring stuff. Nope. The plans were to get the new borrowing program documents off the shelf, head to DC or Abidjan or London, and start pitching a brand new set of borrowings, to take net debt back to the sustainability level we'd just negotiated it down from. Why? Incentives. Officials and ministers love to bring in new funds, with meetings, photo ops, reputational enhancement, political kudos, and maybe a job later in one of the big creditors. No one gets plaudits for tax reform and business regulatory streamlining. It's great to see Magatte putting such a strong case for the upside potential of business enabling, bc the sky really is the limit - even the Chinese were inventing a new wave of SEZs only 10 years ago.
What an interview! So great to have these voices talking sense, well done 👍👍👍
🙏🏽
No lies told by her spot on Magatte
Such an interesting interview.
Magatte Wade is very inspiring personality.
That was facts on facts ! Totally spot on ❤🔥
They are not poor it's lack of knowledge,,True knowledge is power
Lack of discipline, drive, ambition cohesion and pragmatism too.
Wonderful. I'm happy Ms. Wade mentioned countries as different as the United States and China. If there are things in common that lead to prosperity, then it probably pays to pay attention.
She is absolutely right! Salute her!!!! Young Africans get this and understand this. Corruption exists because of a deeper systemic problem that is a scarcity and poverty mindset. Hence the reason why so many filthy rich Africans prefer to be rent seekers and beneficiaries of political patronage systems and why so many African politicians are so invested in political rent seeking and patronage. Stems from a lack of self esteem, inferiority complex and scarcity mindset. Thinking is always short sighted and centered around a zero sum game.........doesn't matter what social strata....the mindset is pervasive from wealthy Africans to poor Africans. Prosperity requires an abundance and opportunity mindset.
Considering that:
- Senegal and other former french colonies tend to have kept french commercial law
- French commercial law is incredibly bad for entrepreneurs
... I wonder if francophone Africa shouldn't start by changing their commercial law.
It's made harder by France keeping half their currency, Francophone African countries still have half of all money minted for their nations kept back by the French.
@@Generalscorpio so they're basically french colonies. Right?
@@TessaTickle A lot of them used to be.
Senegal, Ivory Coast, Togo, Benin, Niger Mali, Gabon, Cameroon, Guinea, Guinea-Bissau, Mauritania and Chad were all French colonies and when decolonization came around France left peacefully but kept control of the money.
@@Generalscorpio that's my point though : they might as well still be French colonies. That re-inforces my first point: get rid of restrictive leftovers from the French legal system.
@@TessaTickle the problem is that the French keeping their currencies makes it harder because to break away from French regulation they would have to break away from France economically, to do that they would have to set up their own currency, which is obviously a lot harder.
As a Conservative I’m glad pragmatism wins
This started off quite well but I think it also ignores the role of culture. Overseas black people are not bound by this 'business environment' that Wade tries to argue yet most are not successful entrepreneurs. I also disagree with the notion that the Chinese and Indians are only being perceived well because of their rise in economic status.
Overseas, they are perceived well because they do not commit crime on a per capita basis that their black counterparts do. Black culture in the West also celebrates anti-social behaviour, drugs, alcohol, and crime which are not celebrated in Chinese/Indian cultures. These all contribute to a more negative perception of black folk and creates a dangerous cycle for what young black people aspire to. Ultimately, I think black culture relies too heavily on instant gratification which is ultimately not an advantage in the society and economic environment we live in.
An Igbo and a Hausa are vastly different to Hatians who are vastly different to Zulus. If you think all these who share the same skin color have the same culture, you'd have to bring the evidence. Also, if you split the crimes commited by "blacks" into countries, you'd suddenly see black groups who commit little to no crime and others who over represent in criminality. Similar to how "white" isn't a monolith, neither is black.
It goes even deeper than your comment why do some black cultures seem more open to being rebellious to authority in comparison to Chinese cultures.
Why would some Black cultures like instant gratification, in fact I think this is an issue modern urban Western cultures face.
Africa is the most regulated region and continent in the world, for businesses to succeed. Time for deregulations and a huge push back against regulations in Africa. Africa and African countries need to implement Free Economic Zones in countries, and free market regions all over Africa, particularly in sub Sahara Africa
Geography and culture.
India was ruled by Britain, has had independence since 1947 and now has its own space industry.
Yes, but they had Indians who had mitochondria 250,000 years more improved by overcoming problems.
Please don’t go there, and never compare Africa a continent, with a country which has the worse inhumane cast system in the world, and those they call the untouchables are their ancient tribe who originated from Africa, and still look like Africans.
come on Inaya, the sound quality on your side isn't up to scratch! bring in a producer. i'm really rooting for your channel, we africans are the ones to save the UK.
love this! such a powerful inspiration to deconstruct white identity! "whites" are not a homogenous group. use of "white" ethnonym is not conducive to rational discussion. there's no such place as "whitestan". depending on which dataset one uses, there are more poor whites surviving poverty conditions than there are black ppl(internally, within United States). long live Africa! Black is beautiful!
It’s the corruption Magatte
I find it strange western think tanks are viewed as a good thing, as many in the west would rather view them in a bad thing, slowly but surely breaking those societies down.
You started well and I wanted to applaud you at first. Indeed the problem is in Africa and not in the West. The problem is the lack of democracy, yes, as you said, because people let their authoritarian regime run around unchecked.
China did well at first because they let the Western market in and it also came with some Western rules and regulations. Now, China goes back to where it came from because it failed to build democracy with checks and balances
West has more regulations than Africa or China. But the regulations are those that people demand and push through Congress. BTW, the dark cash was rooted out by regulations. If an enterprise near your house puts a toxic chemical in the water people want to regulate it and they don't want the enterprise to get away with bribing the officials. We want the enterprise gone. Any officials caught in bribery will go to prison. Instead of a nice paycheck, they would risk spending many years in prison. Nobody wants to risk it. So, yes, if your business model doesn't allow you to protect the environment, pay decent wages legally, have a safe working environment, etc, you will be gone. At the same time, there are measures to support small businesses to encourage market competition to the big corporations. That is the secret of the Westen's success. Reagnomics actually did great damage to the US economy by neglecting those principles.
Sweden is a social-democrat state, built prosperous with social democracy. Not pure socialism, but democratic socialism. And it has been very successful. But recent development has been more liberal, but it has rarely been conservative, thankfully.
Sweden reformed its socialism to allow liberal markets more control
That’s Conservative
Black elites hoard dee moneez fo theyselves. BWAHAHAHAHAHAHA
'a podcast with jordan peterson'. nope. no thanks.
how does this right wing nonsense infect my recommendations?
It's not right wing
@@QwentyJ sure..... and you probably think jordan peterson isn't right wing either, right?
@jasonclarke7557 He is, but again, this channel isn't right wing. If anything it's centrist and in line with fellow bedfellows like free black thought
@@QwentyJ sorry, and you might feel that way, but that was the lead in to the introduction for who this person is.
you lose credibility when that's your intro.
@@jasonclarke7557you’re the kind of person who votes blue no matter who. Not worth conversing with.
Insightful!
She’s the part of the answer and the solution! People like her and other African activist , politicians from all over like Umar Johnson to Jayz lol can change the world
What is she talking about?... she is all over the place talking nothing . Its to her colonialism has ended. Be quite!!.
Summary: She says, it’s not about race, it’s about wealth/prosperity, and prosperity is built by entrepreneurs. Hostile business environments for Entrepreneurs to succeed in sun Sahara African countries, and she gives suggested workable solutions.
😊
So I’m many ways the colonial era helped them establish themselves and n the modern era but also at the same time left them to build themselves and find their own way with what they had inherited to work with!
The problems of Africa is not lack of Knowledge, is not bad leadership, is not about what sort of formal or informal business, is not about corruption in fact corruption is every where in the world. We do not have to learn to speak someone language before we could do business internationally. We should have a deep discusion about the root causes.
We should have discussion about how foreign powere still influence Africa countries, How they fuel instability in most Africa countries, The use of financial aid as a weoponary to keep Africa where it is now, using international financial institions to manipulate Africans etc, manipulation through democracy etc.
China and Russia
In my opinion the whole premise of pursuing prosperity is the road to failure, especially when prosperity is equated with profit and financial wealth. Even in wealthy so-called 'developed' nations, when the pursuit of wealth is given free rein, poverty ensues for the majority. African states will never achieve prosperity so long as they use 'wealth' as their guiding light. Until issues of political and legal stability are addressed, the only result of increased economic activity will be corruption and inequality. The rule of law must be the first priority, without it nothing will change. Once ordinary citizens and foreign investors have trust in a country's legal system, and African elites are actually held accountable for their corruption, the rest should fall into place and Africans can achieve their potential. This holds true for other impoverished regions in Asia, Latin America, and Eastern Europe.