Addis Ababa: Amadou Hott, former Minister of Economy, Planning, and Cooperation of Senegal and a candidate for the African Development Bank (AfDB) presidency, recently engaged with Ethiopia’s leading entrepreneurs on the sidelines of the African Union Heads of State Summit. This interaction highlighted the critical role of entrepreneurship and innovation in driving Africa’s sustainable growth amidst the continent’s rapid economic changes.
According to Ethiopian News Agency, global venture capital funding in 2024 saw significant regional shifts. North America led with 61 percent of global funding, amounting to 41 billion USD. Asia and Europe secured 13 billion USD and nearly 16 billion USD, respectively. However, Africa’s venture capital funding was the smallest, experiencing a sharp decline to 2 billion USD in 2024, a 25 percent drop from 2023 and a 53 percent decrease from its peak in 2022.
Despite these challenges, Ethiopia’s venture capital landscape is developing with initiatives to boost its startup ec
osystem. In 2024, Ethiopia launched weVenture, its first VC-backed incubator, aimed at scaling early-stage startups in fintech, health, and agriculture sectors. The country also introduced a 100 million USD Enterprise Financing Facility to improve capital access for SMEs, marking its emergence as a significant player in Africa’s entrepreneurial scene.
During his visit, Hott met with influential Ethiopian entrepreneurs, including Abrhame Endrias of Lersha App, Vince Mountaga Diop of BelCash Technology Solutions PLC, Amadou Daffe of Gebeya Inc., and Samrawit Fikru of RIDE Ethiopia. These leaders are reshaping Africa’s economy with digital solutions in agriculture, finance, and transportation.
Hott emphasized the need for improved policies, tools, and support systems to unlock Africa’s entrepreneurial potential, underscoring the urgency of action. His visit also highlighted the importance of public-private collaboration in fostering an environment conducive to entrepreneurial success and investment attraction.
As Hott’s AfDB candidacy advances, his focus remains on promoting infrastructure development, financial inclusion, and regional economic integration. His discussions with Ethiopian entrepreneurs reflect a shared vision for a self-sufficient, globally competitive Africa driven by innovation. By prioritizing digital transformation, strategic partnerships, and youth empowerment, Hott aims to nurture the next generation of African entrepreneurs, fueling sustainable growth from within.