Conclusion Black American diaspora engagement should explore a variety of approaches from investment, small-scale trade, franchising, supply chain partnership, professional services, technology transfer and research and development through educational institutions. Though foreign direct investments in Africa from other nations has outpaced the U.S., those investments have not eliminated certain African challenges such as: high unemployment, deficits in utility and connectivity infrastructures, longer investment horizons, the perception of low quality of imports, a relatively small but growing middle class with limited true purchasing power, and low levels of global brands. Challenges more germane to economic engagement with Africa by historical diaspora include: i) lack of international business experience; ii) unaddressed areas of cultural detachment between Black Americans and Africans; iii) a lack of understanding of regulatory policies in Africa and specific market opportunities; iv) limited resources to invest in R&D and due diligence; and v) a paucity of on-the-ground relationships with trusted partners.
To overcome these weaknesses associated with economically engaging Africa, Black
businesses should: i) utilize partnerships and joint ventures with African businesses; ii) de-risk the receipt of payment through programs such as those with the U.S. EXIM bank and the SBA; iii) explore Special Economic Zones (SEZ) in Africa as opportunities for business engagement; iv) build relationships with contemporary diaspora and their organizations in the U.S. to create social capital and economic alliances v) utilize proven investment vehicles to take advantage of high growth market sectors; and vi) exercise patience and perseverance as these opportunities may take time and failure should not be a reason to cancel African engagement aspirations.
In her book, African Americans and Africa: A New History, Dr. Nemata Blyden examines issues
of African American identity conditioned by perceived linkages to Africa and opens with a chapter entitled What is Africa to Me? This chapter title references the famous poetry collection, Color, by Harlem Renaissance poet Countee Cullen and represents the primary consideration this article aims to provoke. African American economic engagement with Africa is about reciprocal investment, impact and meaning. Regarding the meaning of the Africa opportunity, Ambassador Andrew Young, Co-Founder of the Goodworks International advisory firm, remarks “as the population [of Africa] grows half the world’s population is going to be on the African continent 55
and the African American community is essentially America’s task force into the African market”. 55
African Americans can play a role in aligning and supporting America’s global interest in the Interview of Ambassador Young by Larry Yon, May 29, 2019.
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