KPMG Urges Investors and Entrepreneurs to Seize Africa’s Economic Moment
Africa is on the brink of an economic transformation, and business leaders say the time to act is now.
Speaking at the second edition of the KPMG Venture Capital Summit in Nairobi, KPMG East Africa CEO Benson Ndung’u emphasized Africa’s unique opportunity to position itself as a global economic powerhouse.
Ndung’u stated that the continent holds immense potential through its entrepreneurial spirit, vast resources, and growing demographic dividend. “This is Africa’s moment,” he said. “By 2050, Africa’s population will be a key driver of global growth. We must optimize what we have today to shape the future of global business.”
He urged local entrepreneurs to innovate and scale their businesses to global levels, noting that KPMG’s role is to connect them with capital and help them overcome systemic challenges such as governance gaps, supply chain issues, and geopolitical volatility. “We have a duty to help them future-proof through technology especially AI—and develop sustainable enterprises,” he said.
Ndung’u also called on venture capitalists to create Africa-centric solutions that are scalable globally. He cited the African Continental Free Trade Area (AfCFTA) as a game-changer that opens millions of opportunities. “Africa is growing at 4.5 percent while the rest of the world lags behind at below 2 percent .Challenges in areas like infrastructure, education, and health are actually opportunities for investment.”
Echoing his sentiments, MaryAnn Musangi, Managing Director HACO highlighted the importance of ecosystem collaboration. “It’s unfair to say African startups are doomed. Many just need the right support financing, networking, upskilling,” she said.
Musangi emphasized mentorship and hand-holding, particularly for women in business, adding that policy makers must listen more closely to industry voices when crafting economic frameworks.
Also speaking at the summit, Sandeep Main, Tax Partner and Head of Private Enterprise, KPMG in Africa , underscored the need to bridge the gap between investors and investees.
“There’s a mismatch great businesses lack funding, and investors struggle to find a solid pipeline. We want to change that by strengthening the ecosystem.”Sandeep stressed that funding alone is not enough; startups must focus on governance and compliance to attract serious investors. “Success lies in building a thriving, connected ecosystem across Africa. That’s what would make me truly happy,” he said.
A clear message from the summit stressed.Africa’s time is now. But seizing the moment requires boldness, innovation, and collaborative action from entrepreneurs, investors, and policy makers alike.
By Sharon Atieno