Uplifting private sector development across African markets
The existence of a vibrant and dynamic private sector is an important driver in economic development, with the potential to contribute substantially to increased job creation, poverty reduction and prosperity. The development of the private sector is thus a crucial part of the development efforts of countries across the African continent.
In light of the above, the African Development Bank (AfDB) commissioned Genesis to support its design of the bank's Private Sector Development Strategy for 2020 to 2025.
The previous strategy, which was designed in 2013, had been developed at a time when most African economies were going through a growth renaissance, that the strategy was intended to strengthen and leverage to improve development outcomes. The new strategy comes into effect in a very different context.
The AfDB's private sector development mandate focuses on three pillars: supporting an enabling business and investment environment, developing social and economic infrastructure and enterprise development, which includes MSME development, value chain development, capital markets development, and access to finance.
As a result, our assignment involved:
- An analysis of the state of private sector development across the continent with in-depth case studies involving stakeholder consultations in Chad, Côte d’Ivoire, Egypt, Nigeria, Kenya, Rwanda, Madagascar and South Africa;
- A review of the previous strategy to gather insights and learnings not only on strategic mandate but also implementation;
- The delivery of inputs into the final strategy paper including a theory of change; and
- A business plan to guide the implementation of the strategy over the five-year period.
Using the insights gained from the above analysis and stakeholder discussions, we worked closely with the AfDB to develop the new strategy, which will inform their efforts in driving private sector development across the African continent over the next five years. This represents an important step in the development agenda of the continent as a whole.