The sports industry in Africa is experiencing rapid growth, with the potential to create jobs, improve public health, promote social inclusion, and stimulate economic growth. Herbert Mensah, the newly elected President of Rugby Africa (www.RugbyAfrique.com), the continental governing body for rugby in Africa, participated in a one-on-one discussion during the 2023 Africa Investment Forum (AIF) on Thursday, November 10, in Marrakech, Morocco. Supported by the African Development Bank and seven other founding partners (Africa50, Africa Finance Corporation, Afreximbank, Development Bank of Southern Africa, European Investment Bank, Islamic Development Bank, and Trade and Development Bank), the Africa Investment Forum is the investment market in Africa that accelerates transactions to bridge investment gaps on the continent.
During the discussion, the President of Rugby Africa encouraged investment in sports throughout Africa, emphasizing the importance of investment opportunities emerging from the continent itself.
"With its abundant talent and global attention, Africa stands at the forefront of the global market," Mensah said. "It's time to turn this potential into power by investing in ourselves, forging structures that allow our resources to fuel our own growth, freeing ourselves from the export-import cycle that hinders the realization of our true economic potential."
He added, "With South Africa's victory as the world champion in the 2023 Rugby World Cup, the world has once again witnessed Africa's vast potential. Investing in rugby in Africa is investing in a continent of 1.3 billion people, using this sport as a catalyst for economic development and youth empowerment."
Since his election, Herbert Mensah, the new President of Rugby Africa, continues to focus on the commercial potential of sports in Africa. President Mensah has called for a change in mindset from African governments and international organizations to increase investments in rugby in Africa.
The sports industry in Africa is experiencing rapid growth, with the potential to create jobs, improve public health, promote social inclusion, and stimulate economic growth. According to PricewaterhouseCoopers (PwC), the industry was valued at $7 billion in 2018 and is expected to reach $12 billion by 2027. Despite this potential, investments in Africa remain limited, with only 1% of startup funding directed towards the sports sector.
Founded in 2018, the Africa Investment Forum has mobilized nearly $143 billion of interest for investment.
The Africa Investment Forum 2023 brought together heads of state, business leaders, decision-makers, and investors to advance crucial investment transactions to their conclusion. Previous participants include H.E. Paul Kagame, President of the Republic of Rwanda, H.E. Cyril Ramaphosa, President of South Africa, and H.E. Nana Akufo-Addo, President of the Republic of Ghana. The three-day annual event, "Africa Investment Forum Market Days," will conclude on Friday, August 10, with the theme "Unlocking Africa's Value Chain" in Marrakech, Morocco.
Rugby Africa in Brief
Rugby Africa (www.RugbyAfrique.com) is the governing body for rugby in Africa and one of World Rugby's regional associations. It brings together all African countries practicing XV-a-side rugby, sevens rugby, and women's rugby. Rugby Africa organizes various competitions, including qualification tournaments for the Rugby World Cup and the Africa Sevens, an Olympic Games qualification competition. With 39 member unions, Rugby Africa is dedicated to promoting and developing rugby across the continent. World Rugby has identified Ghana, Nigeria, and Zambia as three of the six emerging nations experiencing significant growth in rugby.