There is a need for innovative solutions to unleash the African economy by supporting the private sector, SMEs and young business owners to create more jobs, emerging entrepreneurs have reiterated.

According to Gilbert Ewehmeh, the coordinator of Accelerate Africa (AA), a new Pan-African think tank created by African Young Entrepreneurs two months ago to unleash Africa’s growth and recently launched in Rwanda, Africa is still lagging behind in employment, job creation and business financing.

Ewehmeh, a Cameroonian- who also recently opened STARTUP’NKAP-an innovative finance and investment firm in Rwanda said that there is need for tapping into The African Continental Free Trade Area to unleash such potential.

The African Continental Free Trade Area offers employment and entrepreneurship opportunities for youth, but policymakers and development organizations must take steps to ensure the agreement reaches its full potential, experts have said.

The framework has the potential to create more than 14 million new jobs by 2025 in the manufacturing sector alone.

"We have to unleash African Economy by supporting startups so that jobs are created by Africans in Africa,” he said adding the new Pan-African entrepreneurs’ think tank seeks to create a new generation of economic leaders in infrastructure sector, agribusiness, energy, digital transformation, industrialization across the continent.

He said there is also a need for promoting regional integration to successfully achieve and implement The African Continental Free Trade Area.

Explaining the rationale behind the launch of Pan-African Think Tank in Rwanda and the plans, Ewehmeh said that one of the activities is the Accelerate Africa Bootcamp that could help Rwandan and African Young Entrepreneurs and business owners to package, brand and unleash their potentials and get them for investment ready towards industrialization.

"In May, 2022 at least 100 SMEs drawn from various industry sectors across Africa will be gathered for a five-day unique training and business networking opportunity in Cameroon with focus on opportunities in African Continental Free Trade Area, investment and industrialisation in Africa, economic and digital transformation, business management and scaling as well as developing new continental business strategies,” he said.

The investment pitch, he said, is another opportunity for young entrepreneurs where the program will identify, support and invest in SMEs to boost Africa’s private sector, adding it helps to pitch and market their businesses.

"We have launched our Think Tank in Kigali because Rwanda serves as a model in easing doing business and good governance. We will be able to support Rwandan entrepreneurs in exploring opportunities,” he said.

He added that the Accelerate Africa Summit by the end of 2022 could also be held  in Morocco or Rwanda , (a decision is yet to be taken) attracting 500 participants every year including business owners, civil society, government leaders, young entrepreneurs and women to talk about challenges affecting the African economy, job creation among others.

"During the summit we will recognize African economic champions from different counties,” he said.

Ewehmeh said that Accelerate Africa (AA) is creating coordinators across the countries including Herbert Ngamije, the Country Coordinator in Rwanda.

"We have to mobilize internal resources from Africa to support SMEs instead of continuing to rely on foreign aid out of Africa. Entrepreneurs have also come to Rwanda to explore opportunities. We need to do business across Africa,” Ngamije said.

Banabasi Marambire, The Managing Director of Barmlo, an SME in the construction industry in Zimbabwe is among young entrepreneurs who founded Accelerate Africa.

He said that boosting SMEs on the African continent could reduce a huge trade deficit it is facing.

His investments have thousands of jobs in Botswana, Zimbabwe, Zambia and Namibia.

He said he was also interested in investment in the construction sector in Rwanda.

"We need good policies in our respective countries that can help us in addressing entrepreneurship barriers,” he said.