Riches and Prosperity: Redefining Africa’s Definition
By Emmanuel Allotey
Definitions and measures of riches and prosperity have evolved over time throughout the world. African’s riches have been defined by non-monetary assets such as livestock, land and jewellery to name a few. This measure is swiftly changing as more and more Africans are becoming economically empowered and financially educated in the 4th Industrial Revolution.
Currently, only 35% of Africa’s population has access to financial services, according to World bank report, an impressive position considering the starting point. Expansion in the number of Financial services providers in Africa accompanied by their mandate to drive financial inclusion will see more and more Africans having access to financial services and ultimately Financial Instruments to grow their riches.
Financial service providers such as Banks, Investment firms, even Insurance companies offer a myriad of investment options with the primary goal of growing your riches. Growing riches and achieving prosperity through Financial Instruments is a very lucrative prospect with high returns at a faster pace in comparison to livestock reproducing (e.g. a cow giving birth once a year).
Today’s richest African billionaires have their wealth anchored in Financial Instruments. The transition from ordinary riches to billionaire status has been supported by Financial Instruments. Individuals now face competition from private companies looking for profitable expansion. Investment opportunities in livestock ownership, land ownership, farming and property development and other assets become harder to acquire as options to grow riches. Eventually, this will stimulate a demand for investment opportunities offered by Financial service providers. The change in definition and measurement of riches will be redefined in the process.
Those willing to venture into financial instruments are faced with the opportunity to become exceedingly prosperous. The identification of the right investment option through a trustworthy Financial service provider is key. The caveat with investing in financial instruments is risk. The attractive returns require a balancing act to mitigate against possible negative returns. The same way it multiplies your riches, it can similarly deplete your riches – Risk vs Reward.
What is certain is the definition and measure of riches and prosperity is changing. Africans can transform their livelihoods and enrich themselves through the adoption of Financial Instruments to define their riches and prosperity.
Will it be you? Contact a Financial service provider and explore options available.