AFFORD BUSINESS CENTRE

Wednesday, April 26, 2017

Background

Want to be part of business and investment opportunities in Sierra Leone?

Got a business or idea that could be set up in Sierra Leone?

Then ABC Freetown is your answer.

 

African Foundation for Development (AFFORD-UK) has teamed up with Comic Relief to implement an AFFORD Business Centre (ABC) project in Sierra Leone under the Common Ground Initiative Enterprise theme until 31st March 2016.

 

African Foundation for Development (AFFORD-UK) has teamed up with Comic Relief to implement an AFFORD Business Centre (ABC) project in Sierra Leone under the Common Ground Initiative Enterprise theme until 31st March 2016.

AFFORD (UK and SL) are joint partners in ABC-Freetown which aims to achieve one of the five corporate strategic programme themes:

  • Enterprise Development in Africa
  • Improving Impact of Remittances
  • Diaspora Engagement and Participation
  • Influencing Policy and Practice and 
  • Research on Diaspora and Development

Micro Finance Institutions and other agencies support microenterprises. Multi-national accountancy and consultancy firms work with large corporations. SMEs, the backbone of successful economies, lack structured, affordable and effective support systems.

 

 “Based on the current demographic trends, it is estimated that Africa would need to create about 8 million new jobs every year in order to absorb the rising numbers of job seekers.”

UNECA (2005) ‘Economic Report on Africa 2005: Meeting the Challenges of Unemployment and Poverty in Africa’, United Nations Economic Commission for Africa, Addis Ababa.

 

“Small and medium-sized enterprises (SMEs) are the backbone of all economies and are a key source of economic growth, dynamism and flexibility in advanced industrialised countries, as well as in emerging and developing economies. SMEs constitute the dominant form of business organisation, accounting for over 95% and up to 99% of enterprises depending on the country. They are responsible for between 60-70% net job creation in OECD countries. Small businesses are particularly important for bringing innovative products or techniques to the market.”

OECD (2006) ‘Policy Briefing: Financing SMEs and Entrepreneurs’, Organisation for Economic Co-operation and Development, Paris

 

AFFORD Business Centre (ABC) aims to provide practical support to new and existing SMEs, based on ‘ethical excellence’. ABC shall help SMEs attain growth and development, thereby creating worthwhile long-term jobs, improved local supply-chains and national economic progress.