Namibia tops entrepreneurship index

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Namibia tops entrepreneurship index

7:46 CAT | 30 Nov 2016

Namibia has taken first place in Africa in the Ashish J Thakkar Global Entrepreneurship Index. Singapore was ranked first of the 85 countries that were surveyed by the Index.

Namibia scored highest, ahead of other prominent African markets such as Nigeria, Kenya and South Africa.

The research, conducted by Mara Foundation and Opinium Research, examined the state of entrepreneurship around the world.

Singapore has topped an in-depth study of the world’s nations as offering the best environment for entrepreneurs, according to the Index.

Of the top three African countries in the Index, Namibia and Botswana are stronger on the education pillar, because of comparatively higher levels of literacy and quality in education. Both countries have made education central to their development.

Rwanda scored highly on the policy and finance pillars, driven by government initiatives to increase the ease of doing business. Credit in Rwanda is easily available and business transparency is high.

Zambia scored particularly well on the finance pillar (72), primarily because of the availability of credit and a low total tax rate.

Zambia, South Africa and Rwanda, the top three countries in Africa on the finance pillar, stand head and shoulders above their peers, with scores of 72, 66 and 65, respectively.

This places Zambia in the top 10 of all countries globally on the finance pillar, just behind the USA (78).

The statement from Mara Foundation and Opinium Research said significant challenges exist in terms of Africa’s political stability, underdeveloped infrastructure, poor education and under-diversified economies.

“Comparatively lower scores for infrastructure are primarily driven by a lack of electricity access and the technology that comes with reliable access to energy, such as telecommunications and internet access,” it said.

It said lower scores for education are due to the overall quality of education and lower literacy rates. Boosting opportunities for quality education is imperative for increasing the region’s quality of entrepreneurs and start-ups, and providing a suitable workforce.

Rona Kotecha, executive director of Mara Foundation said the index offers a powerful insight into various elements that impact entrepreneurship globally. Akinwumi Adesina, president of the African Development Bank, said as populations are ageing rapidly in much of the rest of the world, Africa can reap the economic dividends of its growing labour force.

Source: The Namibian