In the global economy, Africa is becoming a bigger player. Africa's economies are becoming less dependent on extractive industries due to a surplus of workers, more stability, and technology. More than a century ago, foreign direct investment (FDI) in Africa was almost exclusively focused on extracting and exporting natural resources. Over the past few years, the trend has finally flipped since the turn of the millennium. Rather than its physical properties, global investors are now drawn to Africa for its promise to people.
Africa's population is rapidly growing towards 2 billion, with a workforce projected to be the world's largest by 2040. The continent's collective GDP is forecasted to reach $2.6 trillion by 2020, with $1.4 trillion in consumer spending. The economy has grown at an average of 5% annually over the last decade, with investments shifting towards telecommunications, retail, and services over extractive industries.
Farouk Khailann, CEO of Premium Africa Holdings, is dedicated to Africa's economic growth, with projects in Ghana, Liberia, Gambia, and Sierra Leone in construction, agribusiness, fintech, real estate, energy, and investment consultancy. With a background in social sciences and experience in agriculture and stocks, Farouk maximizes investment opportunities in Africa through his diverse expertise.
He also partners with Akon's lighting project and is involved in the financial technology industry through Ezipay Africa and Paygenie in Ghana. Farouk aims for Premium Africa Holdings to be one of Africa's most diverse companies with a global presence.
Akon, known for his music, also launched the Akon Lighting Africa project to provide low-cost, sustainable solar-powered electricity to 14 African nations. Growing up without electricity in Senegal, Akon experienced the challenges it posed to education, economic opportunities, and quality of life. Ezipay is a popular money transfer app that allows users to send money, and airtime, and make requests easily.
With wallet services, users can add money, pay bills, and transfer funds to their loved ones anywhere in the world. Ezipay, a subsidiary of Artificial Intelligence Technologies Limited, is gaining popularity among Africans, the diaspora community, and expatriates. Downloading the app from the Google Play Store or Apple App Store allows users to enjoy its features and convenience. Paygenie offers investment opportunities in real estate projects and other attractive ventures through investment clubs. Subscribers must meet cash calls promptly, or face a 25% charge on outstanding amounts, potentially losing their investment slot to another participant.
Subscribers are encouraged to commit for the duration of the project but can exit early by selling to another subscriber or bringing in a replacement. Africa is experiencing rapid economic growth and is poised for industrialization, with a young population, increasing incomes, and improving infrastructure. Business environment reforms and government support for investors have made investing in Africa more appealing.
Farouk Khailann, a former musician turned Chief Operations Officer of a multinational company, founded Stockrush in 2009. He is an advocate for education, especially in his Zongo community. Farouk has partnered with Epic Slain Capital to secure funding for projects in Zimbabwe and the sub-region, focusing on pioneering drone technology at LeshTronix. Neil Lesher, the founder of LeshTronix, highlighted Farouk's value and impact on their vision. Farouk expressed gratitude for the partnership and emphasized the importance of Africans driving disruption in the global technology sector.
Farouk Khailann has received multiple prestigious awards for his achievements in business, leadership, and entrepreneurship. In 2020, he was honored as the African Business Leader of the Year at the World HRD Awards in India and recognized as one of the Top 50 Young CEOs in Ghana. Additionally, he was named the Pan African Business Icon of the Year at the Ghana Youth Excellence Awards.
Furthermore, Farouk was acknowledged as one of the top emerging leaders in West Africa by the West Africa Leadership Development Centre and awarded the Order of the Noble Hand of Honor by the Pan African Leadership and Entrepreneurship Development Centre. He was also recognized as the best consultant for 2019 at the 40 under 40 awards in Ghana.
In addition to his accolades, Farouk Khailann is a source of inspiration for aspiring entrepreneurs with his advice on attracting finance and the importance of specific knowledge, resources, and capacity for business success. His entrepreneurial spirit and innovative thinking contribute to the growth and advancement of economies, making him a great motivation for budding entrepreneurs. Farouk's success and recognition demonstrate the impact high-potential entrepreneurs can have on driving innovation and challenging established business models.
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