THE BOMA PRIZE FOR AFRICA

The goal of the Boma Prize is to promote empathy, education and empowerment on the African Continent.

About the Boma Prize for Africa

Businesses, Entrepreneurs, and Individuals access adequate funding, business resources, and networks.

The Boma Prize for Africa (BPFA)is a 501c3 nonprofit organization, registered in the state of Maryland U.S.A.

With projects in the DMV area and across the African Continent, we provide holistic community driven support that combines workforce development and economic empowerment, mental health and psychological support services, Education and youth development, and startup incubation capped with the BomaPrize for Africa Awards to empower underserved Africans to build sustainable livelihood and drive locally led solutions to social, economic and environmental challenges.

Mission Statement

To mobilize communities, capital, and accountability frameworks to support innovative African-led solutions that reduce poverty, create jobs, improve health and wellbeing, and deliver measurable impact.

Mission Statement

To mobilize communities, capital, and accountability frameworks to support innovative African-led solutions that reduce poverty, create jobs, improve health and wellbeing, and deliver measurable impact.

Vision Statement

We envision a future where people, ideas, and capital come together to build sustainable solutions that deliver transparent and measurable impact for Africans everywhere.

Why Africa?

According to UNEP, Africa is rich in natural resources ranging from arable land, water, oil, natural gas, minerals, forests and wildlife. The continent holds a huge proportion of the world’s natural resources, both renewables and non-renewables.

Africa is home to some 30 percent of the world’s mineral reserves, eight percent of the world’s natural Gas and 12 per cent of the world’s oil reserves. The continent has 40 percent of the world’s gold and up to 90 percent of its chromium and platinum. The largest reserves of cobalt, diamonds, platinum and uranium in the world are in Africa. It holds 65 per cent of the world’s arable land and ten percent of the planet’s internal renewable fresh water source.

As an organization, we don’t have the power or jurisdiction to interfer with government policies. However, we can appeal to the conscience of everyone who has benefited from the resources in Africa.

We can collectively offer support to projects that directly impact the lives of the people who endure the pain and exploitation of the African Continent.

Why SMEs?

SMEs are the lifeblood of the African economy. This is because SMEs are generating work opportunities, income and wealth creation and thereby encouraging poverty eradication. According to the World Bank, SMEs account for 60% of jobs in Africa. They account for 95% of all registered businesses and contributes about 50% of the total GDP of Sub-Saharan countries (World Economic Forum, 2023)

The Problem

As the market dynamics are changing especially with the advent of Covid 19, SMEs continue to face a lot of challenges. These include rising cost of doing business by 63%, rising cost of goods and services by 75%, reduction in staff retention by 42%, difficulty in accessing finances, low training and up-skilling of staff and low digitalization of business. (Master Card, 2023)

1.

Cost of doing business

These include costs such as transportation, electricity, taxes, fluctuation of the currencies, cost of raw materials, etc. The cost of doing business has increased by 63% in the last few years, thereby making it difficult to start a business, scale up or even invest in businesses in Africa.

2.

Access to Finance

Businesses most times find it difficult to secure capital to start or scale up their business. The increase in the interest of bank loans, devaluation of currencies across the countries in the continent and the decline in the confidence ratio in businesses Africa has resulted in difficulty in accessing finances for SMEs.

3.

Digitalization of Businesses

Africa has one of the lowest percentage of digitalization of businesses. Most of the businesses in Africa are still heavily cash and physical based. This has limited the distribution, marketing and operations of SMEs across Africa.

4.

Skilled Workforce

The “JAPA” syndrome is one of the major threat to skilled workforce in the continent. Highly skilled workers are leaving for greener pastures abroad. The avenue for training and up-skilling staff are very limited. The platforms for SME support, mentorship, advisory and education are scarce.

Our Solution

This challenge is targeted at finding ways to eradicate the challenges facing SMEs in Africa. This will directly contribute to the United Nations goal of poverty eradication by 2030. We can achieve this, by amassing adequate support from like minded people like you, as we work together to inspire potentials in Africa to think of new innovative ways of doing business in Africa and bridging the gap with Africa and the rest of the world.

Our Strategy

To achieve our mission, and foster sustainable development across the African continent, Boma Prize for Africa implements programs and initiatives that align with the Sustainable Development Goals, Particularly SDG 1 (No poverty), 2 (Zero hunger), 3 (Good health and wellbeing), 4 (Quality education), 6 (Clean water and sanitation), 8 (Decent work and economic growth) and 13 (Climate action).

Happy people

The Competition

The Boma Prize for Africa empowers small businesses, startups, and entrepreneurs across the African continent to scale their innovative startups for real impact. Participants join an exclusive global community of student entrepreneurs, mentors, and industry experts as they work to earn a spot in our Global Finals where finalists compete for over $20,000 US Dollars in funding and valued added services to bring their big ideas to life.

Whether you’re looking to take your existing startup to the next level or are inspired to build a brand-new business, the Boma Prize for Africa is the perfect stepping stool.