[Interview] Alexander Boadi, Founder and Director, Lets Move Africa, London
Alexander Boadi is the founder and director of Lets Move Africa as well as the Lets Move Africa Foundation. His interview with Africa Business Communities:
Would you please introduce Lets Move Africa?
LMA is a London-based real estate brokerage, consultancy and research firm that focuses on the African markets. We specialize in obtaining finance for real estate asset holders. We produce research reports for companies that wish to know more about the African markets and we also consult with governments about investment and trade issues. LMA also assists investors in Africa to access the UK real estate market.
In which industries does LMA operate and who are your clients?
LMA operates in the African real estate sector. Our clients range from asset holders in Africa to governments, private investors and NGOs.
What are the USP’s of your business?
We are fortunate to be based in London. This gives us access to investors and firms that want to access the African real estate markets. Personally, I believe that what makes us stand out above others is our knowledge of our markets. We understand the complexity surrounding each country and the regions within the country. This gives us a unique standpoint as we advise clients on the exact climate rather than giving them a general overview of the markets.
Why did you start LMA?
I started LMA because I became frustrated with the business environment of real estate in Africa. I have come across a number of people that have been burnt with transactions and I decided to get involved and clean up the market. Furthermore, I know the challenges that governments have when sourcing investors for projects and I wanted to be the point of call for investors and governments to come together.
What did you do before starting LMA?
I have 10 years work experience of the UK, London and African real estate markets. Past roles have included high end land sales, property management, surveying and consultancy. I have a degree in Real Estate Management and a Masters in Real estate development & Investment. I am also accredited by the RICS.
What other organizations/activities are you involved in?
As director of LMA, it has given me the opportunity to set up the LMA Foundation which aims to build sporting facilities and provides books to schools in Africa. This is a project I hold dear, because I briefly went to school in Ghana and have seen and experienced the lack of sporting facilities and educational materials available to school children.
What can be done by entrepreneurs and government to stimulate the business environment in Africa?
I believe entrepreneurs need to take more risks in Africa. We have to be bold, daring and visionaries. The market in Africa is very different from that of Europe so one has to be mentally prepared to come across systems and challenges that are out of the norm.
On the flipside, governments need to encourage business. They could try to make the environment more open, clear and fully regulated to allow business transactions to be smooth and enjoyable. This will lead to growth in the economy and create employment. Business also has the potential to raise the educational standard in the country and this is an area that I feel many countries fail to focus on.
What’s the best part about doing business in Africa?
The best part about doing business in Africa is the fact that you get the opportunity to meet a wide range of people. The cultures are so diversified, the people are always happy, plus the food is great! You get to learn so much about culture and languages. Plus the sun is out nine out of ten times.
Do you think women entrepreneurs typically have a harder time accessing loans through traditional bank channels?
I believe that in general business ventures tend to be harder for women. Why this is the case, unfortunately I cannot pinpoint a reason. That said, I feel we need to focus on the positives and how to move forward. We have great women role models not just in the world but throughout Africa. Joyce Banda (former president of Malawi), Ngozi Okonjo-Iweala (Nigerian Minister of Finance), Ellen Johnson-Sirleaf (president of Liberia), Folorunsho Alakija (Nigerian businesswoman) and Linah Mohohlo (Governor of the Bank of Botswana) are just a handful of many women doing great things in Africa. I’m sure with time and determination the question asked will be one consigned to the history books.
What can you say about the targets, plans and ambitions of LMA for the rest of 2015?
The second half of the year tends to be a time of reflection and preparation for 2016. We plan to find real estate asset holders in parts of Africa that we have yet to access, such as Angola, Gambia, Cameroon and DR Congo. The growth potential in those countries is enormous and it would be an honor and a pleasure to source finance and investors for them. We also want to grow the Lets Move Africa Foundation which is a CSR that builds sporting facilities in poor communities in Africa. We are also in the process of planning the UK-Africa Real Estate Forum, which is an event planned for November that will bring together African government officials, investors , property developers and banks to discuss the real estate opportunities, challenges and growth potential of Africa.
Do you believe Social Media and the Internet to be a plus to the business environment, as it applies to your industry?
Social media gives companies the opportunity to be in a country without being there in person. LMA has a presence all around Africa even though we haven’t been to all the countries. We receive a number of calls and e-mails from companies based in every region based on our social media exposer. The internet gives us a platform to showcase clients’ assets in a remote part of Africa to investors and directors in the city of London or New York. I feel that we just need to get fast and affordable internet access to all regions in Africa sooner rather than later.
Which African countries will perform best in 2015?
I am betting on Nigeria, South Africa and Kenya.
Nigeria has just democratically conducted elections and the current administration won on the basis that they will combat corruption and stabilize the currency. The transfer of government proves that Nigeria is stepping away from the old days of power hungry generals to a stable democratic state with opportunities and prosperity for all.
South Africa has traditionally performed well. They have strong links with Europe and a sound financial system which has been in place for a number of years. This is likely to remain the same for the foreseeable future.
Kenya is a silent rising power with growth in real estate expected to increase at rates which have never been seen. There have been issues for middle income earners to access home finance but these should be seen as opportunities and not as challenges.
These three countries also have a number of UK based companies with operational offices, such as Knight Frank, Cluttons, CBRE, BP and Barclays Bank. This is a reflection of the stability in their political systems and their economies.
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Africa Business Communities is conducting a series of interviews with CEO's and high-end professionals in Africa. Are you interested in an interview? Please send an e-mail to Andrea Ayemoba: andrea@africabusinesscommunities.com