For Magatte Wade, connecting the dots is easy: The people of Africa are poor. They’re poor because they have no money. They have no money because they have no jobs. They have no jobs because there are no companies to employ them. There are no companies because the governments make it impossible to start one.
Her solution? Governments need to be business-friendly and everything will be reversed, making the people of Africa prosperous.
Bureaucracy and Corruption
According to Wade, it’s impossible for an entrepreneur to start a business there because of endless bureaucracy and corruption.
An example of bureaucracy she gives is in the Republic of the Congo, where there are 18 separate documents to import or export anything, and each document needs to be notarized, with each signature costing $500….