18 Jul 2023

The just-ended US-Africa Business Summit provided delegates with an opportunity to discuss and explore financing tools that Africa’s creative industry can use to further grow the sector.

As the industry experiences tremendous growth and emerges to be one of the sectors that create employment, African countries are encouraged to invest more in the creative sector in the drive to diverse economies.

Contributing to the discussion themed: Financing Africa’s Creative Industry during the summit in Tlokweng on Thursday, Founder and Chairman of Del York International group, Mr Linus Idahosa said the contribution of Africa’s creative industry to the global creative economy was valued at US$2.2 trillion.

He said the industry was a major contributor to youth employment in the continent with a labour force that had seen growth between 12 and 16 per cent every half-decade.

He said that it was against that backdrop that African countries should remain steadfast in funding the creative sector to nurture its growth.

For his part, CEDA Chief Executive Officer, Mr Thabo Thamane said financiers needed to come up with a structured financing system geared towards funding the creatives.

He urged artists to professionalise their crafts for commercial beneficiation, adding that the creative industry was considered by policymakers as a growth agent and economic multiplier in Africa.

He said artists should patent their intellectual property to enable them to use such property right as funding security.

“Creditors are very particular with getting a return on their investment, hence it is imperative for artists to create a framework of their intellectual property as a surety to loan repayment,” he said. Mr Thamane said it was important for artists to create a symbiotic relationship with funders in an effort to assure the financiers of their return on investment.

He further pleaded with technocrats to refrain from setting a standardised price tag on paying artists when performing on corporate gigs.

“Entertainers need to be remunerated for their worth to enable them to live out of their crafts,” he said.

Further, Botswana’s women in film secretary, Ms Masego Mohwasa implored artists to collaborate and speak in one voice to advocate for funding.

Ms Mohwasa said it was equally important for artists to have mentorship programmes to equip women in the entertainment industry. Ends