Business and Finance

Group Economics for the African Diaspora

Group economics for development.

March 8, 2021

Group Economics for the African Diaspora

Historically, the African Diaspora has been victimized by systemic racism that has significantly contributed to socio-economic inequalities. In Europe, the US, and the Caribbean, continental and historical Africans are disproportionately over represented among the poor.

Recent data from the UK’s Office of National Statistics (ONS) shows that 45% of minority racial groups live in poverty against Europeans’ 20%. Yet, the persistent issues concerning racial inequality and discrimination are rarely debated in the mainstream media.

Nevertheless, the modern African Diaspora community has made great strides towards achieving business excellence. A recent Business-Statistics briefing paper by the House of Commons shows that minority ethnic groups own 5% of small and medium-sized enterprises in the UK. And of these, 9% and 6% are owned by Afro-Caribbeans and African-Britons, respectively.

There is an urgent need for us to embrace the concept of group economics to increase our representation in the business world and elevate our socio-economic status as a community. So, what does the phrase Groups economics mean?

Well, group economics refers to the coming together of a group of people (African Diaspora) to pursue a common economic interest. We can pool together resources through this principle and pursue an economic goal that we cannot achieve as individuals. We need to come together and support African-owned businesses and elevate our community as a whole.

Dr. Claud Anderson, president of PowerNomics Corporation of America, Inc. and The Harvest Institute, Inc., is an icon worth emulating. He is a successful businessman, an author of books, and a producer of multimedia presentations that seek to empower African Americans. One of his books, PowerNomics: The National Plan to Empower Black America, advocates for strategies that can make African Americans “self-sufficient economically, politically and competitive as a people.”

Racial justice has also become a popular topic among the US NBA players, as seen with phrases such as “Black Lives Matter” and “Equality” on their jerseys. NBA’s star Andre Iguodala chose the phrase “Group Economics” for his jersey in the 2020 NBA season. According to the player, group economics will ultimately promote education, employment, and housing for African Americans.

The Case for Action

How then can we promote Group Economics among the African Diaspora and thrive as a community?

  1. Businesses: We need to acknowledge and embrace our African-owned enterprises and prioritize them for our consumption. Through this, we shall maximise the benefits of how and where we spend our money.
  2. Creating employment: African-owned businesses should give priority to workers from the African diaspora community. Such jobs will go a long way in reducing unemployment and improving the lives of our community.
  3. Marketing: We need to market our businesses within the African Diaspora community to create consumer awareness and promote our upcoming entrepreneurs.
  4. Consumer loyalty: African Diaspora should give priority to buying from our businesses. When our businesses prosper, we grow together as one people.
  5. Accountability and quality: African-owned businesses should strive to provide the best quality of products and services and be accountable to their patrons and consumers.

At WeAfric, we acknowledge that group economics is a critical tool for the African Diaspora to excel in economics, education, and politics. Thus, we strive to bring together continental and historical African Diaspora to engage, share ideas and formulate strategies for our socio-economic empowerment.

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