When he studied in Rotterdam Terry Afram initiated the first African Business Day, which has become a renowned annual event. Born and raised in the Netherlands to Ghanaian parents, he considers himself Dutch by birth and Ghanaian by heritage. Terry is host of The Ghanaian Dream, an annual conference that aims to encourage the Ghanaian diaspora to contribute to the dream by helping the country to realise its potential. He put his money where his mouth is with his company Bridge Partners, facilitating business between The West and West Africa.
At home the Afram family spoke a mixture of Dutch and Twi, one of the main Ghanaian languages. There was always a strong connection to Ghana through regular family visits and by membership of the Ghanaian community in Amsterdam, which meets on social occasions and when attending church.
How do you look back on your time at Erasmus School of Economics?
‘I have always known that I wanted to study Economics and am still convinced that this is the best Dutch university for Economics and Business. The ‘nominal is normal’ rule, which stipulates that you have to achieve 60 study points in your first year, indicates that the school is looking for ambitious students so I thought “bring it on”!
I chose the International Bachelor Economics and Business Economics (IBEB) programme. In my classroom there were students of many different nationalities, which made me realise that when people look at the same thing through different lenses, they often see something else.
I was a board member of the Association of Students of African Heritage (ASAH), which meant that on top of my study I had a full time job. Inspired by similar events at Harvard and in Oxford, I started the African Business day. I was always an enthusiastic participant in seminars by EFR and other student associations, but thought it would be good to have an equivalent with a specific focus on Africa. The idea was to hear what it is like to do business in Africa first-hand from local entrepreneurs and captains of industry. Erasmus School of Economics, in particular Ronald de Groot and Philip Hans Franses, offered invaluable support. They even introduced us to former Prime Minister Balkenende, who agreed to be on the advisory board. In order to organise an event like this relationships are key and I learned that your wealth is your network. The African Business Day has grown into an annual event that has helped many people to pursue activities in Africa even those without African roots. For me it was a chance to discover that I can play a role in the West-West connection (building a bridge between Western Europe and West Africa) and I am grateful to the university for helping me to develop in that direction.
'I learned that your wealth is your network'
What was your first job like?
After graduating I went to work in investment banking at Goldman Sachs, but instead of opting for the City (London), I jumped at the chance to work in its South African counterpart Sandton (Johannesburg). Despite being on the same continent as Ghana, the environment was rather different. This part of South Africa is very modern and at times I felt like I was in a business district that could have been anywhere. The stories about extremely long hours in this sector are all true so I didn’t get the chance to really explore the country, but I did learn a lot professionally.
What is the difference between the African and the European way of doing business?
I believe relationships play a role in every business transaction and this is especially true in Africa. The plans you make today can be started tomorrow because you don’t need to go through extensive layers of decision-making. However, the absence of structure may mean that it takes longer to execute those plans.
Through connections I made in the context of the African Business Week, I was approached to become the country manager for Jumia Food, the Ghanaian version of Thuisbezorgd. My briefing was to grow the business and prepare it for an IPO, which I managed to do by combining my European experience with my African roots. When I started, I noticed that 70% of the food we delivered consisted of pizzas, hamburgers and other Western food. A large part of the potential clientele had been overlooked by focusing on expats. I decided to showcase local food and when I left the ratio was 50-50. During this time I was already consulting for Dutch companies that wanted to do business in Ghana and this evolved into my current company Bridge Partners that acts as a local partner for international businesses in West Africa and for African companies in Europe.
'I have always known that I wanted to study Economics and am still convinced that this is the best Dutch university for Economics and Business'
What are the most promising sectors for foreign investors in Ghana?
In a country that is developing as rapidly as Ghana, real estate is always interesting. Agriculture also offers good opportunities. We are close to the equator with an abundance of sun and plenty of rain. The sad truth is that 60% of the world’s arable land is on the African continent, but our countries are plagued by hunger. The contrast with the Netherlands is striking. The small country where I grew up is the second largest food exporter in the world because it uses its opportunities efficiently. In Africa 40% of the harvest goes to waste due to a lack of proper storage facilities and poor infrastructure. If we are able to address this, Africa could become an important net-exporter of food.
In your TED talk you urge people to buy locally and to give feedback if they don’t. What feedback have you been giving?
Don’t be satisfied too easily. Customers deserve good quality and excellent service. Despite the wide availability of tailors in Africa, I find it hard to buy clothes that match my expectations. That is why I founded Ginga, a luxury-clothing brand that offers people in Africa and Europe the chance to give us their sizes and specifications online in order to buy a tailor-made costume. All clothes are made in Ghana, thus generating employment as well.
What is it like to be young in Ghana?
We have a good education system. Schools are free and there is an excellent (private) university that offers scholarships for talented students who cannot afford to pay for their tuition. However, youth unemployment is high in the whole West African region. It is strange that China, Europe and the US all face the prospect of an economy that might be constrained by demographic issues, while the African continent has a growing amount of young people, but not enough jobs. On the other hand, I am convinced that Ghana is well positioned to continue to take great steps forward. It is a stable country with a government that is taking initiatives such as the planting for food and jobs campaign, a regional development initiative that should tackle problems with unemployment as well as food waste.
Of course there are things that go wrong occasionally, but this is no reason to reject investments in Ghana. I would say: if you’re raising a child, you don’t put it up for adoption when it stumbles. Have faith!’
