Why Are We Poor? #shorts #Africa

African entrepreneurs pay nearly 10X more than American entrepreneurs on taxes for imported goods.

Yes! You heard me right.

In Senegal, I pay 45% in tariffs on some of my raw materials. In America, I pay just 4%.

A cost that directly hinders the growth of thousands of African entrepreneurs’ businesses.

At first blush, it might seem like a great way for the state to earn revenue.

But what people forget is that entrepreneurs in other countries can afford basic business supplies such as cardboard boxes and other packaging, computers, printers, etc.

The net impact is that it becomes nearly impossible to create a globally competitive business selling value-added goods in Africa. Believe it or not, even with much lower labor costs in Africa, it is cheaper for me to produce goods in the US than in Africa.

I do it out of mission more than a business opportunity, and also so I know firsthand what people who want to start and run a legal business have to go through.

If the obstacles were less severe, fewer businesses would need to pay bribes to get things done.

This excessive burden pushes entrepreneurs toward unethical practices, such as paying bribes, just to navigate through the hurdles created by these bad laws.

The system we face is riddled with a web of senseless and oppressive regulations, making it incredibly challenging to conduct business in an honest and transparent manner.

IMAGINE if we could rectify this burden and charge a mere 5% for imports. The possibilities for economic growth and integrity would be endless.

I firmly believe that reducing these tariffs and embracing fair policies would lead to a transformation in our business landscape, fostering an environment where honesty thrives, and most importantly, AFRICA thrives.

It’s time to forge our own path to African prosperity. Are you ready?

#africa #badlaws #corruption #poverty

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