The Promise of Entrepreneurship for the Future Development of Factor-Driven Economies in Africa

Until recently, the African continent has held positive fundamentals for growth. However, the continent continues to face profound developmental challenges and structural weaknesses that impede sustained and inclusive growth. Largely driven by natural resources and commodities, the growth of African economies has not generated sufficient economic diversification, job growth or development for the majority of its citizens. In recent years, entrepreneurship has been recognised as a key ingredient of sustainable economic growth and quality job creation, and with the promise of resource coordination, businesses creation, and innovation. The question to be put forward is whether entrepreneurship holds the promise for the development progress of Africa. Thus, in this conceptual paper entrepreneurship is proposed as a key essence of economic growth and structural change for the future transition of Africa's economies