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HomeNewsGhana: AfroFuture secures $2m financing from Afreximbank

Ghana: AfroFuture secures $2m financing from Afreximbank

CMG confirmed the development on Wednesday, adding that the formalisation of its partnership with Afreximbank is the result of three years of work. 

“On behalf of the entire AfroFuture team, we are beyond thankful for the support we have received,” a statement reads.

The news coincides with Afreximbank’s executive VP in charge of Intra-African Trade Bank, Kanayo Awani, reiterating an increase in creative sector financing from $500m to $1bn, with a pipeline exceeding $600m in various deals, including music, film, visual arts, fashion and sports.

On 10 November, while addressing the opening of the 2023 CANEX Summit held as part of the third Intra-African Trade Fair in Egypt, Awani also acknowledged that the audiovisual and film industries in Africa accounted for $5bn of the continent’s GDP and employed an estimated five million people, with the potential to create over 20 million jobs and generate $20bn in revenues annually.

Formerly known as Afrochella, AfroFuture, first held in December 2017, celebrates African culture through the works of creatives and entrepreneurs from across the continent. This year’s edition is running under the theme Black Unification & Pan Africanism, which organisers say “honours the achievements of black pioneers throughout the diaspora and highlights their contributions to art, culture and innovation while unpacking issues like global connections and shared experiences among Africans and pan-African history, and the diaspora’s political role.”

This year’s edition, slated for the El Wak Sports Stadium in Accra, Ghana, on 28 and 29 December, is expected to draw more than 30 000 patrons. Nigerian artist Davido, Ghana’s Black Sherif and British-Gambian rapper J Hus have been confirmed as headliners.

Earlier this month, discussing his franchise’s impact on local tourism with Music Business Worldwide, AfroFuture co-founder and CEO Abdul Karim Abdullah highlighted his outfit’s commitment to supporting the local community through employment and its significant impact on tourism. In 2019, the festival contributed $2.1bn to tourism revenue during the Year of Return. This year, it’s expected to make up about 16% of Ghana’s tourism. AfroFuture has become synonymous with international visitors’ perception of Ghana. Abdullah and his co-founders were named Goodwill Ambassadors of Tourism for their remarkable impact on Ghana and the wider African continent.

“We’re seeking to continue to strengthen our narrative within our primary pillars of food, art, fashion and music as well as striving towards a united diaspora,” Abdullah said. “We launched our ‘Road to AfroFuture’ experiential pop-up activation to catapult our brand into the sub-Saharan market. Since the launch of this initiative in 2022, we’ve had the opportunity to expand our presence to the UK, South Africa, Ivory Coast and France. As we continue to gain momentum and garner more popularity around our ‘Road to AfroFuture’ events, we’ll aim to explore additional locations and expand our reach to more diverse markets.”