Professor Ezekiel Duramany-Lakkoh has challenged young entrepreneurs across the Mano River Union (MRU) to shift their focus from merely seeking financial support to strengthening their capacity, knowledge, and business structures as the foundation for sustainable economic growth.
Speaking as Guest Speaker at the 2026 Mano River Youth Konnekt Summit, which brought together youth groups and leaders from Guinea, Liberia, Ivory Coast, and Sierra Leone, Prof. Duramany-Lakkoh delivered a presentation on Financing Entrepreneurship, emphasizing what he described as “Ten Important Issues Young People Should Note About Accessing Finance.”
In his address, he drew attention to the growing dominance of private investment in driving global economic development, stressing that entrepreneurship and innovation remain at the center of that transformation.
He illustrated the disparity between individual wealth and national economies by noting that Africa’s total Gross Domestic Product stands at approximately US$2.8 trillion, while the combined GDP of the Mano River Union is estimated at around US$125 billion. He contrasted this with the personal fortunes of billionaires like Elon Musk and Mark Zuckerberg, questioning why some individuals have accumulated wealth exceeding that of entire nations.
“Why are these individuals richer than some countries?” he asked, pointing to innovation, entrepreneurship, and investment as the driving factors behind their economic power.
Prof. Duramany-Lakkoh also highlighted that West Africa generates over US$100 billion annually from mineral and energy exports, yet continues to depend significantly on foreign aid. He noted that while official development assistance, humanitarian aid, and concessional financing to the sub-region in 2025 is estimated between US$15 billion and US$25 billion, unofficial aid flows could amount to nearly half of the region’s total exports.
He argued that the challenge may not necessarily be the availability of funds, but rather the lack of capacity to effectively access and manage financing.
To address this, the professor outlined ten critical areas young entrepreneurs should focus on.
He urged participants to clearly define the purpose of any funding they seek, whether for start-up capital, expansion, equipment, inventory, or working capital, noting that lenders and investors require clarity before making commitments.
He also stressed the importance of developing strong business plans, understanding various financing options such as loans, grants, angel investment, venture capital, crowdfunding, and cooperative financing, while maintaining accurate financial records to build credibility.
The professor further encouraged young entrepreneurs to maintain positive credit histories, understand borrowing costs including interest rates and repayment schedules, and ensure they have the required documentation such as business registrations, financial statements, and cash-flow projections.
Beyond documentation, he emphasized financial literacy as a critical tool for success, urging youths to strengthen their understanding of budgeting, accounting, cash-flow management, and investment principles.
Prof. Duramany-Lakkoh also called on young people to explore youth-specific funding opportunities offered by governments, development agencies, and financial institutions, while building trust and strategic networks with mentors, investors, and business associations.
He concluded by reminding participants that sustainable access to finance is not only about availability of money, but about preparedness, trust, and the ability to convert ideas into viable enterprises.
The Mano River Youth Konnekt Summit continues to serve as a platform for regional collaboration, empowering young leaders and entrepreneurs to tackle shared economic challenges and unlock opportunities across the sub-region.
