The lecture, which was held at the Fairmont Royal Palm Hotel in Marrakech, Morocco, was under the theme “The New World Order and the Future of Entrepreneurship in Africa”., An initiative by the Africa Export-Import Bank (Afreximbank) in honour of its founder, It was the first time that the lecture series was being held in Africa with the IMF/Annual Meetings being held on African soil for the first time since Nairobi in 1973.
These adverse currents have led to an end of what Oramah called the “golden age of entrepreneurship,” characterised by a reversal in the flows of foreign direct investment to developing countries, restrictions on technology transfers, re-emerging trade barriers, including a trade war between the world’s two largest economies and an environment in which building businesses in the developing world has become riskier and more difficult.
At a rate of 3% the global economy can grow to $200 trillion over the next generation, which Clifton said would be a failure. To reach $300 trillion which would need growth of 4.5%, there must be a clear understanding of the respective roles of innovation and entrepreneurship. “We have to understand that it's a cart and a horse situation and I would suggest to you that the cart is innovation, and the horse is entrepreneurship and we have to get really good with the horse,” he said.