Franchise Forum | Africa: Pan African Franchise Federation Holds Inaugural Meeting
The Franchise Association of South Africa (FASA) hosted both the annual International Franchise & Entrepreneurial Expo (IFE) and the inaugural meeting of the Pan African Franchise Federation in May of this year to promote franchising in Africa. By hosting these events, South Africa intends to play a bigger role in expanding franchising and the franchise business format to the entire African continent.
South Africa’s franchise sector continues to demonstrate that it is just as or more resilient than other business sectors, as the franchise industry alone has contributed almost 12% to the country’s GDP. The South African government has also recognized the franchising industry as the one area where creating new substantial jobs can be achieved quickly and effectively. It has launched various initiatives, like the Jobs Fund and the Black Business Supplier Development Programme (BBSDP) Fund supported by development banks, to help the economy grow through training and job creation.
These signs of growth offer hope that the franchise industry will not only make a full recovery from the global economic recession, but also that the industry will aid other African countries in their attempts to grow their own economies. To achieve this objective, the FASA legal advisor and two of FASA’s past officers promoted the principles of franchising by holding seminars throughout Africa, in association with Standard Bank and the African Development Bank.