New Center for Economic Research: A ray of hope for Africa!

New Center for Economic Research: A ray of hope for Africa!

On October 2, 2025, a new research center dedicated to promoting economic development in sub-Saharan Africa was established. This initiative is the result of a partnership between EBS Business School and New York University (NYU). The collaboration was officially sealed this year. The research center's locations are New York, Abu Dhabi, Accra, Kumawu (Ghana) and Oestrich-Winkel, with the ambitious joint leadership of Prof. Dr. Yaw Nyarko (NYU) and Prof. Dr. Raša Karapandža (EBS Business School). Over 30 international researchers from various disciplines, including business, technology and development research, are part of this innovative project.

The main goal of the research center is to develop practical solutions to the economic challenges faced by many African countries. This includes developing strategies to improve access to markets and credit for small farmers and increasing transparency in land administration. The measures aim to increase the security and efficiency of financial services for unbanked people and to use cultural heritage to promote tourism.

Research priorities and achievements

The central research focuses include the combination of research and innovation using the latest technologies. In particular, blockchain technologies, mobile financial applications and AI-supported advisory tools are used. Successes to date include supporting 10,000 smallholder farmers in Ghana, with the ambitious goal of reaching 50,000 more in the coming years.

In addition, the digitization of 25,000 land registry documents was successfully implemented and two percent of Ghana's land area was mapped. There is also progress in the cultural area: eight cultural and museum locations were created, including a UNESCO World Heritage Site, as well as the funding of over 200 new works of art. Thanks to blockchain-based financial services, potentially millions of people now have access to the formal financial system.

Collaboration and strategic direction

Another aspect of the project is the close cooperation with Smart Africa to develop digital strategies and new technologies. As part of this collaboration, work is also being done on the creation of national data strategies in Senegal. This not only promotes cross-border collaborations, but also strengthens Africa's voice in global debates on digital transformation and artificial intelligence. The focus of all of these measures is on promoting human rights-oriented technologies.

Creating connections between European partners and African actors is a key element of this initiative, which focuses on coordination at continental, national and regional levels. A coordination center in Kigali, Rwanda, contributes to the implementation of these goals on a broad basis.

Economic challenges in Africa

Economic development in Africa faces a variety of challenges. 39 of the bottom 50 countries in the Human Development Index (HDI) are in Africa, with access to basic goods, social services and infrastructure often lacking. According to the World Bank, many African countries are low to lower middle income, which increases their economic vulnerability.

Most African nations are heavily dependent on a few export goods, which leads to instability. This brings with it both challenges and opportunities. In particular, the high number of people under the age of 15 requires significant investments in education and economic diversification. Promoting good governance is crucial to achieving economic success and sustainable growth. Regional economic integration could stimulate intra-African trade and promote political stability.

In summary, the newly established research center and associated initiatives are an important sign of progress and hope for economic transformation in Africa. Under the leadership of respected researchers and using modern technologies, innovative approaches will be developed to sustainably improve the livelihoods in the region. They also report in this context GIZ and the Federal Agency for Civic Education about the opportunities and challenges of economic development on the continent, which underlines the significance of the project.