AMG moves to Dubai
BUSINESSMAN Frank Buyanga has moved his African Medallion Group (AMG) from South Africa (SA) to Dubai for the market’s centrality and other strategic reasons, including the fact that it is one of the world’s major metals trading hub in the world.
This also comes as the two year-old company has spread its tentacles across five African countries and has been honoured – by the World Business Leaders – as one of the fastest growing and innovative enterprises on the continent.
“An executive decision was reached on May 13 to have AMG’s headquarters domiciled in Dubai,” Buyanga said week, adding his company “remains committed to value addition in Africa and the world”.
After winning the Global Academy of Psychological Sciences award three weeks ago, the 40 year-old entrepreneur challenged regional capitals to increase beneficiation of their minerals for employment creation and other economic benefits as well as “claim their place in determining commodity prices and not be price takers”.
“…while about 40 percent of the world’s gold comes from SA, the country does not regulate the prices of the commodity. We are price takers (and) not givers and that in itself is a problem,” the AMG founder said at the Dubai event recently, adding “the continent must be involved in the formulation of resource-pricing and correction other anomalies urgently”.
“In Africa, we are the authors of the world’s destiny, but we don’t know it. The continent has vast resources, human capital and mineral resources… but the only people who don’t know about this are Africans,” Buyanga added.
Through such platforms as the Pan African Business Forum – where he seats as an executive director responsible for entrepreneurship – the Johannesburg-based businessman has not only tried to impart some of his skills, but seek to “expand the entrepreneurial spirit by educating African peers to shun begging for help and instead concentrate on ways of generating value from the region’s endowments”.
Under the SA-based institution, the organisation has sought to improve the continent’s fortunes through socio-economic projects and carefully-considered initiatives, including a US$500 million infrastructure fund.
“Over-dependence is the major hindrance to (our) progress. We want to be treated with respect and not pity because we are worthy of that respect,” Buyanga said, adding “the ethos of hard-work and ethical conduct must be fostered between continental enterprises, and the world”.
“These are hard truths, which must serve as a motivator for those of us who want to get in the front seat of nurturing the continent’ future,” he said.
By establishing companies such as AMG, which has morphed into a Rand 6 billion behemoth, Buyanga says he is demonstrating his belief in Africa.
“…I chair this group and… felt motivated to invest money, and time because l believe in Africa,” he said recently.
From a small start-up in 2017, AMG has diversified its portfolio from gold to the financial services sector, outright mining and property.
“We are not just about talk… and we hunger for new African entrepreneurs to claim their seat at the table of this rapidly-changing world,” Buyanga said.