CULTURE MANAGEMENT GROUP PARTNERS WITH AFREXIM BANK FOR AFROFUTURE FESTIVAL 2023

Written By Priscilla Boakye

Afrofuture, formerly known as Afrochella is an African music festival that started in 28 December 2017 in celebration of Africa’s diverse culture and the vibrant work of African creatives and entrepreneurs.

The festival is designed to elevate and highlight the thrilling and thriving millennial talent in Africa by introducing an interactive event that teaches, explains and explores various cultures through a pioneering approach. Afrofuture intention for their target audience is to experience art and creative activation from the continent, celebrate African music, and taste premium and cultural cuisine.

Recently, Culture Management Group (CMG), the parent company of Ghana-based AfroFuture festival, has secured a $2m financing facility from the African Export-Import Bank (Afreximbank) aimed at fostering the growth of CMG’s ventures in Africa. Afreximbank was established in October 1993 to finance and promote intra-and extra-African trade. This deal has sparked a conversation on why the Bank will go this length to invest an enormous amount in the expansion of AfroFuture. or have an interest in arts.

According to Gabriel Mayera, CMG confirmed the development on 15^th November, 2023, adding that the formalisation of its partnership with Afreximbank is the result of three years of work.

“ On behalf of the entire AfroFuture team, we are beyond thankful for the support we have received,’’ a statement reads. The news coincides with Afreximbank’s executive VP in charge of Intra-African Trade Bank, Kanayo Awani, reiterating an increase in creative sector financing from $500m to $1bn, with a pipeline exceeding $600m in various deals, including music, film, visual arts, fashion and sports.

In 2019, Afrofuture contributed $2.1 billion to tourism revenue during the Year of Return, earning recognition as a key influencer in Ghana's international perception. The festival's co-founders were appointed Goodwill Ambassadors of Tourism for their impactful contributions.

 It’s probably of this achievements of the organisation that is making reputable brands to want to partner with them.

This year’s edition, scheduled for December 28-29 at the El Wak Sports Stadium in Accra, Ghana, is expected to attract over 30 000 attendees, featuring headliners like Davido, Ghana’s Black Sherif, and British-Gambian rapper J Hus.

This year’s theme is dubbed Black Unification & Pan Africanism, which organisers say “honours the achievements of black pioneers throughout the diaspora and highlights their contributions to art, culture and innovation while unpacking issues like global connections and shared experiences among Africans and pan-African history, and the diaspora’s political role.”