Giving Compass' Take:

• Stanford Social Innovation Review describes four strategies that will drive social change in Africa through philanthropy, business initiatives, visionary change, and leadership. 

• Are many African corporations acting as "vehicles for change" to drive social impact in Africa?

• Read about how to form a plan for philanthropy in Africa. 

Major challenges are once again poking holes in Africa’s success story. Not only has the continent’s poor governance rating remained relatively unchanged since 2008, but also, according to the International Monetary Fund, economic performance this year fell to its lowest level in more than 20 years.

Besides the financial benefits they stand to gain in a growing economy, Africa’s business elites appear to be motivated by an economic patriotism aimed at ensuring the well-being of their home continent, in large part because of many hail from less-privileged backgrounds.

Four social strategies to drive positive change:

Philanthropic change. A philanthropic change strategy involves separating core business activity from social change initiatives, which often involves using corporate foundations as a vehicle to do so.

Corporate change: Business elites emphasizing a corporate change strategy have a sharp eye for “win-wins,” or instances where their company’s bottom line and society benefit concurrently.

Visionary change involves reforming economic systems and social institutions.

Change-based leadership this strategy involves completely intermeshing business strategy with social change endeavors.

Read the full article about social change in Africa by George Ferns & Kenneth Amaeshi at Stanford Social Innovation Review