When e-commerce company Jumia wanted to go public in 2019, Africa’s most celebrated start-up didn’t list in Lagos, Nairobi, Kigali or Johannesburg. It went to New York instead. That tells you everything about Africa’s start-up problem: It’s not a money problem; it’s an exit problem.

African entrepreneurs can build world-class businesses, but investors hesitate because they cannot see how or when they will get their money back. Initial public offerings (IPOs) remain extremely rare, and most exits take the form of trade sales – often unpredictable and slow to clear. Our stock exchanges offer little comfort either with liquidity outside the largest firms still limited.

Start-ups here can remain “start-ups” for decades with no clear path to maturity.

By contrast, Silicon Valley hums along b

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