Let’s take a look at what articles the Goodwell team is reading, what discussion we’re having, and what we’re keeping an eye on this month.
Africa’s growth outlook: resilience in a fractured world
While Europe and the US have grown worryingly accustomed to geopolitical tensions and trade fragmentation, Africa’s story is more nuanced – and encouraging. According to a new report from the United Nations Economic Commission for Africa, the continent’s economic outlook for 2026–2027 remains solid despite global uncertainty. The report estimates that Africa’s economic growth will rise to 4% in 2026 and 4.1% per cent in 2027 (up from 3.5% in 2024 and 3.9% in 2025), driven by regional integration, infrastructure investment, and a steady recovery in domestic demand. Of course, it’s not completely smooth sailing: the continent remains vulnerable to climate shocks, debt, and fluctuating currencies. But one thing is clear: Africa is shaping its own future, rebuking the outdated narrative of being ‘collateral damage’ in times of global volatility.
Authoritarianism as investor risk
Also making the rounds in our team chat is a recent essay from Jed Emerson on authoritarianism as investor risk. His point is clear and stark: political regression is a moral and material issue. Weakening institutions, constrained civil society, and the eroding rule of law ultimately undermine value creation and market stability. For investors in emerging markets, this isn’t mere theory. Governance shapes everything, from contract enforcement to currency stability to exit pathways. Emerson poses a timely challenge to investors, urging holistic consideration of systemic risk beyond basic ESG compliance. After all, if we claim to invest for long-term value, we must care about the political ecosystems that make long-term value possible.
Closing the leadership gap in private equity
When private equity firm executives list their priorities for value creation, they put leadership first, and by a big margin: it is cited 60% more often than efficiency or growth, and 90% more often than strategies such as bolt-on acquisitions. Heidrick & Struggles published an insightful piece on leadership gaps in private equity portfolio companies. Their conclusion: operational complexity is rising faster than leadership capability. In an environment of tighter liquidity and slower exits, strong management teams are no longer a “nice to have” — they are the differentiator.
For Goodwell and other impact investors, this hits home. We often back mission-driven founders with bold visions. But as portfolios scale, governance, succession planning, and talent pipelines become critical risk factors. Strengthening boards, investing in executive development, and professionalising HR practices are not distractions from impact, but enablers of it.
“No such thing as impact investing?” The debate continues
The impact industry continues to wrestle with its own identity. In Stanford Social Innovation Review, the provocative article “No Such Thing as Impact Investing” questions whether the label obscures more than it clarifies, and challenges some common narratives. Is all investing inherently impactful? Are we overstating intentionality?
Meanwhile, Robert Rubenstein has taken a more firebrand approach, critiquing parts of what he calls the “impact mafia” as self-congratulatory, skating by on loose definition. While his piece is combative, it sheds light on frustrations many in our industry share: measurement inconsistency, impact-washing, and blurred accountability. At Goodwell, these conversations are prompting reflection: where are we truly adding value? Where are we hiding behind jargon? And how can we become even more rigorous in our transparency and accountability?
Fela Kuti and the politics of culture
On a more cultural note, the 12-part podcast series Fela Kuti: Fear No Man offers a rich deep dive into the life of Nigerian Afrobeat musician, Fela Kuti. What begins as a musical exploration evolves into a layered examination of power, protest, and post-colonial politics in Nigeria. It reveals complicated truths about Fela himself, his and his family’s role in Nigerian politics, and gives fascinating historical context on the challenges the country faces today. For investors working in West Africa, it is a powerful reminder that markets are embedded in culture and history. To understand risk and opportunity, we must first understand context.
A youth-led decade of transition
Our final radar ping comes from the Guardian, with a hopeful reminder for the future: seven in ten Africans are under 30. This youth bulge represents both urgency and opportunity. Monica Geingos makes a clear argument that “the countries that invest in youth now will be the ones that define global innovation in the coming years.” With the right investments in education, entrepreneurship and civic participation, Africa’s youth bulge could become a dividend rather than a destabiliser. The question isn’t if change is coming; it’s whether institutions, investors, and policymakers will rise to meet it.
