(Agencies)
Updated: 2007-12-03 11:44

Signs of prosperity are everywhere in this country of about 23 million people on the west coast of Africa. New roads are choked with cars, construction cranes dominate the skyline and shops brim with televisions, air conditioners and luxury goods. Real estate prices in the capital, Accra, rival those of an average American city, with a four-bedroom home in a nice area selling for over $500,000.

Asmah's office and printing press are located in a middle-class neighborhood of older homes converted for business.

Asmah, 42, was an artist in the Ministry of Education in 1993 when he first started selling graphic designs to friends. Soon he was ready to give up the secure government job, which for most of Africa's history was the hallmark of success.

He launched Type Company with money borrowed from family and friends. Business grew rapidly — almost too rapidly. Type Company had to outsource printing to others in Ghana, and the quality fell.

So Asmah bought a state-of-the-art, custom-made printing press and other equipment from Germany for more than $1 million. He diversified into security printing for banks, colorful packaging for local products and annual reports for dozens of businesses, which, like his, are homegrown and growing.

"Once you have a solution to someone else's problem, you have a business," says Asmah, whose polished appearance and calm demeanor project the image he wants for his high-end designs, despite a cluttered office full of computers and printers. "There is a lot of opportunity, because here, there is not a lot that is done right." Things not done right trip up businesses like his. It took five years to persuade a bank to help him lease $10,000 worth of equipment. Financing in Africa is hard to get, with high interest rates and stringent requirements. Government tariffs on paper and ink also drive up his costs, and he can't compete with preprinted imports because they are not taxed.

But Asmah says the odds of success in Africa are greater than anywhere else, including America.

Asmah is part of what economist Ayittey calls Africa's "cheetah generation" -- young entrepreneurs who are fast, smart, adaptable and ready to tackle Africa's problems. Eventually -- and it will take time -- he predicts the cheetahs could overtake the bureaucrats and dictators who blame Africa's problems on colonialism and don't address them.

It is already happening in Ghana. Democracy is strong, and the economy is growing by 6 percent a year. The World Bank recently praised Ghana as one of the leading business reformers in the world. Ghana's debt is down by more than two-thirds, and inflation is under control.

Economic stability in turn draws investment. Foreign investment in Africa rose to a record $39 billion in 2006 from $31 billion just a year earlier, only partly because of oil revenues.

"It's a young economy and anyone who looks into that will see that Ghana is a safe terrain to be in," notes Asmah, who says his business exceeds $1 million a year in revenue and brings profits of 30 percent. "Returns on investment here are 20 percent higher than anywhere else."

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