Le Roux: Public sector does not spend enough on culture

African governments currently allocate only approximately 1 per cent of national spending towards cultural preservation, as highlighted by Andre Le Roux, the Ambassador of the African Culture Fund. Le Roux emphasized the need for greater investment in cultural preservation, particularly from the private sector, during his discussion with CNBC Africa's Kenneth Igbomor at the Canex 2024 event in Algeria. The event, aimed at transforming Africa's creative economy and empowering creatives across the continent, shed light on the untapped economic potential of African culture. Le Roux stressed that strategic engagement with new models of financing for culture is crucial. He noted that culture should be viewed as an asset, highlighting the success of countries like Egypt in maximizing the economic value of their cultural heritage. By treating culture as an asset, countries can unlock economic opportunities in areas such as intellectual property trade and creative industries. Moreover, Le Roux emphasized the importance of private sector involvement in funding cultural initiatives. He highlighted the role of financial institutions, such as banks, in supporting cultural events and festivals. However, he also underscored the need for investment in the informal economy and the importance of finding innovative ways to administer subsidies and microgrants for artists. The African Culture Fund, serving as an intermediary for cultural funding, plays a significant role in connecting artists with financial support. Through initiatives like Concerts SA, which has supported thousands of artists and live music venues, the fund facilitates collaboration between the public and private sectors to leverage funding for the cultural sector. Additionally, Le Roux called for the establishment of more collection societies and record companies across Africa to further develop and promote cultural products. Overall, the conversation at Canex 2024 highlighted the economic value of African culture and the need for increased investment and support from both the private and public sectors. By recognizing culture as a valuable asset and implementing innovative financing models, Africa has the potential to harness the power of its rich cultural heritage for economic growth and development.