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Oscar Winner Jamie Foxx on Fighting Poverty in the U.S. and Africa

Daily Ticker

Jamie Foxx is a noted actor, singer, comedian, and businessman. He’s collected Oscars, Grammys, and Golden Globe’s for his work over the past 24 years.

Throughout, he’s gotten involved with causes he finds compelling. Today, Foxx joined noted fashion designer and stylist Ozwald Boateng at the Nasdaq market site to celebrate Africa50, a $500 million project funded by the African Development Bank to promote investment in the continent’s infrastructure and economy.

Related: Tony Blair: Africa Poised to Be a Great Economic Story of the 21st Century

Africa has some of the fastest growing economies in the world; the real GDP growth rate for Libya was 104.5% in 2012. Despite this, 48% of African citizens are in poverty. Through their support of the fund, Foxx and Boateng hope to build infrastructure and jobs, encourage tourism, and lift the people of Africa towards prosperity.

The fund hopes to raise over $10 billion.

Related: Jim Rogers: The 3 Most Exciting Investment Opportunities Right Now

Foxx tells The Daily Ticker’s Lauren Lyster that he’d also like to focus on fixing the economy here in the U.S., “Sometimes we look at numbers and wonder why they’re not adding up to people getting jobs. It’s because back in the day we used to invest in humans and once we go into schools and not worry about business right away things will get better.”

Related: Income Stats Suggest American Dream Is Dead

Foxx is working on creating a new app dubbed, “Schoolhouse Foxx” that would promote literacy among kids.

He also revealed to The Daily Ticker that he would be working on a new suit and cologne line with Ozwald—though no word yet on when they’ll debut the clothing and fragrance line.

Related: Top 1% Getting 95% of Income Gains: Is Washington Responsible?

What was Jamie Foxx’s biggest business mistake? Watch the video above to find out.

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