In the 2014 State of Black America report, the essay, Facts vs. Fiction: Buying Black As An Economic Strategy, revealed that out of the trillions that African Americans spend annually on goods and services, only 3 percent of that amount is used to support Black-owned businesses and firms.
Wekesa Madzimoyo, the founder of The AYA Institute, discusses the history of African Americans as business owners. “I’m sad that we finance our own oppression and also understanding why we do it, how we got to be where we do it, and what’s needed for us to no longer do it,” said Madzimoyo.
In a previous article, Madzimoyo explained the tactics that were used in order to discourage African Americans from starting and supporting Black-owned establishments. Madzimoyo gives an example as to how and why this issue occurs within the African American community today.