Dr. John Kwakye, Director of Research at the Institute of Economic Affairs, isn’t mincing words he’s clear that African countries shouldn’t be lining up for aid or debt relief. His argument is pretty direct: Africa is loaded with natural resources, so the continent should focus on managing those assets effectively and addressing corruption. On social media, he put it bluntly: “Africa has no business seeking aid, debt relief or reparation when it is the richest continent in terms of natural resources. The continent just needs to take ownership of its natural resources and reduce corruption to turn it from a poor continent to a rich one.” The message? Leverage what you have and prioritize good governance.
Echoing this sentiment, Dr. Akinwumi Adesina, President of the African Development Bank and Chairman of the Africa Investment Forum, is also steering the conversation away from handouts. He’s looking for investor partnerships, not charity, to fuel the continent’s growth. After last year’s Africa Investment Forum Market Days generated $29.2 billion in investment interest, expectations are even higher for the next event.
The 2024 Forum drew more than 2,300 investors from 83 countries, featured over 40 boardrooms, and secured 15 sponsors, including major investment banks and export credit agencies. With a track record of mobilizing more than $225 billion in investment interest over seven years, the Forum has become a core platform for channeling capital into transformative African projects.
This initiative has strong backing from leading institutions: the African Development Bank Group, Afreximbank, Africa50, the Africa Finance Corporation, and newcomers like BADEA. Adesina emphasized, “We have elevated Africa. We have showcased Africa. We have changed perceptions on Africa.” His position is clear: “Africa will not be developed by aid. It will be developed by investment.”
Significantly, the Forum has moved beyond rhetoric, closing 22 deals to date, with 41% of financing coming from founding partners. A new governance and sustainability framework is in the pipeline, set for formal signing at the African Development Bank’s annual meetings in May.
As Dr. Adesina prepares to hand over leadership in September, he expressed deep appreciation for the partnership and commitment that have driven the Forum’s success. Other key stakeholders echoed similar confidence: Alain Ebobissé (Africa 50) highlighted the event’s focus on transactions, not just speeches; Samaila Zubairu (Africa Finance Corporation) stressed the importance of African ownership in development; Boitumelo Mosako (Development Bank of Southern Africa) underlined proactive future-building; Admassu Tadesse (Trade and Development Bank) praised the event’s brand power and partnerships; and representatives from BADEA, Afreximbank, and the European Investment Bank reaffirmed their support.
Bottom line: The narrative is shifting. Africa’s leaders and business community are prioritizing investment, partnership, and ownership, moving away from reliance on aid and towards sustainable, homegrown economic development.