African Leaders Unite to Mobilize African Investment and Financing for Implementing Agenda 2063
On the sidelines of the 38th Ordinary Session of the Assembly of the African Union Summit in Addis Ababa, Ethiopia, African Heads of State, Government and Business Leaders convened for a Presidential Breakfast Dialogue to address the continent’s financing and investment gaps. The event was held under the theme “Africa at the Forefront: Mobilizing African Investment and Financing for Implementing Agenda 2063”.
The dialogue, which was hosted by His Excellency John Dramani Mahama, President of the Republic of Ghana and Champion on African Union Financial Institutions, in collaboration with the African Union Commission (AUC) and the Alliance of African Multilateral Financial Institutions (AAMFI), reaffirmed the continent’s commitment to accelerating self-reliant, sustainable economic development.
In his keynote address, President Mahama emphasized the urgency of strengthening Africa’s financial independence through domestic resource mobilization, concessional financing, and strategic public-private partnerships. “Africa must harness its own financial and investment capacities to drive the transformative vision of Agenda 2063. We cannot continue to rely on external financing mechanisms that do not align with our long-term development goals,” he stated.
Dr. Ngozi Okonjo-Iweala, Director General, World Trade Organization (WTO) emphasized the need for Africans to take charge of their own development by shifting mindsets and strengthening financial self-sufficiency.
She Said, “The Africa Club is a crucial step toward looking inward and harnessing our own potential. However, we need to focus on four key priorities for Africa’s financial and economic transformation: Firstly, strengthening African financial institutions – If we are to finance our continent’s development, we must capitalize our own financial institutions, including national development banks, ensuring they have the resources to support Africa’s needs.”
“Secondly, let’s address debt challenges to attract investment – we must focus on attracting and retaining investment, including foreign direct investment (FDI), and implementing coordinated strategies to leverage equity financing. Instead of relying on aid, Africa should push for partnerships that channel financial resources into investments. Thirdly, let’s leverage domestic resources – with over $250 billion in pension funds on the continent, we must tap into these resources for development. Strengthening our capital markets, integrating African financial institutions, and utilizing diaspora bonds can significantly boost Africa’s financial resilience. Lastly, let’s drive trade and economic growth – sustainable financing hinges on Africa’s ability to grow its economies, trade more, and add value to its products. Without economic expansion, the resources needed to bridge financing gaps will remain out of reach.”
Speaking during the dialogue, H.E. Dr. Monique Nsanzabaganwa, Deputy Chairperson of the African Union Commission, highlighted Africa’s immense potential and the critical role of collaboration. “This is an exciting time for Africa, which has been stretching and renewing itself economically, politically, and socially in recent years. Only the grumpiest pessimists will bet against this new era of ‘Africa Time’ for its economic and social transformation as envisioned under Agenda 2063.”
Dr. Nsanzabaganwa urged investors to seize the opportunities within Africa’s evolving economic landscape. “You will be right to have faith and believe in investing in Africa. The continent is perceived as the ‘new frontier,’ the ‘future paradise’ that sharpens a race to markets by an increasing number of investors.”
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