African Leaders Drive Investment to Implement Agenda 2063

Friday, 28th February 2025

By Inafrika Reporter

ADDIS ABABA, Ethiopia – African Heads of State, government officials, and business leaders gathered in Addis Ababa to address the continent’s investment and financing needs. The Presidential Breakfast Dialogue, held during the 38th Ordinary Session of the African Union Summit, explored strategies to strengthen financial institutions and mobilize African capital to accelerate the implementation of Agenda 2063.

The session, hosted by Ghanaian President John Dramani Mahama in collaboration with the African Union Commission and the Alliance of African Multilateral Financial Institutions, emphasized self-reliance and sustainable economic growth. President Mahama underscored the urgency of leveraging Africa’s financial resources, highlighting the importance of domestic resource mobilization, concessional financing, and public-private partnerships. He called for reduced dependence on external financing mechanisms, which often fail to align with Africa’s long-term development goals.

Dr. Ngozi Okonjo-Iweala, Director General of the World Trade Organization, urged a shift in mindset toward financial self-sufficiency. She pointed to the potential of Africa’s financial institutions, the need for better debt management, and the opportunity to leverage domestic resources such as pension funds. She also stressed that economic transformation depends on expanding trade, strengthening capital markets, and enhancing value addition to African products.

African Union Commission Deputy Chairperson Dr. Monique Nsanzabaganwa highlighted the continent’s economic renewal and urged investors to recognize Africa as a key market. She reinforced that the momentum behind Africa’s economic transformation should inspire confidence among investors looking to capitalize on the continent’s growth potential.

Afreximbank President and Chairperson of AAMFI’s Governing Council, Prof. Benedict O. Oramah, underscored the importance of financial solidarity among African institutions. He noted that investment in transformative projects, such as railway networks and major trade corridors, is essential to Africa’s long-term development. He called for stronger alliances to build resilience and create opportunities, stating that Africa must stand on its own financial foundation to demand meaningful reform in the global financial system.

The high-level panel featured distinguished figures, including Dr. Donald Kaberuka, Samaila Zubairu of the Africa Finance Corporation, Dr. Corneille Karekezi of the African Reinsurance Corporation, Ahunna Eziakonwa from UNDP, and Ambassador Albert Muchanga of the African Union Commission. Discussions centered on innovative approaches to finance critical sectors such as infrastructure, industrialization, and trade.

The event also witnessed major investment announcements. Afreximbank launched the African Trade Transformation Fund, a $5 billion concessional finance initiative aimed at unlocking new opportunities for businesses and governments. Shelter Afrique Development Bank introduced the Catalytic Capital Replenishment Fund to address Africa’s housing deficit, estimated at 53 million units requiring $1.3 trillion. Africa Re committed $1 million to the African Union Peace Fund and pledged additional resources for disaster risk financing. The African Solidarity Fund established new guarantee and credit lines to support housing access and entrepreneurship for women and youth. Meanwhile, BADEA announced a debt-for-equity initiative to strengthen African financial institutions with capital from the Arab world.

African leaders from Angola, Nigeria, Mauritania, Rwanda, Zambia, Libya, Kenya, Côte d’Ivoire, Benin, and Equatorial Guinea reaffirmed their commitment to strengthening Africa’s financial ecosystem. The event concluded with a call to action by Ambassador Albert Muchanga, urging governments, financial institutions, and the private sector to collaborate in accelerating Africa’s economic transformation.