Global Africans must focus investment portfolios on Africa - Global Africa Forum speakers advocate
Speakers and panel members at the Global Africa Forum (GAF) have appealed to “Global Africans” to consider channelling their financial resources and expertise towards the African continent to support ongoing government and continental efforts to bridge the infrastructure gap in Africa.
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“We need to invest in roads and bridges. We must build railroads and establish aviation and maritime links to connect our countries and move cargo and people but the model for financing must shift from central governments to the private sector,” a member of the Board of Directors of the Africa Prosperity Network (APN), Kwaku Sakyi Addo, said at the opening of the second edition of the GAF.
APN and the African American Institute (AAI) organised the Global Africa Forum last Wednesday on the sidelines of the 79th United Nations General Assembly (UNGA) in New York City, United States of America (USA).
The event attracted many business leaders, thought leaders, policymakers and influencers who brought multiple perspectives to the theme: “Mobilising Global Africa Investments to Address Africa's Infrastructure Financing Deficit.”
Among the business and corporate leaders who shared their understanding, being at the forefront of spearheading development on the African continent, were the Group Managing Director, United Bank for Africa (UBA) Plc, Oliver Alawuba, actor and Co-founder of Full Circle Africa, Boris Kodjoe; the Chief Executive Officer (CEO) of Shelter Afrique, Thierno Habib Hann; the CEO of Tetracore Energy, Olakunle Williams, and CEO of Hospital Infrastructure Group, Kwabena Nyarko.
Private sector
Mr Sakyi Addo, who read the speech on behalf of the Executive Chairman of APN, Gabby Asare Otchere-Darko, pointed out that it had become increasingly clear that the private sector, both in Africa and among the Global African community, had to drive the continent’s quest to bridge its infrastructure gap.
“In 2023, the rest of Africa south of the Sahara witnessed an impressive $54 billion in remittance flows. Remittances outperformed Foreign Direct Investment (FDI) by nearly 1.5 times”.
“Ghana's remittances reached an impressive $4.6 billion, surpassed only by neighbouring Nigeria with $19.5 billion. (But our jollof outperformed theirs),” Mr Otchere-Darko stated.
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“We see an opportunity in establishing direct air links between Africa and the Caribbean. It’s important for unlocking new trade, tourism, and cultural exchange opportunities. We need to recreate that transatlantic bridge even for catharsis for our collective trauma,” the Executive Chairman of APN said.
He implored Global Africans to seize the opportunities presented by the African Continental Free Trade Area (AfCFTA) and APN to unlock the continent's full potential for economic growth, regional integration and global influence, and back it with “your investment,” Mr Otchere-Darko further said.
Other presentations
In other presentations, they laid bare their practical experience in their various fields of endeavour and emphasised the need to mobilise private capital and expertise to position African governments and institutions on the continent.
They emphasised that doing those things was important to fast-track large-scale and sustainable housing and urban development projects across the continent.
The speakers pointed out that a strong partnership between private investors and governments was the surest way to ensure the construction, speedy completion and operationalisation of the much-needed infrastructure in Africa.
APD 2025
As part of the Global Africa Forum, the Group Managing Director of United Bank for Africa (UBA), Mr Alawuba, the President and CEO of African America Institute (AAI), Kofi Appenteng, and a Senior Executive of the Arab Bank for the Development of Africa, Dr Fatima Farouk Elsheikh El toum, jointly launched the 2025 Africa Prosperity Dialogues (APD 2025).
APD 2025 will take place in Accra from Thursday, January 30 to Saturday, February 1, 2025, on the theme: "Delivering Africa’s Prosperity Through Infrastructure: Invest, Integrate, Connect,”.
It is expected to attract over a thousand participants from across the continent.
Thoughtful dialogue
Overall, there were two high-level panel discussions and a by-the-fireside conversation at the forum.
The fireside session focused on the “Future of US Policy towards Africa and its Relevance to What Africa Wants.”
The first high-level discussion looked at “Shaping Africa's Future, Learning from Experience,” and the second delved into “Connecting Skills, Technology and Financial Investments of Global Africans to Support Africa’s Infrastructure.
The CEO of AAI in his closing remarks, stated that the engagement in thoughtful dialogue about policy and pathways to meeting Africa’s infrastructure needs had revealed powerful ways by which the continent could bridge the gap.
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Mr Appenteng pointed out that “whether in transportation, energy or digital connectivity, the infrastructure the African continent built today would lay the groundwork for a sustainable tomorrow and build Africa’s influence on the global stage.
“As we advocate increased investment, we must emphasise the importance of economic sovereignty. Each nation and region must have the agency to define its own development pathways, ensuring that investment aligns with needs and priorities,” he stated.
“Infrastructure is about more than just roads and bridges and internet cable, it's about a shared vision that can only be developed by fostering relations, sharing knowledge, and building networks not just between governments and investors, but among ourselves as African nations, entrepreneurs and as Global Africa,” Mr Appenteng added.