Community Showcase
Mobilizing Global African Investment for Africa's Infrastructural Needs
Organized by the Africa Prosperity Network (APN) and the Africa-America Institute (AAI), the Global Africa Forum was held on Wednesday, 25 September 2024 on the sidelines of the 79th United Nations General Assembly (UNGA) in New York City.
The event attracted business leaders, thought leaders, policymakers, and influencers who brought multiple perspectives to the theme: “Mobilizing Global African Investments to Address Africa's Infrastructure Financing Deficit.”
Distinguished speakers and panel members at the second edition of the Global Africa Forum (GAF) made wide-ranging appeals to Global Africans to consider channelling their financial resources and expertise towards the African continent to support ongoing governmental and continental efforts aimed at bridging the existing infrastructure gap on the African continent.
In his opening address — read on his behalf by Kwaku Sakyi Addo, member of the board of directors of the Africa Prosperity Network (APN) — the Executive Chairman of APN, Mr. Gabby Otchere-Darko pointed out that it has become increasingly clear that the private sector, both in Africa and among the Global African community, has to drive the continent’s quest to plug its infrastructure gap.
“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.
In 2023, the rest of Africa, south of the Sahara, witnessed an impressive $54 billion in remittance flows. Remittances outperformed FDI [Foreign Direct Investments] by nearly 1.5 times. Ghana’s remittances reached an impressive $4.6 billion, surpassed only by neighbouring Nigeria with $19.5 billion.
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.
Let’s seize the opportunities presented by the African Continental Free Trade Area and Africa Prosperity Network to unlock the continent’s full potential for economic growth, regional integration, and global influence, and back it with your investment.”
Among the business and corporate leaders who shared their understandings, being at the forefront of spearheading development on the African continent, were Oliver Alawuba, Group Managing Director, United Bank for Africa (UBA) Plc, Boris Kodjoe, actor and co-founder of Full Circle Africa, Thierno Habib Hann, Chief Executive Officer (CEO) of Shelter Afrique, Olakunle Williams, Chief Executive Officer (CEO) of Tetracore Energy, and Kwabena Nyarko Chief Executive Officer (CEO) Hospital Infrastructure Group.
Their presentations spoke to their practical experience in various fields of endeavour, emphasizing the need to mobilize private capital and expertise to position African governments and institutions on the continent to fast-track large-scale and sustainable housing and urban development projects across the continent.
The speakers called for a strong partnership between private investors and governments as the best way to ensure the construction, speedy completion, and operationalization of the much-needed infrastructure across the continent.
As part of the Global Africa Forum, the Group Managing Director of United Bank for Africa (UBA), Kofi Appenteng, President and CEO of African America Institute (AAI) and Dr. Fatima Elsheikh, Secretary General of the Arab Bank for Economic Development in Africa (BADEA), jointly launched the 2025 Africa Prosperity Dialogues (APD 2025).
APD 2025 will take place in Accra from Thursday, 30 January to Saturday, 1 February 2025, under the theme: "Delivering Africa’s Prosperity Through Infrastructure: Invest, Integrate, Connect”. It is expected to attract over one thousand participants from across the continent.
Kofi Appenteng, President and Chief Executive Officer of the Africa-America Institute (AAI) in his closing remarks noted that the engagement in thoughtful dialogue about policy and pathways to meeting Africa’s infrastructure needs has revealed powerful ways by which the continent can bridge the gap.
“Whether in transportation, energy, or digital connectivity, the infrastructure [the African continent builds today will] lay the groundwork for a sustainable tomorrow and build [Africa’s] influence on the global stage. As we advocate for increased investments, 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.
Infrastructure is about more than just roads and bridges and internet cables, 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, as entrepreneurs and as global Africa.”
