Global Africa Forum Calls for Increased Investment in Africa’s Infrastructure

Distinguished speakers at the second edition of the Global Africa Forum (GAF) have urged Global Africans to direct their financial resources and expertise towards addressing the infrastructure deficit on the African continent.
The event, held on the sidelines of the 79th United Nations General Assembly in New York City on September 25, 2024, gathered business leaders, policymakers, and influencers under the theme: “Mobilizing Global African Investments to Address Africa’s Infrastructure Financing Deficit.”

Private sector’s role in infrastructure development
In a speech delivered on his behalf by Kwaku Sakyi Addo, a member of the board of directors of the Africa Prosperity Network (APN), Mr. Gabby Otchere-Darko, Executive Chairman of APN, emphasized the need for the private sector to take the lead in financing Africa’s infrastructure.
Otchere-Darko highlighted the importance of investments in roads, bridges, railroads, aviation, and maritime links, arguing that the model for financing these projects must shift from government-led to private sector-driven efforts.
He noted that in 2023, sub-Saharan Africa received $54 billion in remittances, outpacing Foreign Direct Investments (FDI) by 1.5 times.
Ghana alone saw $4.6 billion in remittances, second only to Nigeria with $19.5 billion.
Otchere-Darko also called for the establishment of direct air links between Africa and the Caribbean to unlock trade, tourism, and cultural exchanges.

Public-private partnerships as the way forward
Several business leaders, including Oliver Alawuba of United Bank for Africa (UBA), Boris Kodjoe, actor and co-founder of Full Circle Africa, Thierno Habib Hann of Shelter Afrique, and Olakunle Williams of Tetracore Energy, echoed the call for mobilizing private capital.
They underscored the importance of public-private partnerships (PPPs) in accelerating sustainable infrastructure development across Africa.
The panelists agreed that collaboration between private investors and governments is key to ensuring the swift execution of large-scale housing and urban development projects.

Launch of Africa Prosperity Dialogues 2025
As part of the forum, Kofi Appenteng, President and CEO of the African American Institute (AAI), alongside Dr. Fatima Elsheikh, Secretary General of the Arab Bank for Economic Development in Africa (BADEA), announced the launch of the 2025 Africa Prosperity Dialogues (APD).
The event, scheduled to take place in Accra from January 30 to February 1, 2025, will focus on delivering Africa’s prosperity through infrastructure, under the theme: “Invest, Integrate, Connect.”

Panel discussions on Africa’s future
The forum featured two high-level panel discussions and a fireside chat.
The fireside session explored the “Future of U.S. Policy Towards Africa and its Relevance to What Africa Wants,” while the first panel discussed “Shaping Africa’s Future, Learning from Experience.”
The second panel examined how to connect the skills, technology, and financial investments of Global Africans to support infrastructure projects on the continent.

Building a sustainable future
In his closing remarks, Kofi Appenteng, President of AAI, highlighted the importance of infrastructure in shaping Africa’s future.
He pointed out that transportation, energy, and digital connectivity are essential for Africa’s sustainable development and global influence. Appenteng stressed the need for economic sovereignty, urging African nations to define their development pathways and ensure that investments align with local priorities.
“Infrastructure is about more than just roads and bridges,” Appenteng said, “It’s about a shared vision developed by fostering relationships, sharing knowledge, and building networks across African nations and within the Global African community.”