Kigali, Rwanda – The 2024 Africa CEO Forum kicked off today in Rwanda’s capital, with a strong message for African billionaires: invest in your own backyard.
Makhtar Diop, head of the International Finance Corporation (IFC), a World Bank Group member, lamented the dominance of foreign investors in funding Africa’s booming startup scene. While acknowledging the IFC’s own efforts and the success of some startups it directly supports, Diop emphasized the need for a shift.
“We need more domestic capital flowing into these vibrant young companies,” Diop declared. “Right now, Silicon Valley and other external sources are the primary funders. It’s time for African wealth to believe in African solutions.”
Diop’s call to action comes amidst a wave of innovation across the continent. He highlighted Genomics Africa as a prime example, praising their groundbreaking research that leverages Africa’s unique genetic makeup. This, he argued, embodies the spirit of the African Continental Free Trade Area (AfCFTA) – Africans taking ownership of their resources and expertise.
Genomics Africa’s research paves the way for personalized medicine, with treatments specifically tailored to African populations. This not only benefits Africans but also the diaspora.
To maintain Africa’s impressive growth trajectory, Diop stressed the importance of embracing digitization. “Data is the new gold,” he stated, urging increased investment in Science, Technology, Engineering, and Math (STEM) education.
Rwanda’s hosting of a regional institute for mathematics and IT, forging partnerships with prestigious universities, was hailed by Diop as a model for the rest of the continent.
Collaboration is key, Diop concluded. Public-private partnerships are crucial for sustained economic development across all sectors, including energy and agriculture. He pointed to Africa’s aging utilities infrastructure as a barrier to renewable energy investment, calling for a stronger private sector presence in transmission and distribution.
Over 2,000 business leaders and government officials have gathered in Kigali for the two-day forum. Several African presidents and prime ministers are expected to attend, including Paul Kagame of Rwanda, Filipe Nyusi of Mozambique, William Ruto of Kenya, and Mokgweetsi Masisi of Botswana.
Themed “At the table or on the menu?”, the Africa CEO Forum aims to spark critical conversations and inspire decisive action to shape Africa’s future in an increasingly uncertain global landscape.
