26/09/24
Distinguished speakers and panel members at the second edition of the Global Africa Forum (GAF) have 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 breaching the existential infrastructure gap on the Africa landmass.
Organised by the Africa Prosperity Network (APN) and the African American 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, United States of America.
The event attracted several 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.”
In his opening address read on his behave 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, have to drive the continent’s quest to breach its infrastructure slit.
“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 Saharan witnessed an impressive $54 billion in remittance flows. Remittances outperformed 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 remarked.
“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,” Gabby Otchere-Darko further remarked.
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.
In their 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 to fast-track large-scale and sustainable housing and urban development projects across the continent.
The esteemed speakers pointed out that a strong partnership between private investors and governments is the surest way to ensure the construction, speedy completion, and operationalization of the much-needed infrastructure in Africa.
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 Fatima of 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,” and it is expected to attract over one thousand participants from across the continent.
Overall, there were two high-level panel discussions and a by-the-fire side conversation at the Forum. The fireside session focused on the “Future of U.S. 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.
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 the continent can breach the gap.
He pointed out that “whether in transportation, energy, or digital connectivity, the infrastructure [the African continent builds today will] lays the groundwork for a sustainable tomorrow and builds [Africa’s] influence on the global stage.
“As we advocate for 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,” Kofi Appenteng said.
“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 but as entrepreneurs and as global Africa,” he added.