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Africa presidents and business leaders have rallied behind a renewed push for public-private partnerships (PPPs) as a key driver of economic growth, emphasizing the need for stronger collaboration between governments and the private sector. The discussions took center stage at the Africa CEO Forum in Abidjan, Côte d’Ivoire, where leaders underscored the urgency of mobilizing private capital to bridge development gaps and counter global economic uncertainties.
Rwandan President Paul Kagame, South African President Cyril Ramaphosa, Senegalese President Bassirou Diomaye Faye, and Côte d’Ivoire Vice President Tiémoko Meyliet Kone were among the high-profile figures advocating for a new approach to economic development. The forum, attended by over 2,000 CEOs, focused on strategies to enhance investment, improve governance, and create sustainable business environments across the continent.
The push for PPPs comes amid growing concerns over declining official development assistance and the impact of global trade tensions. Leaders highlighted the need for African nations to reduce reliance on external aid and instead foster domestic investment through policy reforms and infrastructure development. Kagame stressed that Africa must take charge of its economic future rather than waiting for decisions from global powers. “We should have been building momentum towards making Africa self-reliant, resilient, and capable of forging effective partnerships with other continents and countries,” he stated.
The International Finance Corporation (IFC), a co-host of the event, reinforced the importance of private sector engagement, noting that Africa’s development challenges cannot be solved through government funding alone. Ethiopis Tafara, IFC’s regional vice president for Africa, emphasized that mobilizing private capital is essential for sustainable growth. “There is no shortage of private capital and no shortage of investors interested in African countries. Frequently, the challenge is finding bankable projects with a proper allocation of benefits and risks between the public and private sectors,” he explained.
Côte d’Ivoire’s President Alassane Ouattara echoed these sentiments, warning that global economic instability is affecting African markets and limiting access to financing. He urged governments to strengthen partnerships with local businesses to navigate supply chain disruptions and economic slowdowns. “Africa is facing numerous issues, including reduced access to financing. In recent months, we’ve seen worsening challenges in the business environment, including supply chain disruptions, and the return to normalcy is slow,” Ouattara noted.
The forum also addressed the role of governance in fostering a conducive business climate. Amir Ben Yahmed, CEO of Jeune Afrique Media Group, emphasized that efficient governance is crucial for attracting investment and ensuring economic stability. “We are calling on the over 2,000 CEOs present here to invest more to help solve Africa’s problems. And we want governments to build more efficient states. Governance is a key topic here,” he stated.
As Africa navigates shifting global economic dynamics, the renewed focus on PPPs signals a strategic shift toward self-sufficiency and sustainable development. Leaders at the forum stressed that African nations must proactively shape their economic policies, leveraging private sector expertise and investment to drive long-term prosperity. The coming months will be critical in determining whether these commitments translate into actionable reforms that accelerate growth and strengthen Africa’s position in the global economy.