Ministers and investors said that relying solely on public funding or foreign aid is no longer sufficient to meet Africa’s growing needs during the Africa Investment Forum (AIF) Market Days on November 26, in Rabat, Morocco.
They emphasised the importance of private investment in closing the continent’s infrastructure gaps, highlighting that heavy donor dependence has constrained investment and slowed progress across key sectors.
Under the theme ‘Mobilizing Private Capital to Unlock Africa’s Full Potential’, AIF is an annual event that serves as a platform for showcasing, discussing, and advancing investment opportunities across Africa.
According to Situmbeko Musokotwane, Zambia’s Minister of Finance and National Planning, the country has shifted its development strategy following hard lessons from debt distress, with a renewed focus on private investment as a driver of growth.
“We learnt the hard way that debt alone cannot deliver the future our young people deserve. That is why we are opening every sector, including mining, energy, logistics, and agriculture, to private capital and creating a manageable environment for investors,” he said.
“The country’s recent experience with excessive borrowing exposed the limits of relying on government debt and external aid, which failed even to drive sustainable progress and instead deepened economic challenges. In response, Zambia has rolled out a series of policy reforms aimed at restoring investor confidence, improving regulatory efficiency, and unlocking new capital across key sectors.”
These efforts have already borne fruit, with over US$7 billion in new mining investments secured in the past three years and major public-private partnership projects underway, signaling a significant shift toward a more resilient, investment-driven development model.
Ahmed Shide, the Minister of Finance in Ethiopia, said African governments should prioritise regional infrastructure and regulatory reform to attract private capital and strengthen cross-border value chains.
“Major infrastructure projects should be designed with cross-border utility in mind, ranging from energy transmission lines to transport corridors and logistics hubs. This approach can create a more manageable environment for private sector participation,” said Shide.
He also said that projects serving multiple countries attract larger investment and yield greater development impact.
As part of its own reform agenda, Ethiopia is overhauling investment rules, customs procedures, and digital trade systems to ensure predictability and interoperability across the region.
Shide said that clear and harmonised regulations remain one of the most powerful tools that could unlock capital flows in Africa.
John Mbadi Ng’ongo, the Cabinet Secretary of National Treasury and Economic Planning, Republic of Kenya, said that if African countries need to implement regulatory reforms that provide clarity, reduce bureaucratic delays, and align with regional standards, they can attract private investors to the fullest.
“If Africa strengthens trade facilitation, dispute resolution mechanisms, and standards bodies, it can significantly lower transaction costs for investors operating across multiple jurisdictions. Countries must also identify their competitive sectors and align national industrial strategies with regional market demand,” he said.
According to Ng’ongo, ensuring reliable logistics systems, efficient ports, a stable energy supply, and modern digital infrastructure is the essential foundation for attracting private investors and building export-driven production hubs capable of serving broader African markets.
“Investor partnerships are a catalyst not only for domestic transformation but for advancing a more connected, more predictable, and more prosperous region.”
