Dr. John Kwakye, Director of Research at the Institute of Economic Affairs (IEA), says Africa has no justification to seek aid, debt relief, or reparations.
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According to him, the continent’s wealth in natural resources is more than enough to transform its fortunes.
In a post on his X page, he wrote:
“Africa has no business seeking aid, debt relief or reparation when it is the richest continent in terms of natural resources. The continent just needs to take ownership of its natural resources and reduce corruption to turn it from a poor continent to a rich one.”
Investment, Not Aid
His comments align with recent remarks by African Development Bank President, Dr. Akinwumi Adesina. Speaking at the 2025 World Bank and IMF Spring Meetings in Washington, D.C., Adesina emphasized that Africa’s development must be driven by investment, not aid. “Africa will not be developed by aid. It will be developed by investment,” he stated.
The Africa Investment Forum (AIF), which he chairs, has mobilized over $225 billion in investment interest since its launch in 2018. The 2024 Market Days alone generated $29.2 billion, attracting more than 2,300 participants from 83 countries.
Strategic Partnerships
Adesina praised the AIF’s model, which emphasizes deal-making over speeches. Partners include major institutions like the Afreximbank, Africa Finance Corporation, Development Bank of Southern Africa, and the European Investment Bank. Newcomer BADEA also joined the alliance.
“Our belief in Africa has shown the world that the continent is a bankable destination,” Adesina added.
At the meeting, leaders reaffirmed their commitment to making the AIF sustainable through a long-term governance framework. This is expected to be signed at the African Development Bank’s annual meetings in Côte d’Ivoire.
Creating Africa’s Future
Other leaders echoed Adesina’s message:
- Alain Ebobissé, CEO of Africa 50, praised the forum’s “action-oriented approach.”
- Samaila Zubairu, President of Africa Finance Corporation, said, “We must take ownership of our development.”
- Boitumelo Mosako, CEO of Development Bank of Southern Africa, emphasized, “The only way to be certain about the future is by creating it.”
With Adesina preparing to step down in September, he called on all partners to continue driving Africa’s transformation.
“It has been my greatest honor to develop and advance the Africa Investment Forum with you all,” he said. “Let us continue to fast-track Africa’s development together.”
