Mo Ibrahim, a philanthropist and industrialist, issued a direct message to the elite of Africa: cease to depend on foreign donors and invest in your own continent.

The Sudanese-British entrepreneur, who was speaking at a leadership and development summit in Addis Ababa, demanded a change in the perception of African wealth.

Ibrahim, exhorting high-net-worth individuals and corporate executives to become more involved in local investments, stated that Africa does not lack money; rather, it lacks confidence in its own institutions.

He identified ineffective governance, poor contract enforcement, and tax evasion as the primary factors contributing to the exodus of capital from the continent.

His remarks resonated with a significant number of attendees, particularly in light of the increasing dissatisfaction with Western aid models.

Ibrahim underscored that the long-term prosperity of Africa is contingent upon the enforcement of business regulations, the development of domestic capital markets, and the guarantee of transparent public spending.

He advocated for changes to tax policies and contract law to reduce the risk and increase the profitability of local investment.

Additionally, he advocated for governments to recognize local innovation through procurement and subsidies, rather than relying on international grants.
Ibrahim’s challenge is consistent with the African Union’s “Agenda 2063,” a development agenda that emphasizes sustainable growth, continental unity, and self-reliance.