Africa and U.S. Leaders Call for Stronger Private Sector Partnerships to Unlock Investment and Accelerate Economic Transformation

Senior leaders from African and United States institutions, government, business, and development finance have called for stronger, more strategic, and more structured Africa–US private sector partnerships to unlock investment, create quality jobs, deepen industrial development, and accelerate long-term economic transformation across the African continent.

The call was made during a high-level dialogue convened on the sidelines of the IMF–World Bank Spring Meetings at the African Union Mission to the United States. Held under the theme “Advancing Africa’s Economic Transformation through Stronger Africa–US Private Sector Partnerships,” the session brought together policymakers, investors, business leaders, multilateral institutions, and development partners to examine how both sides can move beyond political commitments toward measurable economic outcomes and sustained commercial cooperation.

Participants noted that Africa–US relations are entering a new phase, increasingly shaped by trade, investment, industrial expansion, innovation, and long-term economic cooperation. While global interest in African markets continues to rise, speakers stressed that converting this momentum into sustained investment flows will require stronger institutions, clearer and more predictable policy environments, improved project preparation, and closer collaboration between the public and private sectors. 

Opening the dialogue, H.E. Ms. Nardos Bekele-Thomas, Chief Executive Officer of AUDA-NEPAD, highlighted Africa’s strong economic fundamentals and urged investors to approach the continent with greater confidence and a longer-term perspective.

 “The fundamentals for Africa are strong. We have a young population, a growing middle class, abundant resources, and a continent on the rise. To policymakers, we must improve the business environment, strengthen the rule of law, and fight corruption. Investors choose markets that are predictable and transparent. To investors, see Africa not as a risk to manage, but as an opportunity to seize,” she noted

Representing the United States, Ms. Sarah Troutman, Deputy Assistant Secretary, Bureau of African Affairs, United States Department of State, reaffirmed Washington’s commitment to practical engagement and stronger commercial ties with the continent.

“To our African partners, bring us your ideas and bring us your priorities. We will work to align our goals and resources, including through the new working group, to ensure that the United States and our private sector play a meaningful role in Africa’s economic growth.” 

Echoing the importance of stronger alignment, practical cooperation, and results-driven partnerships, Dr. Daouda Sembene, President and Chief Executive Officer of AfriCatalyst, said the current global environment makes Africa–US economic cooperation both timely and necessary.

“We meet at a critical moment as the global landscape shifts, supply chains are reconfigured, and capital becomes more selective. In this context, Africa’s importance continues to rise, with fast-growing markets, a young workforce, and strong potential in manufacturing, energy, digital innovation, and infrastructure. Yet while interest in Africa is rising, investment has not matched the scale of opportunity. The task now is to turn growing momentum into real capital flows, jobs, stronger industries, and lasting economic transformation.”

There was broad agreement throughout the dialogue that the private sector must play a critical  and defining role in shaping the next phase of Africa–US economic engagement. Participants stressed that successful partnerships should be judged not only by announcements or memoranda, but by their ability to generate jobs, strengthen productive capacity, support industrialization, expand value chains, and create resilient regional markets. 

During the panel discussion, H.E. Dr. Monique Nsanzabaganwa, Former Deputy Chairperson of the African Union Commission, emphasized that the next chapter of cooperation must be anchored in delivery, discipline, and stronger support for continental institutions.

 “Strong Africa–US partnerships will require ownership, political will, discipline in execution, and accountability for results. Africa has created important continental institutions and frameworks. The next step is for our governments to fully support and empower them, because individually our markets are small, but together our collective strength is significant.” 

She further underscored the importance of ensuring that the benefits of growth are broadly shared.

 “We must ensure that women, youth, and small businesses are part of this partnership agenda. Too many entrepreneurs are ready to trade and grow, but still face barriers in access to finance and digital platforms. The AfCFTA will only succeed if micro, small, and medium enterprises can participate fully.” 

Ms. Florizelle Liser, President and Chief Executive Officer of the Corporate Council on Africa, said the conditions for stronger engagement are increasingly in place and attention should now shift to implementation.

 “This is an ideal time to be partnering with Africa. AUDA-NEPAD, AU leadership, and continental reforms are making Africa more competitive not only in intra-African trade, but global trade as well. We now need to move from opportunity to specific projects and deals that are ready to be financed.” 

Building on the need to move from opportunity to execution, Ms. Hannah Ryder, Chief Executive Officer of Development Reimagined, called for a more ambitious model of investment that supports structural transformation and extensive economic value creation.

“The United States already has a meaningful footprint in Africa through trade, investment, and services. The real opportunity now is to build on that foundation and move toward partnerships that are larger in scale, deeper in impact, and more aligned with Africa’s long-term growth ambitions. If we are serious about transformation, investment into Africa cannot remain extractive.” 

She added that access to the right type of finance remains one of the most pressing barriers facing African enterprise growth.

“There is capital in global markets, but too much of it remains expensive, short-term, and out of reach for African businesses. What the continent needs is patient, affordable capital that can help firms grow, innovate, expand operations, and create jobs.” 

Also contributing to the panel discussion, Dr. Mahmoud Mohieldin, United Nations Special Envoy on Financing the 2030 Agenda, noted that the challenge is not a shortage of global capital, but how that capital is structured, priced, and directed toward development priorities.

“The challenge is not that global capital does not exist. There is significant liquidity in the system. The challenge is that too little of it reaches African economies on affordable terms and in ways that support real development. Africa needs stronger pipelines of bankable projects and blended finance systems that can mobilize capital at scale.”

He further emphasized that stronger partnerships should help build productive capacity and ensure African economies capture greater long-term value from their own resources.

“Partnerships with Africa must move beyond extracting raw materials. They should support value addition, industrialization, skills transfer, and stronger local industries that allow the continent to capture more value from its own resources.”” 

Ms. Mary Porter Peschka, Regional Director for Eastern Africa, International Finance Corporation, highlighted the importance of improving investment readiness and strengthening market confidence.

“De-risking remains critical, but it must go hand in hand with stronger project preparation, transparent regulation, and policy clarity. If African markets become more predictable, transparent, and investment-ready, significantly more capital will flow into the continent’s priority sectors.”

Reflecting on the reforms needed to unlock stronger commercial outcomes, Ms. Kendra Gaither, President of the U.S.-Africa Business Center, U.S. Chamber of Commerce, said practical steps can help convert investor interest into long-term growth.

“Trade agreements are only as strong as the infrastructure and systems behind them. If we reduce barriers, strengthen infrastructure, and invest in skills, companies are far better placed to grow, hire, and contribute meaningfully to Africa’s development.”

On the institutions needed to mobilize investment at scale, Dr. Corneille Karekezi, Chairperson of AAMFI and Group Managing Director/Chief Executive Officer of Africa Reinsurance Corporation (Africa Re), highlighted the importance of scaling African institutions that are already demonstrating results.

“Africa’s challenge is not a lack of opportunities, pipelines, or institutions. The challenge is scale. The next step must be to scale investment through African institutions that have demonstrated strong governance, solid performance, and the ability to deliver catalytic and integrating projects across the continent.”

Participants also called for reforms at both national and continental levels to strengthen the overall investment climate. This includes advancing regional integration through the AfCFTA, improving trade systems and logistics, promoting value addition, strengthening industrial capacity, and supporting long-term productive investment across strategic sectors. 

They agreed that success over the next three to five years should be measured not by announcements alone, but by tangible progress  higher investment flows, quality jobs, stronger industries, improved infrastructure, deeper supply chains, and stronger long-term economic ties between Africa and the United States. 

The dialogue concluded with a shared recognition that Africa’s challenge is not a lack of opportunity, but the need for stronger coordination, more effective delivery mechanisms, and partnerships capable of turning ambition into results at scale.