International Finance Corporation (IFC) managing director Makhtar Diop has delivered a strong call to action for African leaders and investors, urging a shift from ambition to execution to unlock the continent’s vast economic potential.
Speaking at the Africa CEO Forum in Kigali, Diop told a high-level audience of African presidents, ministers and business leaders in Kigali, Rwanda that the continent stood at a defining moment amid global economic uncertainty.
While geopolitical conflicts and financial pressures were affecting developing economies, he said, Africa’s demographic strength and resource base positioned it as a central driver of future global growth.
“Emerging markets are no longer the margin of the global system — they are its engine,” Diop said, noting that Sub-Saharan Africa’s youthful population would make up a third of the global workforce in a generation.
However, he cautioned that realising that potential depended on building resilient macroeconomic foundations and mobilising private sector investment on a scale. Central to that was job creation. Diop emphasised that nine out of 10 jobs in developing economies were generated by the private sector.
Diop outlined five key sectors critical to driving large-scale employment: energy and infrastructure; agriculture; transport corridors; healthcare and skills development; and value-added manufacturing linked to critical minerals and technology.
He highlighted initiatives such as “Mission 300”, aimed at expanding electricity access to 300 million Africans by 2030, and “AgriConnect”, designed to strengthen agricultural value chains.
A major theme of his address was Africa’s need to transition from exporting raw materials to building industrial capacity.
“Africa cannot continue shipping raw materials only to repurchase them as finished goods,” he said, calling for greater investment in local manufacturing and the strategic use of artificial intelligence tailored to African contexts — what he termed “Small AI”.
The IFC was repositioning itself to support the transformation, Diop said, shifting towards a model that catalysed and distributed investment rather than acting solely as a direct financier. He pointed to programmes such as the Local Champions Initiative, which sought to scale African businesses into regional powerhouses.
In the past year, the IFC committed $14.2 billion (about R234bn) across Africa, leveraging a further $6.2bn from co-investors.
Diop also warned of systemic challenges facing small and medium enterprises, including limited access to capital, regulatory constraints and succession risks in family-owned businesses.
In conclusion, he issued a challenge to the continent’s leaders and investors: move beyond commitments to concrete action. “The time for deliberation is behind us. The time for action is now,” he said.
His message was clear — Africa has the talent, capital and opportunity to lead but only decisive execution would turn promise into performance.
©Higher Education Media Services
At the Africa CEO Forum in Kigali, Makhtar Diop calls for bold investment, private sector leadership and structural reforms
