New Report Argues that Money to Finance Africa’s Development is Right Here on the Continent

Mo Ibrahim, the Sudanese-British telecoms billionaire who chairs the foundation, said that Africa must overhaul its processes to ensure money is getting to where it is needed. “We need a complete change of paradigm. This is not about Africa coming to the developed world with a begging bowl and developed countries considering how much more they can pledge. This is about smarter money, not just more money. As this report outlines, the money is already there. But current processes prevent resources from being used to properly address the challenges… What I hope this report will show…is that the money is there, but mainly stuck in pipes, or misused.” That echoes arguments made by the African Union. Domestic resource mobilisation could cover 75-90% of the financing needs for Agenda 2063 on average per country, according to the African Union.

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