Hosted by London Business School’s Africa Business Club and supported by the Wheeler Institute, the 22nd Africa Business Summit focussed on “Africa on the Move: A 2030 Plan Towards Sustainable Business Policies.” It aimed to explore Africa’s readiness to achieve critical 2030 goals, particularly around infrastructural investment, financial access and reform, health sector opportunities, and the growth of tourist industries.
Overview: Potential, Policy and Power
The Africa Business Summit 2024 highlighted both the immense potential and critical challenges facing the continent. The summit emphasised the necessity for strategic investments and forward-thinking policies, with a focus on revolutionising investment in infrastructure and healthcare, as well as harnessing the power of arts, culture, tourism, and entertainment. Discussions at the summit underscored the importance of mobilising private finance, reforming development banks, and addressing barriers to travel and trade to unlock Africa’s full potential. The insights and collaborative efforts emerging from this summit are expected to play a crucial role in shaping a prosperous and sustainable future for Africa as we move towards 2030.
Revolutionising Investment in Africa
The first speaker, Geetha Tharmaratnam (Chief Impact Investment Officer at the WHO Foundation), highlighted the nuances in real GDP growth across the African continent from 2000 to 2019. During this period, 13 countries – including Zambia and Ghana – consistently achieved GDP growth rates exceeding four percent. Recent accelerators such as the Ivory Coast have shown promising growth, while countries like Egypt and Nigeria have experienced slowdowns and South Africa – a major player in the continent’s economy – has shown relatively slow growth. She also noted a concentration in private capital from venture capital firms within Egypt, Nigeria, and Kenya, which together received 70% of equity investments in the continent. These investments are crucial for fostering innovation and supporting startups that drive economic growth.
She then transitioned into discussing the importance of infrastructure investments, as these are pivotal for successfully leveraging Africa’s demographic dividend. The continent faces a dual challenge: rapid population growth and a rise in diseases such as cancer and mental health issues, exacerbated by factors like pollution and lifestyle changes associated with economic development. Geetha emphasised that seeking growth must also consider its impact on health. By 2030, the healthcare market in Africa is expected to represent 40% of global healthcare opportunities, underscoring the massive investment potential in this sector. Policies that boost investment in health infrastructure are essential for addressing these challenges.
To achieve sustainable growth, Geetha recommended addressing the high cost of capital, which remains a significant barrier to investment. Policy interventions that subsidize capital costs and encourage investments can play a crucial role in mitigating this challenge. Additionally, reforms in development banks are needed to increase efficiency and boost capital from abroad, further mobilizing private finance for large-scale projects. According to the African Development Bank, infrastructure investments in Africa need to reach $130-170 billion per year to meet the continent’s developmental goals. Currently, there is a financing gap of $68-108 billion annually. Investment in renewable energy is a critical area, as it can provide sustainable power solutions and drive economic growth.
In terms of healthcare, the World Health Organization (WHO) reports that non-communicable diseases (NCDs) like cancer and mental health disorders are on the rise in Africa, in part due to pollution and lifestyle changes associated with economic development. Investing in healthcare infrastructure is vital to manage these growing health challenges and harness the economic potential of a healthier population. The WHO estimates that by improving health systems, African countries could see a significant return on investment, with every $1 invested yielding up to $4 in economic gains.
Geetha’s points were further substantiated by panellists Peter Maila (Co-Chief Investment Officer of the Dutch Entrepreneurial Development Bank), Simba Chinyemba (Chief Investment Officer Sovereign Wealth Fund of Zimbabwe), and Marlene Ngoyi Mvidia (CEO, Fund for Export Development Africa). They emphasised that policy should drive investment in infrastructure, particularly in renewable energy for sustainable power. They highlighted the need to facilitate access to finance and investments and advocated for reforms in development banks to increase efficiency and boost capital abroad. Mobilising private finance was also deemed essential.
During the panel discussion, it was noted that sovereign wealth funds could address financial gaps, enabling companies to show resilience and scale even with limited resources. The panellists called for a shift from the colonial trade paradigm, which historically focused on exporting raw materials, towards promoting value-added products. This shift can be driven by initiatives like the Fund for Export Development in Africa (FEDA). They also discussed the disparities within risk, emphasising the need to differentiate between perceived and assessed risks. This understanding can help improve capital mobility by addressing the lack of transparency that often skews risk perceptions. By implementing these strategies, Africa can create a more robust and sustainable investment environment that leverages its demographic and economic potential.
Arts, Culture, Tourism and Entertainment
Ehae Longe (Financial Analyst at the Global Partnership for Education) moderated the session on Arts, Culture, Entertainment and Tourism, and panellists included Kemi Lala Akindoju (Actor, Producer and Casting Director The Make It Happen Productions), Pelumi Nubi (Ambassador of Tourism for Lagos State, Nigeria), and Adebayo Adedeji (CEO of Wakanow Group). This session highlighted the significant economic impact and the untapped potential within Africa’s arts, culture, and tourism sectors.
The panellists stressed that the arts, culture, and tourism sectors are poised to contribute $350 billion to Africa’s economy over the next decade. This substantial contribution underscores the need for strategic investments and partnerships to fully realise this potential. Negotiating and creating partnerships for tourism were highlighted as critical goals, with a focus on overcoming barriers related to passports and visas. Improved airplane connections to facilitate travel within the continent are essential for boosting tourism. The panellists stressed the importance of reducing visa restrictions to make travel within Africa more accessible and seamless.
Despite Africa representing 20% of the world’s population, it accounts for only 1% of global travel velocity. This disparity highlights the need for enhanced airline connectivity and infrastructure. By building tourism through domestic travel initiatives, Africa can significantly increase its share of the global tourism market. The group then called for targeted policies to improve airline connectivity and promote domestic tourism, thereby boosting economic growth and fostering a greater appreciation of Africa’s rich cultural heritage.
In summary, the session on Arts, Culture, Entertainment, and Tourism underscored the vast economic potential of these sectors and the need for strategic investments and partnerships. By addressing barriers to travel and improving infrastructure, Africa can unlock significant economic benefits and enhance its global cultural presence.
About the author
Donald Innocent-Ike, MBA2025 is an Outreach and Communications Intern at the Wheeler Institute for Business and Development. After graduating from Georgia Institute of Technology with a Bachelor’s degree in Electrical Engineering & Economics and a Master’s in Computer Science & Quantitative Finance, Donald worked as a Graduate Research Assistant, before becoming an Associate at Truist Securities in Atlanta. He has a keen interest in finance, development, and business as a force for good, particularly in emerging markets.