African finance and development leaders have called for bold, Africa-led action to lower the cost of capital and unlock long-term prosperity across the continent. The call came during the Financing Africa Forward Summit held in Johannesburg on August 6, 2025.
The event, co-hosted by Standard Bank and Africa Practice in partnership with the ONE Campaign and the African Peer Review Mechanism (APRM), brought together key stakeholders to explore transformative financial solutions. Discussions centered on how African nations can reduce their reliance on expensive debt and shift toward sustainable, self-determined development financing.
Participants expressed concern over the crippling borrowing costs African countries face. Data shared at the Summit showed that African issuers pay up to 500% more for capital market loans than they would for loans from Multilateral Development Banks. With external debt servicing expected to hit $89 billion in 2024, many nations are spending more on repayments than they receive in development assistance.
To reverse the trend, attendees proposed a set of actionable reforms to be implemented over the next 12 to 36 months. These include:
- Advocating for reforms in the global financial system to improve fairness and African influence in setting international standards.
- Strengthening domestic financial governance by building institutional capacity, improving strategic investments, and increasing development spending.
- Enhancing data quality and financial research transparency to shift global perceptions.
- Running evidence-based campaigns to recast Africa as an investment destination rather than a region defined by risk and dependence.
Standard Bank CEO Sim Tshabalala stressed the importance of seizing the moment, stating: “This is not just about building roads and bridges, it is about building opportunity, resilience, and prosperity.”
Africa Practice CEO Marcus Courage compared the situation to a rigged climb. “Some nations get harnesses, while African countries must climb with weighted vests,” he said.
Dr Misheck Mutize of APRM echoed the urgency, warning global institutions not to dismiss Africa’s call for reform. “If they remain fixated on short-term benefits, they may soon find themselves irrelevant,” he said.
Didi Okonkwo Nwuneli, CEO of the ONE Campaign, emphasized that “affordable capital is a lifeline for Africa, not a luxury.”
The summit concluded with a strong consensus on creating a more just and enabling global financial system—one that reflects Africa’s vast potential and reduces the continent’s vulnerability to exploitative financing models.
