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Africa ‘Reawakening’ In Emerging Multipolar World

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Gustavo de Carvalho

By Kestér Kenn Klomegâh

In this interview, Gustavo de Carvalho, Programme Head (Acting): African Governance and Diplomacy, South African Institute of International Affairs (SAIIA), discusses at length aspects of Africa’s developments in the context of shifting geopolitics, its relationships with external countries, and expected roles in the emerging multipolar world. Gustavo de Carvalho further underscores key issues related to transparency in agreements, financing initiatives, and current development priorities that are shaping Africa’s future. Here are the interview excerpts:

Is Africa undergoing the “second political re-awakening” and how would you explain Africans’ perceptions and attitudes toward the emerging multipolar world?

We should be careful not to overstate novelty. African states exercised real agency during the Cold War, too, from Bandung to the Non-Aligned Movement. What has actually shifted is the structure of the international system around the continent. The unipolar moment has faded, the menu of partners has widened, and a generation of policymakers under fifty operates without the inhibitions of either the Cold War or the immediate post-Cold War period. African publics, however, are more pragmatic than multipolar rhetoric assumes. Afrobarometer’s surveys across more than thirty countries consistently show citizens evaluating external partners on tangible outcomes such as infrastructure, jobs and security, rather than on civilisational narratives. China is generally associated with positive economic influence, the United States retains the strongest pull as a development model, and Russia, despite a louder political profile, registers a smaller and more geographically concentrated footprint. Multipolarity is not a destination Africans are arriving at. It is a working environment that creates more options and more risks at once.

Do you think it is appropriate to use the term “neo-colonialism” referring to activities of foreign players in Africa? By the way, who are the neo-colonisers in your view?

The term has analytical value when used carefully, and loses it when deployed selectively against whichever power one wishes to embarrass. Nkrumah’s 1965 formulation was precise: political independence accompanied by continued external control over economic and political life. The honest test is whether contemporary patterns reproduce that asymmetry, irrespective of the capital from which they originate. The structural picture is well documented. Africa still exports primary commodities and imports manufactured goods. Intra-African trade hovers around fifteen per cent of total trade, well below Asian or European levels. African sovereigns pay a measurable risk premium on debt that exceeds what fundamentals alone justify. Applied consistently, the lens directs attention to opaque resource-for-infrastructure contracts, security-for-mineral bargains, debt agreements with confidentiality clauses, and aid architectures that bypass African institutions. That description fits legacy French commercial arrangements in francophone Africa, Chinese mining concessions in the DRC, Russian-linked gold extraction in the Central African Republic and Sudan, Gulf-backed port and farmland deals along the Red Sea, and Western corporate practices that have not always met the standards their governments preach. Naming a single neo-coloniser tells us more about the speaker’s politics than about the structure.

How would you interpret the current engagement of foreign players in Africa? Do you also think there is geopolitical competition and rivalry among them?

Competition is real and intensifying, and the proliferation of Africa-plus-one summits is the clearest indicator. Russia has held two summits, in Sochi in 2019 and St Petersburg in 2023. The EU, Turkey, Japan, India, the United States, South Korea, Saudi Arabia and the UAE all host their own variants. Trade figures give a more honest sense of weight than diplomatic theatre. China-Africa trade reached around 280 billion dollars in 2023, United States-Africa trade sits in the 60 to 70 billion range, and Russia-Africa trade is roughly 24 billion, heavily concentrated in grain, fertiliser and arms. Describing the continent as a chessboard, however, understates how African states themselves are shaping these dynamics, sometimes through skilful diversification and sometimes through security bargains that entail longer-term costs. The Sahel illustrates the latter starkly. Between 2020 and 2023, Mali, Burkina Faso and Niger expelled French forces, downgraded their relationships with ECOWAS and the UN stabilisation mission, and welcomed Russian security contractors. ACLED data shows civilian fatalities from political violence rising rather than falling across the same period. Substituting providers without strengthening domestic institutions does not produce sovereignty. It changes the terms of dependence.

Do you think much depends on African leaders and their people (African solutions to African problems) to work toward long-term, sustainable development?

The principle is correct, and it is regularly weaponised in two unhelpful directions. External actors invoke it to justify withdrawing from responsibilities they continue to hold, particularly over financial flows and arms transfers that pass through their own jurisdictions. Some African leaders invoke it to deflect legitimate scrutiny of governance failings, repression or corruption. Genuine African agency requires more than rhetoric. The AU’s operating budget remains modest in absolute terms, and external partners still cover a significant share of programmatic activities, which shapes what gets funded. The African Standby Force, conceived in 2003, remains only partially operational more than two decades on. The African Continental Free Trade Area, in force since 2021, has rolled out more slowly than drafters hoped because the political will to lower national barriers lags the speeches. Long-term development depends on African leaders financing more of their own security and development priorities, on publics holding them accountable, and on a clearer-eyed view of what foreign forces can deliver. Whether the actors are Russian-linked contractors in the Sahel and Central African Republic, Western counter-terrorism deployments, or others, external security providers tend to address symptoms while leaving the political and economic drivers of insecurity intact.

Often described as a continent with huge, untapped natural resources and large human capital (1.5 billion), what then specifically do African leaders expect from Europe, China, Russia and the United States?

Expectations differ across the three relationships, and that differentiation is itself a marker of agency. From China, leaders expect infrastructure financing, sustained commodity demand, and a partnership that does not condition itself on domestic governance reforms. FOCAC commitments have delivered visible results in ports, railways and power generation, though Beijing itself has shifted toward smaller, more selective lending since around 2018. From Russia, expectations are narrower because the economic footprint is. Moscow’s offer is political backing in multilateral forums, arms transfers, grain and fertiliser supply, civilian nuclear cooperation in a handful of cases, and security partnerships, including those involving private military formations. The record of those security arrangements in the Central African Republic, Mali, Sudan and Mozambique deserves a sober assessment on its own terms, because the human and political costs are documented and uneven. From the United States, leaders look for market access through instruments such as AGOA, whose post-2025 future has generated significant uncertainty, alongside private capital, technology partnerships and a posture that treats the continent as more than a counter-terrorism theatre. The priorities across all three relationships are essentially the same: transparency in the terms of agreements, arrangements that preserve future policy space, and partnerships that build domestic productive capacity rather than substitute for it. The continent’s leverage in this multipolar moment is real, but it is not permanent. It will be squandered if used to rotate among external dependencies rather than reduce them.

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Global Leaders Head to Addis Ababa for First World Public Summit in Africa

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Addis Ababa World Public Summit

By Kestér Kenn Klomegâh

Africa is set to make history as it hosts the World Public Summit for the first time, with Addis Ababa, Ethiopia, welcoming global leaders and changemakers from July 29–30, 2026, for the landmark gathering under the theme “New World: Africa in Shaping a Shared Future.”

The inaugural African edition of the World Public Summit marks a significant milestone in the continent’s growing role in shaping international dialogue on governance, sustainable development, human-centred leadership and global cooperation.

Hosted by the World Peoples Assembly in partnership with African and international organisations, the summit will convene government officials, diplomats, business leaders, academics, journalists, youth representatives, civil society organisations and cultural leaders from across Africa and around the world.

According to Andrey Belyaninov, General Secretary of the World Peoples Assembly, “the Summit is not just a meeting—it is a space for unity. A space where the ‘values that unite us’ come to life: respect for people, openness to the world, responsibility for the future, and a commitment to creation.

“Today, we understand more clearly than ever: the future cannot be built alone. It is born in dialogue, in trust, in the ability to listen to one another and to act together.”

The programme begins on July 29 with a series of high-level roundtables and expert discussions covering Pan-African economic integration, civil society, education, scientific cooperation, cultural diplomacy and humanitarian partnerships.

The opening plenary, “Values, Development and Partnership as the Basis of a Sustainable and Just World,” will explore how African values—including Ubuntu—can help shape a more inclusive and sustainable global future. Discussions will also focus on youth leadership, innovation, civil society, ethical AI, public initiatives and international partnerships.

The summit will also showcase Africa’s creativity and innovation through the “Innovations for the Future” exhibition, the contemporary African art exhibition “Unity,” and the international exhibition “The World Paints Happiness.”

Another featured initiative is “The Zambezi River: Economy, Society, Soul,” an international interdisciplinary project exploring the river’s socioeconomic importance across Angola, Botswana, Mozambique, Namibia, Zambia and Zimbabwe, highlighting the shared heritage and development potential of one of Africa’s most important waterways.

The event will conclude with the adoption of the African Communiqué, reflecting the summit’s shared vision for stronger international cooperation, sustainable development and people-centred leadership.

Tsegaye Chama, General Secretary of the Global Black Centre, promised that, “The Summit will be delivered with exceptional distinction, reflecting the magnitude and spirit of the World Peoples Assembly. It embodies a unity that is not transactional, but purposeful and conscious, a unity that shapes new contours for a world that works for all peoples of the World.”

As delegates prepare to arrive in Addis Ababa, anticipation continues to build for what promises to be one of Africa’s most significant international gatherings of 2026—one that will place the continent firmly at the centre of global conversations about the future.

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Nigeria Leads Africa in Equity Funding as Startup Investment Hits $254m in H1 2026

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Investment-Worthy Startups

By Adedapo Adesanya

Nigeria regained its position as Africa’s leading destination for equity startup investment in the first half of 2026, raising $214 million in equity financing and a total of $254 million across equity and debt, according to the latest Africa: The Big Deal report.

The report, titled H1 2026: Mapping the Money, showed that Nigeria ranked second on the continent in total funding, behind Egypt, which attracted $327 million, while Kenya and South Africa followed with $126 million and $83 million, respectively.

However, the report noted that Egypt’s top position was largely driven by a single fundraising by electric mobility company Spiro, which secured $327 million, including $270 million in equity and $57 million in debt. Excluding debt financing, Nigeria emerged as Africa’s largest equity funding market in the first six months of the year.

According to the breakdown by Africa: The Big Deal, Nigeria’s equity funding of $214 million was higher than Egypt’s $183 million, while South Africa and Kenya attracted $66 million and $46 million, respectively.

Beyond funding value, Nigeria also led the continent in the number of startups that raised at least $100,000 during the review period, reclaiming the top spot after what the report described as an “underwhelming” second half of 2025.

The publication observed that Nigeria’s fundraising performance has remained relatively stable over the past few years and exceeded the $250 million mark for the first time since 2022, pointing to renewed investor confidence in the country’s startup ecosystem.

It also found that while the Big Four startup markets—Nigeria, Egypt, Kenya and South Africa—continued to dominate Africa’s investment landscape, their combined share of total funding stood at 58 per cent in the first half of 2026.

“Zooming back on the Big Four (110 out of 190 $100k+ deals, i.e. 58%), Nigeria is head and shoulders above its peers, with Egypt and Kenya almost tying, and South Africa in fourth position again,” the report noted.

The report highlighted contrasting performances among the continent’s largest startup ecosystems. While Nigeria and Egypt maintained strong funding momentum, Kenya recorded its weakest funding performance since early 2021 after a strong second half of 2025, and South Africa failed to attract $100 million in funding during the period despite leading the continent a year earlier.

Africa: The Big Deal also noted a broader shift in investor behaviour, with funding increasingly concentrated in larger transactions while early-stage investments continued to decline. According to the publication, the drop in smaller funding rounds reflects growing concerns about limited capital available for early-stage startups across Africa.

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SCRYPT Expands Stablecoin Settlement Infrastructure to East Africa

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SCRYPT stablecoin

By Aduragbemi Omiyale

Accessing the US Dollar in the East Africa region has now been made easier with the expansion of the stablecoin settlement infrastructure of SCRYPT.

This development enables banks, payment providers and corporate treasury teams to move value into and out of the continent in real time.

Businesses paying international suppliers frequently have to convert local currency into USD before purchasing stablecoins for settlement, incurring FX conversions and spreads before any payment is made.

But SCRYPT is eliminating this intermediate conversion by enabling direct settlement corridors for local African currencies into stablecoins.

This development allows businesses to move from local currency to stablecoin settlement in a single licensed transaction, without first sourcing rationed bank dollars, as stablecoins are increasingly becoming settlement infrastructure rather than an investment product.

The expansion adds settlement support across four African currencies: the Kenyan shilling (KES), Tanzanian shilling (TZS), Rwandan franc (RWF) and Ugandan shilling (UGX). Each corridor is delivered through the same full-stack infrastructure our clients already use for trading, custody and treasury operations.

Speaking on this, the chief executive of SCRYPT, Norman Wooding, said, “Across Africa, stablecoin adoption is driven by economic need, not speculation.

“Businesses here are not chasing yield; they are trying to pay suppliers and manage treasury without losing margin to a banking system that rations dollars. Licensed, fair-rate dollar access is the clearest proof of what this infrastructure is for.”

Also commenting, the Managing Director of Markets & Trading at SCRYPT, Mr Gabriel Titopoulos, said, “Until now, reaching stablecoins from local African currencies meant buying scarce dollars and incurring several layers of conversion costs.

“SCRYPT removes this friction. Firms and payment providers can now settle straight from local currencies through live corridors, with local partners.”

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