World
Annan Identifies Causes of Current Level of Development in Africa

By Kester Kenn Klomegah
In an insightful conversation, the President/CEO of the Institute of African Leadership (IoFAL), Dr Bennett Annan, discusses management styles of African leaders, the system of governance, diversities in political culture and the extent these affect progress and development.
He points to the lack of effective monitoring and evaluation as factors determining the current level of development in Africa. He unreservedly argues that his Institute of African Leadership (IoFAL) provides the necessary cutting-edge skills for young aspiring leaders for Africa. Here are the interview excerpts:
What prompted the recent research titled Leadership Styles of Africans: A Study Using Path-Goal Leadership Theory, something related to management styles of African leaders?
Several years ago, when I was a teenager growing up in Ghana, I watched various politicians talk about policies that they believed will help alleviate poverty, yet when they came to power nothing really good happened to their people. I wondered why?
During that same period of time, I also read in the newspapers many, many times how poor Africans were and how the leaders have mismanaged their countries’ resources. But these were intelligent people, so why?
In 2007, I conducted my first research study in America entitled West African Managers in American Businesses and set up six research sites for the project: New York, New Jersey, Atlanta, North Carolina, Colorado, and California.
I went to these locations and did interviews, both with individuals and focus groups. I realized how intelligent these West Africans were, and how they had assimilated into the American system by practising participative leadership styles, finding success as managerial leaders in many organizations in corporate America.
Then I asked myself why managerial leaders in Africa can’t do the same, because we are capable, and I believe the answer was not far-fetched. The environment in Africa needs to change, and that prompted me to delve into this research of “African Leadership Styles,” to find out the gap between our managerial styles in Africa and that of the industrialized nations, using the Path-Goal Leadership Questionnaire. I used SurveyGizmo to collect data from Africans from various countries, including Ghana, Uganda, Nigeria, Ethiopia, Zimbabwe, and others.
For several years, I’ve been wondering why someone won’t do something about this, why someone won’t figure out why we are the richest continent in the world and yet the poorest, why someone won’t sit down and figure this out. I’ve been told so many excuses and reasons why this cannot be done, but I still didn’t give up finding some solution to this problem.
Just like Albert Einstein said, we cannot do the same thing over and over and over again and expect different results. For Africans, this means we cannot keep mismanaging our resources and seeking help from industrialized nations in the form of loans we are unable to repay. We cannot ask for forgiveness again and again and think things will get better.
Based on this research, we at the Institute of African Leadership have started something little to stop the failed leadership problem, because I believe something little is better than a whole lot of nothing. That is why we delved into the research to find out what managerial leaders in Africa should do to catch up with the industrialized nations, and the answer was very simple.
The findings of my research showed that the only thing that industrialized nations do that Africans do not is to use the participative leadership style most often. Africans use this participative leadership style the least. That means all we need to do is to practice this participative leadership style of management more often. My findings also found that the participative leadership style is not new to African managerial leaders. In fact, my research shows that we practice participative leadership style more than our counterparts in the industrialized nations but do this the least – that means it does not come to us easily.
Why do you think participative leadership is unique to Africa? Do you also see the lack of effective monitoring and evaluation as factors determining the level of development in Africa?
First of all, I want to talk a little bit about what participative leadership style is, so we can be on the same page. Let’s start from the word “participative,” a derivative of the word “participate,” meaning that this leadership style requires participation.
Participative leadership style, as we know it, is when the leader actively involves team members in the decision-making process. In general, it involves all team members in finding solutions to problems. In a way, the leaders turn to the team for input, ideas, and opinions instead of making all decisions on their own. For this style to work, the leader needs to understand the team has the skills and ideas that could benefit the decision-making process, especially when the team owns the problem.
Now, let’s look at Africa for a moment. Research shows African managerial leaders use the directive/autocratic leadership style. The leader retains as much power and decision-making authority as possible. The leader does not consult employees, nor are they allowed to give any input. Employees are expected to obey orders without receiving any explanations.
Most Africans find the participative management style foreign because they are used to the directive/autocratic style of leadership, which is outdated and adds costs to the organization. The participative style is modern, reduces costs, and increases profit margins. The task at hand is to create a plan to change the African managerial leadership style from directive/autocratic to participative.
However, Africans in management positions can be successful if they make the change from a directive/autocratic to a participative leadership style at the institutional and personal levels. Though these are difficult things to do, as this study has found, they still have to do it.
There is a sense of urgency here. Africans need to embrace cultural change as a means of making themselves ready for globalization, or else they are likely to be left behind in the global economy. This may result in further reducing levels of socio-economic development and standards of living, worsening education and health, and increasing fertility and mortality rates. If nothing is done about this issue, we would be denying the African people their best hope for escaping poverty.
The other question is whether I see the lack of effective monitoring and evaluation as factors determining the level of development in Africa. Yes, of course, I do see that, but one thing about the participative leadership style is the belief that where the problem is, lies the solution. This is what I mean: If we can use this participative leadership style, it allows us to create teams to solve the problem, with inputs, ideas, and opinions coming from members of the group. They figure out ways and means to address the problem instead of relying on the people at the top of the organization for a solution. When the decisions and solutions come from the members of the team, these members tend to own and practice the solutions wholeheartedly, unlike when the solution comes from the top, in which case the team members are less likely to embrace the solutions because they did not buy into them.
Do you agree that there are diversities in political culture in African countries? What could be the best way to systematize and combine efforts in implementing policies to the benefit of the population?
Yes, I do agree that there are diversities in political culture in African countries. Let me tell you this: There are individual differences in the political culture of the African countries – talents, skills, and experiences. We are all very different, even twins because we carry different DNA, fingerprints, and so on. However, we are all human beings who are generally gregarious, being together, working together, and solving problems together.
Research has shown that Africans, by nature, are a collectivist culture. That means our culture places emphasis on cohesiveness among individuals; we prioritize the group over the self. We find common values and goals in whatever we do. In a way, this is the fundamental of a participative leadership style, where the members of the team get together to solve problems. So, we have these participative leadership style traits in us, but the leader does not use the grouping ideology in collecting inputs, ideas, and experiences in the decision-making process.
I strongly believe the best way to systematize and combine efforts in implementing policies to the benefit of the population is to fall back on this collectivist culture that we embrace amongst the African people as a first step. This is the very foundation of making the change I have been talking about from the autocratic/directive leadership style to participative leadership style.
Next is to use cognitive behavioural techniques to change the mindset – a process of “melting” the autocratic/directive leadership style and refreezing into a participative leadership style mould. This creates a new mindset that allows us to seek inputs, ideas, and experiences from members of the team in decision-making and problem-solving.
Finally, this where I come in. I have about 15 different training lessons on the African Participative Leadership Training Program. These lessons are about 1 hour each, and they are online, on-demand at our website (www.iofal.org). The good news is these lessons are free and currently under construction; they should be ready to go by May 2021.
The training program is comprised of lessons on the rationale behind the change of autocratic/directive leadership style to the participative, and it runs through lessons like changing the current mindset of the African managerial leaders and the process for how to make this change work. Then there are also lessons regarding unethical behaviours. The beauty of this training program is how the change process incorporates the African culture, making it a very unique style of managerial leadership that we call the African participative leadership style.
Our plan is to secure location sites in every Black African country with representatives who will engage in the promotion of this program, advertising and running commercials and getting people to know about this free African participative leadership style training program. We want to make sure that every single African participative managerial leader gets access to this training no matter where they come from or their economic status. As long as they have internet access, whether through their phones or through their laptop computers, they can go through this training program successfully from anywhere.
Just to give you a clue as to how the program is laid out: First, participants take a pre-lesson assessment, then they start the very first Lesson 1. After each and every lesson, participants take a 10-question quiz to make sure that learning has taken place; if they pass, they jump on to the next lesson. Finally, after the 15 lessons, there is an exam of about 25 questions. Once they pass, an electronic certificate is emailed to them to show that they have gone through this training program and they are deemed ready to put what they have learned to practice.
In what ways would you argue that the Institute of African Leadership is an educational institution that provides the necessary skills for young aspiring leaders?
This is a very good question. First of all, my research study used the Path-Goal Leadership Questionnaire to measure the directive/autocratic leadership style of participants among four different age groups. The results show the 18 to 29 age group had a directive/autocratic style average score of 28.5, the lowest among the four groups measured: (a) 18 to 29 years, (b) 30 to 44 years, (c) 45 to 59 years, and (d) 60 and older.
The study also showed that the same 18 to 29 age group had a participative style average score of 24.8, the highest among the four groups measured. Thus, young aspiring African leaders between 18 and 29 years old are predominately participative-centric, and less likely to be so as they get older. This group of African leaders needs the training now to reinforce their current participative style before they age into the next group when it gets harder to change their mindset.
Entrepreneurship is very challenging. What keeps you personally motivated as a chief executive officer of the Institute of African Leadership?
I agree that entrepreneurship comes with a lot of challenges, and some are difficult to overcome, but I know I have to deal with it come what may. I have been teaching and working as a mechanical and manufacturing engineer for some 40 years now, and it seems almost impossible to manage another career – training and developing African managerial leaders. I have dropped that career and am currently pursuing a training and development career.
I have been an entrepreneur once before and failed, then I went back to my predictable career, working again for an organization as an engineer. I have learned my lessons, especially when it comes to funding. This time, I have a pool of capital that will lead me to establish the first phase of this training program, which is getting the website and the lessons fully completed and ready for the participants, and I am happy about that. However, the second phase, which entails the dissemination of the training program via advertising (e.g., radio, TV, billboards, and newspapers) throughout all the countries in sub-Saharan Africa, requires additional resources and funding to make it work. I am currently seeking help from monetary organizations.
There are numerous factors that keep me personally motivated as a director of the Institute of African Leadership: (a) my will to problem-solve, (b) my vision, and (c) my education. However, and like I said before, I continue to ruminate several years ago, when I was a teenager growing up in Ghana and watched various politicians talk about policies that they believed would help alleviate poverty. Yet, when they came to power, nothing really good happened for their people. I wondered why? During that same period of time, I also read in the newspapers many times how poor Africans were and how the leaders have mismanaged their countries’ resources. But these were intelligent people, so why? This is where my will to problem-solve comes in, wanting to at least contribute my share of solving the failed leadership in Africa. I believe, where there is a will, there is a way.
Also, like I said earlier on, my research found that Africans in US businesses have assimilated into the American system by practising participative leadership styles, finding success as managerial leaders in many organizations in corporate America. That tells me African managerial leaders are capable, but it seems the environment in Africa does not allow them and that environment needs to be changed. I’ve been told so many excuses and reasons why this cannot be done, but I still didn’t give up finding some solution to this problem. This is where my vision for Africa comes in, where one day through the African Participative Leadership Training Program (APLTP) we will discover our true selves just like that, embrace our problems, become capable to solve our own problems our own way, grab our power back, and the whole game changes. Africa will be economically free forever. Japan, Singapore and other nations did it, why can’t we?
Of all the ways, I describe myself – mechanical engineer, manufacturing and quality engineer, business manager, counselor, professor, professional consultant, author, and researcher – perhaps the most fitting is multipotentiality, which is defined as someone whose interests span multiple fields or areas rather than someone who is proficient in just one. I hold a Bachelor of Science, B.S., degree and Master of Science, M.S., degree in mechanical engineering, a Further Education Teachers’ Certificate, (F.E.T.C.), a Master of Business Administration, MBA, degree, a Doctor of Education, Ed.D., degree in organizational leadership, a Master of Arts, M.A., degree in clinical psychology, certification as a marriage and family therapist, MFT, and a Doctor of Psychology, PsyD. This is where my education comes in, an excellent corporate trainer, teaching African leaders to help their followers cultivate their skills and knowledge by providing complete training and sharing my rich and tremendous knowledge and expertise in ways that motivate them.
What is your vision for the Institute of African Leadership and where do you see this business of education and training in the next 5 years, especially clients from Africa?
My vision for the Institute of African Leadership is to create wholesale success and overperformance in organizations in Africa, and eventually decrease poverty, increase the standard of living, and change the way Africans think and act at the institutional and personal level. I know that as the founder I will be expected to generate ideas, and when a competitor emerges, it will be my responsibility to come up with a response plan. When I hit an impenetrable obstacle, my job will be to come up with an alternate plan to move forward. I am capable of moving this program forward because I have tremendous knowledge and rich experience that spans over 40 years as I indicated previously.
There are so many unknown factors that come along with any entrepreneurial venture. For example, how long a business will exist and whether it will be profitable. In this case, will these African managerial leaders like the training and development service that we are creating? There are no solid, reliable answers to any of these questions. However, one thing that I can assure you is the training, development lessons will be online in May 2021 and maintaining this program online will go on forever at no cost to the participants.
In the next 5 years, I see the Institute of African Leadership (IoFAL) will be in every organization, workplaces, everywhere in every sub-Saharan African country, training and developing African managerial leaders in the African Participative Leadership Training Program to achieve our own unique management philosophy, one that is deep-rooted in the African culture, like Japan and others.
Kester Kenn Klomegah is a versatile researcher and passionate contributor, most of his well-resourced articles are reprinted elsewhere in a number of reputable foreign media.
World
Trump’s Tariffs, Russia and Africa Trade Cooperation in Emerging Multipolar World

By Kestér Kenn Klomegâh
With geopolitical situation heightening, trade wars are also becoming increasingly prominent. The 47th United States President Donald Trump has introduced trade tariffs, splashed it over the world. China, an Asian trade giant and an emerging economic superpower, has its highest shared.
South Africa, struggling with its fragile foreign alliances, is seriously navigating the new United States economic policy and trade measures, at least to maintain its membership in the African Growth and Opportunities Act (AGOA) which is going to expire in September 2025.
It is a well-known fact that AGOA waived duties on most commodities from Africa in order to boost trade in American market. The AGOA also offers many African countries trade preferences in the American market, earning huge revenues for their budgets. Financial remittances back to Africa also play mighty roles across the continent from the United States.
That however, the shifting geopolitical situation combined with Trump’s new trade policies and Russia’s rising interest in Africa, the overarching message for African leaders and business corporate executives is to review the level of degree how to appreciably approach and strengthen trade partnership between Africa and Russia.
The notion of a new global order and frequently phrased multipolar world, indicating the construction of a fairer architecture of interaction, in practical terms, has become like a relic and just as a monumental pillar. Even as we watch the full-blown recalibration of power, the geopolitical reshuffling undoubtedly creates the conditions for new forms of cooperation.
In this current era of contradictions and complexities we are witnessing today, we must rather reshape and redefine rules and regulations to facilitate bilateral and multilateral relations between African countries and Russia, if really Russia seeks to forge post-Soviet strategic economic cooperation with Africa.
In fact, post-Soviet in the sense that trade is not concentrate on state-to-state but also private – including, at least, medium scale businesses. The new policy dealing with realities of the geopolitical world, distinctively different from Soviet-era slogans and rhetorics of ‘international friendship and solidarity’ of those days.
Bridging Africa and Russia, at least in the literal sense of the word, necessitates partial departure from theoretical approach to implementing several bilateral and multilateral decisions, better still agreements reached at previous summits and conferences during the past decade.
Understandably Africa has a stage, Russia termed ‘the struggle against neo-colonial tendencies’ and mounting the metal walls against the ‘scrambling of resources’ across Africa. Some experts argued that Africa, at the current stage, has to develop its regions, modernize most the post-independence-era industries to produce exportable goods, not only for domestic consumption. Now the emphasis is on pushing for prospects of a single continental market, the African Continental Free Trade Agreement (AfCFTA).
This initiative, however, must be strategically and well-coordinated well, and here I suggest integration and cooperation starting at country-wide basis to regional level before it broadly goes to the entire continent, consisting 54 independent states.
These are coordinated together as African Union (AU), which in January 2021 initiated the African Continental Free Trade Agreement (AfCFTA). With this trading goals in mind, Africa as a continent has to integrate, promote trade and economic cooperation, engage in investment and development. In that direction, genuine foreign partners are indiscriminately required, foreign investment capital in essential for collaboration as well as their entrepreneurial skills and technical expertise.
For instance, developing relations with Asian giants such China and India, the European Union and the United States. A number of African countries are shifting to the BRICS orbit, in search for feasible alternative opportunities, for the theatrical trade drama. In the Eurasian region and the former Soviet space, Kazakhstan and Russia stand out, as potential partners, for Africa.
Foreign Affairs Minister Sergey Lavrov has said, at the podium before the staff and students at Moscow State Institute of International Affairs in September, that trade between Russia and Africa would grow further as more and more African partners continued to show interest in having Russians in the economic sectors in Africa. This provides greater competition between the companies from Western countries, China, and Russia. With competition for developing mineral resources in Africa, it is easier and cheaper for African colleagues to choose partners.
As far back in October 2010, Russian Foreign Affairs Ministry posted an official report on its website that traditional products from least developed countries (including Africa) would be exempted from import tariffs. The legislation stipulated that the traditional goods are eligible for preferential customs and tariffs treatment.
Thereafter, Minister Sergey Lavrov has reiterated, in speeches, trade preferences for African exporters, but terribly failed to honour these thunderous promises. Notwithstanding the above granting trade preferences, there prevailing multitude of questions relating to the pathways of improving trade transactions, and removing obstacles including those Soviet-era rules and regulations.
Logistics is another torny hurdle. Further to this, Russian financial institutions can offer credit support that will allow to localize Russian production in Africa’s industrial zones, especially southern and eastern African regions that show some stability and have good investment and business incentives.
In order to operate more effectively, Russians have to risk by investing, recognize the importance of cooperation on key investment issues and to work closely on the challenges and opportunities on the continent. On one hand, analyzing the present landscape of Africa, Russia can export its technology and compete on equal terms with China, India and other prominent players. On the other hand, Russia lacks the competitive advantage in terms of finished industrial (manufactured) products that African consumers obtain from Asian countries such as China, India, Japan and South Korea.
Compared to the United States and Europe, Russia did very little after the Cold War and it is doing little even today in Africa. On 27th–28th July 2023, St Petersburg hosted the second Russia-Africa summit. At the plenary session, President Vladimir Putin underscored the fact that there was, prior to the collapse of the Soviet, there were over 330 large infrastructure and industrial facilities in Africa, but most were lost. Regarding trade, Putin, regrettably, noted Russia’s trade turnover with the African countries increased in 2022 and reached almost US$18 billion, (of course, that was 2022).
Arguably, Russia’s economic presence is invisible across Africa. It currently has insignificant trade statistics. Until the end of the first quarter of 2025, Russia still has a little over $20 billion trade volume with Africa. Statistics on Africa’s trade with foreign countries vary largely.
For example, the total United States two-way trade in Africa has actually fallen off in recent years, to about $60 billion, far eclipsed by the European Union with over $240 billion, and China more than $280 billion, according to a website post by the Brookings Institution.
According to the African Development Bank, Africa’s economy is growing faster than those of any other regions. Nearly half of Africa is now classified as middle income countries, the numbers of Africans living below the poverty line fell to 39 percent as compared to 51 percent in 2023, and around 380 million of Africa’s 1.4 billion people are now earning good incomes – rising consumerism – that makes trade profitable.
Nevertheless, there is great potential, as African leaders and entrepreneurial community are turing to Russia for multifaceted cooperation due to the imperialist approach of the United States and its hegemonic stand triggered over the years, and now with Trump new trade tariffs and Washington’s entire African policy.
China has done its part, Russia has to change and adopt new rules and regulations, pragmatic approach devoid of mere frequent rhetorics. It is important discussing these points, and to shamelessly repeat that both Russia and Africa have to make consistent efforts to look for new ways, practical efforts at removing existing obstacles that have impeded trade over the years.
Sprawling from the Baltic Sea to the Pacific Ocean, Russia is a major great power and has the potential to become a superpower. Russia can regain part of its Soviet-era economic power and political influence in present-day Africa.
Certainly, the expected superpower status has to be attained by practical multifaceted sustainable development and by maintaining an appreciably positive relations with Africa. We have come a long way, especially after the resonating first summit (2019 and high-praised second summit (2023), several bilateral agreements are yet to be implemented. The forthcoming Russia – Africa Partnership summit is slated for 2026, inside Africa and preferably in Addis Ababa, Ethiopia.
Kestér Kenn Klomegâh is a frequent and passionate contributor. During his professional career as a researcher specialising in Russia-Africa policy, which spans nearly two decades, he has been detained and questioned several times by Russian federal security services for reporting facts. Most of his well-resourced articles are reprinted in a number of reputable foreign media.
World
Tariff War Threatens Global Economy, US-China Goods Trade By 80%—WTO DG

By Adedapo Adesanya
The Director General of the World Trade Organization (WTO), Mrs Ngozi Okonjo-Iweala, has said the US-China tariff war could reduce trade in goods between the two economic giants by 80 per cent and hurt the rest of the world economy.
President Donald Trump raised tariffs on China to 125 per cent on Wednesday as the world’s two largest economies fought over retaliatory levies.
The American President earlier ramped up duties on Chinese goods to 104 per cent, only to hike them further when China retaliated by raising tariffs on US imports to 84 per cent.
In a social media post announcing the moves, President Trump said China had been singled out for special treatment because of “the lack of respect that China has shown to the world’s markets.”
In her reaction to the development, the WTO DG said in a statement that, “The escalating trade tensions between the United States and China pose a significant risk of a sharp contraction in bilateral trade. Our preliminary projections suggest that merchandise trade between these two economies could decrease by as much as 80 per cent.”
She said the United States and China account for three per cent of world trade and warned that the conflict could “severely damage the global economic outlook”.
Even as he slapped further tariffs on China, Mr Trump paused higher tariffs on the rest of the world for 90 days, claiming that dozens of countries reached out for negotiations.
Mrs Okonjo-Iweala warned that the world economy risked breaking into two blocs, one centred around the United States and the other China.
“Of particular concern is the potential fragmentation of global trade along geopolitical lines. A division of the global economy into two blocs could lead to a long-term reduction in global real GDP by nearly seven percent,” she said.
She urged all WTO members “to address this challenge through cooperation and dialogue.”
“It is critical for the global community to work together to preserve the openness of the international trading system.”
“WTO members have agency to protect the open, rules-based trading system. The WTO serves as a vital platform for dialogue. Resolving these issues within a cooperative framework is essential,” she added.
World
AFC Tops $1bn Revenue in 2024 Financial Year

By Adedapo Adesanya
Africa Finance Corporation (AFC), the continent’s top infrastructure solutions provider, has announced its strongest financial performance to date, with total revenue for the year ended December 31, 2024 surpassing $ 1 billion for the first time in its history.
This record performance marks a significant milestone in AFC’s mission to close Africa’s infrastructure gap through scalable, de-risked investments that attract global capital and deliver tangible development outcomes.
The corporation posted a 22.8 per cent increase in total revenue to US$1.1 billion and a 22.3 per cent rise in total comprehensive income to $400 million, up from $327 million in 2023.
AFC’s earnings growth was driven by improved asset yields, prudent cost-of-funds management and sustained traction in advisory mandates.
Further significant financial highlights include net interest income up 42.5 per cent to $ 613.6 million; fee and commission income rose to $109 million, the highest in over five years; operating income climbed 42.7 per cent to $709.7 million; total assets reached a record $14.4 billion, a 16.7 per cent year-on-year increase; liquidity coverage ratio strengthened to 194 per cent, providing over 34 months of cover; and cost-to-income ratio improved to 17.3 per cent from 19.6 per cent in 2023.
According to a statement, AFC said throughout 2024 it continued to scale its impact by mobilising capital for landmark projects across energy, transport, and natural resources.
These included the Lobito Corridor – a cross-border railway development spanning Angola, the Democratic Republic of Congo (DRC), and Zambia. AFC led the initiative to secure a concession agreement within one year of the initial Memorandum of Understanding (MoU), an unprecedented achievement for a project of its scale. In the DRC, AFC also invested $150 million in the Kamoa-Kakula Copper Complex, Africa’s largest copper producer and one of the most sustainable globally, thanks to its high-grade ore and renewable-powered smelter.
Other milestones transactions included financing support for the commissioning of the Dangote Refinery, the largest in Africa, and continued progress on AFC-backed Infinity Power Holding’s 10 GW clean energy ambition, with power purchase agreements secured in Egypt and South Africa.
AFC also invested in the 15GW Xlinks Morocco-UK Power Project, providing $14.1 million to support early-stage development of a transcontinental renewable energy pipeline between North Africa and Europe.
AFC strengthened its capital base and expanded its investor network through several landmark funding initiatives. These included a $ 1.16 billion syndicated loan – the largest in its history, a $500 million perpetual hybrid bond issue, and the successful execution of Nigeria’s first-ever domestic dollar bond, which raised $900 million at 180 per cent oversubscription.
AFC also returned to the Islamic finance market after eight years, closing a $400 million Shariah-compliant facility.
The year also saw strong momentum in equity mobilisation, with $181.8 million in new capital raised from ten institutional investors. These included Turk Eximbank – AFC’s first non-African sovereign shareholder – the Arab Bank for Economic Development in Africa (BADEA), and several major pension funds spanning Cameroon, Seychelles, Mauritius, and South Africa. Ratings agencies affirmed AFC’s robust credit profile, with AAA ratings from S&P Global (China) and China Chengxin International, and a stable A3 Outlook from Moody’s.
Speaking on the result, Ms Samaila Zubairu, President & CEO of AFC said, “These results send a clear message that strategic investment in African infrastructure creates lasting value for both beneficiaries and investors.”
“In 2024, we exceeded the billion-dollar revenue mark, delivered game-changing projects, and reinforced our financial resilience—demonstrating the scalability of our unique model that blends purpose with performance to accelerate Africa’s economic transformation,” she added.
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