Sow: Private sector should lead Africa’s development, investment

Moustapha Sow, the Chairman of SF Capital, spoke to CNBC Africa's Kenneth Igbomor at the AFREXIMBANK Annual Meetings, emphasizing the crucial role of the private sector in Africa's development and investment growth. Sow highlighted the need for a shift from traditional reliance on the public sector to drive employment and economic prosperity across the continent. He emphasized the importance of structuring support for local companies in Africa to catalyze sustainable development. Sow mentioned that the Global Africa Summit underscored the pivotal moment where private sector leadership is paramount for creating a positive impact. He noted the prevailing youth unemployment challenges in Africa and the need for proactive private sector involvement to generate opportunities for the continent's youth. Sow stressed that empowering local companies and prioritizing youth employment are central to achieving sustainable growth. SF Capital's approach involves leveraging export credit financing to support infrastructure projects, with a focus on engaging local companies and fostering youth employment. Sow highlighted a successful project in Senegal, which was recognized for its innovative approach and subsequently replicated in Guinea. By involving local companies and setting clear employment targets, SF Capital aims to drive impactful initiatives that contribute to Africa's economic advancement. Sow also addressed the significance of promoting unity and cooperation within Africa and with regions like the Caribbean. He emphasized the value of intra-Africa trade and cultural exchange in fostering economic collaboration. While acknowledging the availability of capital for investment, Sow highlighted the crucial need for identifying and developing the right projects. He emphasized the role of investment banks in project preparation and financing to ensure sustainable outcomes and youth empowerment. Sow's key takeaway from the AFREXIMBANK Annual Meetings was the importance of globalization and fostering South-South cooperation. He underscored the benefits of leveraging cultural similarities and shared experiences to drive mutual economic growth. Sow urged African countries to learn from successful models like the Bahamas, where strategic infrastructure development around tourism has significantly boosted economic prosperity. Overall, Sow's insights highlighted the transformative potential of private sector engagement and collaborative initiatives in driving Africa's development agenda.