Mwencha: ACBF model tweak to ensure sustainable financing for Africa

The African Capacity Building Foundation (ACBF) is making significant strides in ensuring sustainable financing for Africa in order to assist the continent in its transformation to middle-income economies. Erastus Mwencha, the Chair of the ACBF Executive Board, highlighted the importance of tweaking the foundation's model to adapt to the changing dynamics crucial for Africa's development. In a recent interview with CNBC Africa, Mwencha emphasized the need for African countries to better prepare for programs focused on climate adaptation and mitigation to combat the pressing issue of climate change. The Foundation, established in 1991 with the support of the World Bank, has played a crucial role in capacitating countries in planning and financial management through evidence-based approaches using data. Mwencha discussed how the theme of climate change is currently one of the most significant challenges facing not only Africa but the entire world. He emphasized the importance of addressing capacity and commitment issues to tackle the climate crisis effectively. Think tanks have a crucial role to play in Africa's development trajectory by providing evidence-based planning, data-driven decision-making, and projections for future needs. The ACBF has traditionally relied on grant financing from institutions like the World Bank, philanthropic organizations, and member states. However, with the current challenges faced by many African countries, such as debt servicing and climate change impacts on food security, the foundation is adjusting its business model. The new model focuses on sustainable financing and enhancing the capacity to support countries on their path to becoming middle-income economies. During a gathering of policymakers and think tanks in Abidjan, Mwencha shared key takeaways from the discussions centered on enhancing capacity to prepare programs for climate adaptation and accessing global financing. African ministers highlighted the challenges they face in accessing the promised climate financing due to complexities and lack of capacity. Mwencha stressed the importance of Africa taking proactive steps to mitigate the impacts of climate change, as the continent bears a disproportionate burden despite contributing minimally to the issue. Mwencha's insights shed light on the urgent need for Africa to address its sustainable financing challenges and enhance its capacity to combat climate change effectively. The ACBF's model tweak signals a strategic shift towards a more sustainable financing approach to support Africa's development aspirations in the face of pressing global challenges.