Despite holding an estimated $4 trillion in savings, Africa still faces a massive development funding gap. The African Development Bank says it's time for the continent's wealth to drive its own growth.

Africa's estimated $4 trillion in domestic savings must be channelled into development projects if the continent is to achieve sustainable growth and economic independence, according to the President of the African Development Bank, Sidi Ould Tah.

Speaking at a news conference after the 2026 AfDB Annual Meetings in Brazzaville, Tah described it as a major paradox that Africa continues to face an annual development financing gap of around $400 billion despite having vast savings that remain largely untapped.

According to him, much of the continent's wealth is not being invested in development because of regulatory hurdles and concerns about investment risks. He noted that pension funds and institutional investors are often cautious due to their responsibility to protect contributors' funds.

To bridge this gap, the AfDB is developing risk-mitigation tools aimed at attracting more long-term investments into African economies. One such initiative is the African Trade and Development Fund (ATDF), which is designed to reduce investment risks and encourage institutional capital to flow into development projects.

Tah revealed that the bank recently increased its stake in the fund to boost investor confidence and attract more partners.

He stressed that mobilising African capital is essential for reducing dependence on foreign financing and strengthening the continent's economic sovereignty.

The AfDB President also highlighted Africa's vast potential, noting that the continent is home to about 18 per cent of the world's population and more than 30 per cent of global mineral resources. However, he lamented that Africa's share of global GDP remains disproportionately low.

"We cannot continue exporting raw materials and importing finished products while expecting different results," he said, calling for greater investment in industrialisation, job creation and economic transformation.

Tah added that the AfDB Board has approved a roadmap focused on implementing the bank's four strategic priorities and a new African Financial Architecture, reinforcing its commitment to African-led development financing.

**Story (Attribution: cbinews.tv)**

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