of $170 billion, there is a need for African leaders to scale up interest in critical infrastructure and harmonise policies to facilitate trade, connect Africa to the rest of the world and establish the continent as a major investment hub.
As at 2020, many sub-Saharan African countries’ debt-to-GDP ratio exceeded 50 per cent. For instance, Mozambique’s debt-to-GDP stood at 133 per cent; Angola was 103 per cent while Mauritius was 101 per cent. With rising debt constraining budgetary allocation, funding has continued to constitute a key challenge for infrastructure projects, which have typically been financed by African governments.
Afreximbank Vice President, Global Trade Bank Africa, Haytham El Maayergi, said inadequate infrastructure remains a major factor militating against sustainable economic growth in Nigeria and the entire continent. In addition, he said policy harmonisation across the continent would go a long way toward strengthening cooperation and accelerating the implementation of infrastructure projects across the continent.
“All the countries must move in unison with this objective. There must be adequate infrastructure, eliminating inefficiencies and building infrastructure, in addition to enabling the environment will boost investment in Africa.”