Financing Africa: where is the money?

LONDON, England

The Mo Ibrahim Foundation's latest report, Financing Africa: where is the money? provides a comprehensive analysis of both the financial needs deemed necessary for Africa to meet its development and climate goals and the resources that are currently available.

Mo Ibrahim

The report makes the point that the resources mostly exist, but either lack the relevant processes to be effectively allocated where needed, or, significantly when it comes to domestic resources, are either dormant or misused. 

Commenting on the release of the report, Mo Ibrahim, Founder and Chair of the Mo Ibrahim Foundation, said:

"We need a complete change of paradigm. This is not about Africa coming to the developed world with a begging bowl and developed countries considering how much more they can pledge. This is about smarter money, not just more money. As this report outlines, the money is already there. But current processes prevent resources from being used to properly address the challenges.

"Steps must be taken to reform the international financing system and update African debt structuring, risk assessment and mitigation and aid conditionalities. Even more, our continent must stop squandering its own assets and take proper ownership and responsibility. In short, we must apply good governance to ensure these assets are adequately leveraged for the best interests of our people.”