African leaders and business figures are advocating for increased utilization of the continent’s domestic capital to spur economic growth and diminish dependence on external financial sources. This call to action emerged from the Alamein Africa Forum in Egypt, which attracted over 20 heads of state, government representatives, business leaders, bankers, and development institutions.
At the forum, Egyptian President Abdel Fattah Al-Sisi emphasized the pivotal role of Africa’s private sector as a key economic driver. However, he noted that it remains significantly linked to markets outside the continent. Al-Sisi urged businesses to seize more opportunities within Africa and to bolster cross-border partnerships, which could enhance economic stability and growth.
The discussion also highlighted the progress of intra-African trade, with African Union Commission Chairperson Mahmoud Ali Youssouf reporting that it reached $220 billion in 2024, accounting for 14.4% of the continent’s total trade. He noted a 12.4% growth in intra-African trade over the year, signifying positive trends towards economic integration.
The Alamein Africa Forum, set to be a biennial event, aims to focus on various sectors including infrastructure, trade, agriculture, healthcare, mining, technology, and renewable energy. By emphasizing these areas, African leaders hope to foster sustainable development and harness the continent’s vast potential more effectively.