{"id":378877,"date":"2025-11-18T12:12:24","date_gmt":"2025-11-18T11:12:24","guid":{"rendered":"https:\/\/www.afis.africa\/?p=378877"},"modified":"2025-11-27T15:54:17","modified_gmt":"2025-11-27T14:54:17","slug":"a-new-chapter-for-a-sovereign-africa-minister-nadia-fettah-says-the-continent-must-transform-its-capital-to-power","status":"publish","type":"post","link":"https:\/\/www.afis.africa\/en\/a-new-chapter-for-a-sovereign-africa-minister-nadia-fettah-says-the-continent-must-transform-its-capital-to-power\/","title":{"rendered":"\u2018A new chapter for a sovereign Africa&#8217;: Minister Nadia Fettah says the continent must transform its capital to power"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"378877\" class=\"elementor elementor-378877\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-16fb9f72 e-flex e-con-boxed e-con e-parent\" data-id=\"16fb9f72\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-660ee3d elementor-widget elementor-widget-text-editor\" data-id=\"660ee3d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p class=\"has-black-color has-text-color has-link-color\"><strong>External dependency is not\u00a0a viable\u00a0development strategy. Africa financial future lies in\u00a0mobilising African savings, according to the high-level speakers at AFIS 2025\u2019s opening ceremony.<\/strong><\/p>\n<p class=\"has-black-color has-text-color has-link-color\">Held under the\u00a0<em>High Patronage of His Majesty King Mohammed VI<\/em>, the\u00a02025 Africa Financial Summit (AFIS) in Casablanca on 3 &amp; 4 November brought together over\u00a01,250 leaders and policymakers.<\/p>\n<h5 class=\"wp-block-heading\"><strong>\u2018Africa does not need to be saved\u2019<\/strong><\/h5>\n<p class=\"has-black-color has-text-color has-link-color\">Speaking at the Summit\u2019s opening ceremony, Nadia\u00a0Fettah, Morocco\u2019s Minister of Economy and Finance, rejected narratives of dependency, declaring: <em>\u201cAfrica does not need to be saved. It must use its own strengths \u2014 transforming its capital into power, and its power into sovereignty.\u201d<\/em><\/p>\n<p class=\"has-black-color has-text-color has-link-color\">She called for a <em>\u201cmore united, stronger African financial community,\u201d<\/em>\u00a0urging participants\u00a0<em>\u201cto build a new chapter for a sovereign Africa\u201d.<\/em><\/p>\n<p class=\"has-black-color has-text-color has-link-color\">Amir Ben Yahmed, CEO of Jeune Afrique Media Gorup and Founder of AFIS, echoed this message pointing to <em>\u201cthe formidable ambition and vitality\u201d<\/em>\u00a0of the continent\u2019s financial sector, where\u00a0nearly\u00a012\u00a0banking groups\u00a0achieve\u00a0returns on equity above 20% (vs. an average of around 13% globally, according to <a href=\"https:\/\/www.mckinsey.com\/~\/media\/mckinsey\/industries\/financial%20services\/our%20insights\/global%20banking%20annual%20review%202023\/the-global-banking-annual-review-2023-vf.pdf?shouldIndex=false&amp;utm\">McKinsey &amp; Company<\/a>).<\/p>\n<p class=\"has-black-color has-text-color has-link-color\"><em>\u201cThe capital we need is in our banks, our insurance companies, our pension funds, and our fintechs,\u201d<\/em>\u00a0said Ben Yahmed, calling for\u00a0ambitious regulation\u00a0to strengthen trust and enhance capital circulation within the continent.\u00a0<\/p>\n<h5 class=\"wp-block-heading\"><strong>Intra-Africa investments<\/strong><\/h5>\n<p class=\"has-black-color has-text-color has-link-color\">Makhtar Diop, Managing Director of the International Finance Corporation, warned that African economies face a \u201cmagnitude of shocks\u201d from rising debt and declining aid to AI disruption, political uncertainties and commodity volatility. <em>\u201cIn my professional career, I\u2019ve never known this level of uncertainty,\u201d<\/em> he said.<br \/><br \/>He argued that\u00a0<em>\u201cthe private sector must take the lead,\u201d<\/em> announcing that the IFC has doubled in recent years\u00a0its annual commitments in Africa to more than $15 billion, with a growing share dedicated to\u00a0equity investments\u00a0and\u00a0local-currency projects.\u00a0<\/p>\n<p class=\"has-black-color has-text-color has-link-color\">Makhtar Diop also called for\u00a0interoperability among African stock exchanges, noting:\u00a0<em>\u201cThe day a Guinean investor can easily invest in Moroccan assets, and vice versa, we will have achieved something truly transformative.\u201d<\/em>\u00a0<\/p>\n<h5 class=\"wp-block-heading\"><strong>Ecobank CEO: Pension funds should back local banks, not just sovereign debt<\/strong><\/h5>\n<p class=\"has-black-color has-text-color has-link-color\">The Summit\u2019s\u00a0Opening Panel tackled how to turn Africa\u2019s\u00a0trillions in untapped domestic assets\u00a0\u2014 in pension funds, sovereign wealth funds, insurance pools, fintech platforms, and bank deposits \u2014 into productive, growth-driving capital.\u00a0<\/p>\n<p class=\"has-black-color has-text-color has-link-color\">Jeremy Awori, Group CEO of\u00a0Ecobank Transnational Incorporated, stressed the stark capital gap\u00a0for African banks compared to Western counterparts: <em>\u201cThe top 100 banks together hold $126 billion in capital \u2014 less than Citigroup alone ($175 billion), and far below major Chinese banks ($300\u2013500 billion).<\/em><\/p>\n<p class=\"has-black-color has-text-color has-link-color\"><em>\u201cWe therefore need pension and sovereign funds to invest in bank equity, not just sovereign paper. That would expand lending capacity to SMEs and the productive.\u201d<\/em><\/p>\n<p class=\"has-black-color has-text-color has-link-color\">He said that Africa faces a <em>\u201cdistorted\u201d<\/em> risk perception driven by rating-agency models that don\u2019t always reflect on-the-ground performance.<\/p>\n<p class=\"has-black-color has-text-color has-link-color\"><em>\u201cMany Africans prefer to hold wealth abroad due to perceived safety, stability, and yield. If we can build confidence that similar or better returns are possible at home, that capital will stay,\u201d <\/em>said the Ecobank CEO.<\/p>\n<h5 class=\"wp-block-heading\"><strong>Coronation CEO: \u2018Let\u2019s look at the plumbers\u2019<\/strong><\/h5>\n<p class=\"has-black-color has-text-color has-link-color\">Aigboje Aig-Imoukhuede,\u00a0Chairman\u00a0of\u00a0Coronation Group, added that <em>\u201cthe capital is available but it\u2019s not being channelled into the opportunities that exist in Africa\u201d.<br \/><\/em><br \/>He likened the issue to faulty plumbing. <em>\u201cWhen there\u2019s a problem with the plumbing don\u2019t look at the pipes, let\u2019s look at the plumbers.\u201d <\/em>The mindset of those <em>\u201cplumbers\u201d<\/em> \u2014 Africa\u2019s public and private financial institutions \u2014 must change, he said.<\/p>\n<blockquote class=\"wp-block-quote has-text-align-right alignright has-small-font-size\">\n<p class=\"has-small-font-size\"><em>\u201cHow many countries in Africa have a well-functioning credit bureau? Less than 10.<\/em>&#8220;<\/p>\n<cite><strong>Jules Ngankam, Group CEO of the\u00a0African Guarantee Fund (AGF)<\/strong><\/cite><\/blockquote>\n<p class=\"has-black-color has-text-color has-link-color\">Aig-Imoukhuede pointed to Japan\u2019s post-war experience:\u00a0<em>\u201cThe domestic capital mobilised for Japan\u2019s reconstruction and transformation was greater than the capital that came from the US government. It required very deliberate action,\u201d <\/em>he said,calling on AFIS attendees to \u201cde-risk <em>African investments at scale\u201d.<\/em><\/p>\n<h5 class=\"wp-block-heading\"><strong>Data gaps, fragmentation and costly compliance: AGF CEO<\/strong><\/h5>\n<p class=\"has-black-color has-text-color has-link-color\">Jules Ngankam, Group CEO of the\u00a0African Guarantee Fund (AGF), flagged the severe information gaps facing investors. <em>\u201cHow many countries in Africa have a well-functioning credit bureau? Less than 10. So, access to data is really a challenge,\u201d <\/em>he said.<\/p>\n<p class=\"has-black-color has-text-color has-link-color\">The AGF chief added that domestic investment remains burdensome for investors, as financial institutions must set aside capital to meet <em>\u201ccostly\u201d<\/em> Basel and IFRS requirements, deal with over 40 separate curriences, and contend with limited secondary markets to transfer risk.<\/p>\n<p class=\"has-black-color has-text-color has-link-color\"><em>\u201cWhen you take the regulatory cost that\u2019s coming from all the regulatory regimes across Africa that are fragmented and you take the transaction costs, it\u2019s very costly for investors,\u201d <\/em>he said.<\/p>\n<figure class=\"wp-block-image aligncenter size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"659\" class=\"wp-image-378885\" src=\"https:\/\/www.afis.africa\/wp-content\/uploads\/2025\/11\/BASS0088-1024x659.jpg\" alt=\"\" srcset=\"https:\/\/www.afis.africa\/wp-content\/uploads\/2025\/11\/BASS0088-1024x659.jpg 1024w, https:\/\/www.afis.africa\/wp-content\/uploads\/2025\/11\/BASS0088-300x193.jpg 300w, https:\/\/www.afis.africa\/wp-content\/uploads\/2025\/11\/BASS0088-768x494.jpg 768w, https:\/\/www.afis.africa\/wp-content\/uploads\/2025\/11\/BASS0088-1536x989.jpg 1536w, https:\/\/www.afis.africa\/wp-content\/uploads\/2025\/11\/BASS0088-2048x1319.jpg 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>\n<figcaption class=\"wp-element-caption\">AFIS 2025 Opening Panel &#8216;Unlocking Africa&#8217;s Financial Power: Time to mobilise capital at Scale&#8217; moderated by\u00a0Manal\u00a0Bernoussi, Founder and Managing Director of\u00a0Leaders on Purpose,\u00a0convened\u00a0some of the continent\u2019s most influential financial voices.\u00a0<\/figcaption>\n<\/figure>\n<p class=\"has-black-color has-text-color has-link-color\">Ethiopis Tafara, Regional Vice President for Africa at the IFC, said that the industry needs to look closely at its capital markets, where investors including pension funds will go to trade securities.<br \/><br \/><em>&#8220;Despite the efforts we&#8217;ve made, we don&#8217;t have enough depth and liquidity in these markets,&#8221;<\/em> he said.<br \/><br \/><em>&#8220;The most important thing in a market is trust. And that trust comes from having rules in place, but most importantly you have a regulator that is independent and that&#8217;s well financed. That&#8217;s what we need to spend more time on,&#8221;<\/em> he added.<\/p>\n<p class=\"has-black-color has-text-color has-link-color\">Tafara stressed that Africa needs to develop a deep pipeline of\u00a0bankable projects, and that\u00a0<em>\u201cif we take the time to reach the right equilibrium, we will see real change\u201d.<\/em><\/p>\n<p class=\"has-black-color has-text-color has-link-color\">Across 45+ sessions, explored the building blocks of African sovereignty &#8211; from expanding secondary markets for NPLs and repatriating African governments\u2019 FX reserves to forging publicly-listed family businesses with pan-African ambitions.<\/p>\n<p class=\"has-black-color has-text-color has-link-color\">Photos from the event can be found <strong><a href=\"https:\/\/jamg.canto.global\/v\/AFIS2025\/landing?viewIndex=1\">here.<\/a><\/strong><a id=\"_msocom_1\"><\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>External dependency is not\u00a0a viable\u00a0development strategy. Africa financial future lies in\u00a0mobilising African savings, according to the high-level speakers at AFIS 2025\u2019s opening ceremony. Held under the\u00a0High Patronage of His Majesty King Mohammed VI, the\u00a02025 Africa Financial Summit (AFIS) in Casablanca on 3 &amp; 4 November brought together over\u00a01,250 leaders and policymakers. \u2018Africa does not need [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":378878,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[95],"tags":[153,155,158,160,154,157,159,156],"class_list":["post-378877","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-global-economic-stability-challenges","tag-afis2025","tag-africa","tag-african-guarantee-fund","tag-coronation","tag-domestic-capital","tag-ecobank","tag-ifc","tag-morocco"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>\u2018A new chapter for a sovereign 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