Africa CEO Forum: Democracy attracts foreign investors!.

He made an impressive performance to attract foreign investors to the country, in a challenging global economic backdrop; marked by rising protectionism, reduced development aid, and high debt-servicing costs.

It was organised by Jeune Afrique Media Group and co-hosted by the International Finance Corporation, bringing together some 2,000 business representatives and government leaders around the world to drive actionable solutions to these challenges and opportunities.

Among the Heads of State were Paul Kagame of Rwanda; Cyril Ramaphosa of South Africa; Mohamed Cheikh El Ghazouani of Mauritania and Bassirou Diomaye Faye of Senegal.

It held under the theme: “Can a New Deal Between State and Private Sector Deliver the Continent a Winning Hand?”

For Dion Ngute and some 40 investors from Cameroon in his delegation, "Cameroon a vital force" with its National Development Strategy, 2020-2030, SND20, the programme is a framework for development, aiming to transform the economy and improve the lives of its citizens.

Government officials say it builds upon lessons learned from the Growth and Employment Strategy Paper, GESP, and aligns with the broader vision 2035, which envisions Cameroon as an emerging, democratic, and diverse nation. 

The SND30 focuses on structural transformation of the economy, development of human capital and well-being, employment promotion, and improved governance. That was what the Cameroon delegation marketed to investors. 

Talking to reporters, the Prime Minister saluted the engagement and interest of the business community, particularly investors who expressed desire to invest in Cameroon.

Dion Ngute said in the face of an unprecedented rise in protectionism across the world, it was time for Africa to rise up and make use of its potential. He praised the presence of several Cameroon business enterprises and corporations at the Forum.

It was a reiteration of Ivorian President, Alassane Ouattara, who in his opening speech said the world is undergoing "profound upheavals and major changes in geopolitics, the economy, finance, the environment, and international trade; with the corollary of an unprecedented accumulation of risks, uncertainties, and volatility in the short and medium term that are impacting our economic systems and the well-being of populations".

Added to the challenges are trade tensions escalating and supply chains, which remain under pressure, and the prospects for a "return to normalcy are faced with numerous challenges."

The host Head of State expressed regrets that: "Africa, for its part, is bearing the brunt of these crises. Access to financing is severely reduced, many countries are prey to insecurity, under constant threats from terrorist groups, while others are sinking into political instability, exacerbating the suffering of their populations a little more each day".

After diagnosing the problems, many attributed them to bad governance and sit-tight regimes. The Ivorian leader in his speech made recommendations to answer the crucial question, which was the theme of the Forum: “Can a New Deal Between State and Private Sector Deliver the Continent a Winning Hand?”

His answer: "We must work to strengthen intra-African trade by continuing efforts to transform our products and raw materials. The theme chosen...invites all African decision-makers to rethink the frameworks for action between the public and private sectors, to build a strategic partnership capable of anticipating and responding to global changes”. 

"It is this shared desire that we must clearly affirm today, to build a new balance based on reciprocal commitments, a shared vision of development, and strengthened trust. The structural transformation of our economies must be based on concrete priorities: developing competitive human capital, ensuring our food and energy sovereignty, industrialising our value chains, accelerating the development of renewable energies, and mastering digital technologies, including artificial intelligence," he added. 

Ouattara reiterated that Africa has significant potential with its young people truly passionate about new technologies, and must do everything to encourage them to invest more in the sector.

"We must also preserve our environment, invest massively in economic infrastructure, and finally, achieve our economic integration through the effective implementation of the African Continental Free Trade Area, AfCFTA," Ouattara said. 

His diagnosis is not new, just as the prescription of a remedy is common knowledge. But what remains a snag has been the inability of many African countries to truly democratise and live by what they preach.

As the World Bank has pointed out over and again, “democracy can foster development by enhancing accountability, promoting economic freedom, and improving human capital, through better education and healthcare".

On that background, African leaders can successfully win in the government- private sector relationship if they honestly practice democracy, power alternation, constitutional term limits and the rule of law. 

Do they do that? Only countries that answer the question positively will "win" the battle for development through joint ventures, as was the focus of the 2025 edition of the African CEO Forum, where governments lobbied for foreign investors.

This article was first published in The Guardian Post Edition No:3448 of Wednesday May 14, 2025