It has been 140 years since imperialist powers gathered in Berlin for the scramble for Africa. Today, the power dynamics between the continent’s 54 diverse nations and the rest of the world remain deeply imbalanced. Partnerships are often dominated by external actors and driven by their interests—not Africa’s. But the dismantling of old models of development and cuts to traditional aid are a stark wake-up call for Africans to seize the reins of their own development, set their own priorities, speak with a united voice, and define the terms of partnership for shared growth. This requires that Africans move with decisive courage beyond donor-defined agendas, rebalance the table, and reclaim control over their social, economic, and strategic choices.
There’s no time to waste. The race for critical minerals today is a direct parallel to the scramble for Africa—where the continent supplied the raw materials for the world’s energy and innovation but was denied the jobs, investment, and industrial development that come with processing and value addition. The actors engaged in this scramble are more diverse than before, with countries in Asia and the Middle East playing a pivotal role. The Democratic Republic of the Congo produces more than 70 percent of the world’s cobalt, and South Africa holds one of the highest grades of rare-earth elements in the world. Yet the continent retains only 10 percent of global revenue in critical minerals. Without stronger guarantees of local benefit, the current model risks deepening inequality, draining Africa’s wealth, and repeating the same patterns that have stifled growth for generations.
Africa accounts for about 18 percent of the world’s population yet contributes less than 3 percent of global trade. The continent could generate an additional $21.9 billion annually through increased exports to the world—a critical boost to domestic growth. However, wealth continues to flow out of Africa as the cost of servicing debt has skyrocketed and the price for accessing capital is up to five times higher when borrowing from capital markets than through affordable loans from multilateral banks. Credit rating agencies grade African economies with a double standard, contributing to unjustifiably higher risk premiums that block off investments needed to drive catalytic growth on the continent.
Western efforts to impose prepackaged—and often flawed—models of democracy, upholding unrealistic expectations without adapting to local political contexts, have undermined stability and sovereignty and often delivered mixed results. African countries are expected to conform to ideals they had little part in shaping.
The current dynamic is broken and unsustainable. Shrinking aid budgets, inequitable trade deals, and imbalanced global partnerships expose a lopsided system that is not only overdue for rebalancing but was never designed to scale Africa’s growth. Global demographic trends underscore the urgency for reform: As the West ages, realizing Africa’s youth dividend becomes increasingly important for global economic growth.
The world needs Africa—not as a recipient of charity but as a strategic partner in ensuring global prosperity. Africa is not waiting but moving with vision. Across the continent, governments, civil society, and the private sector are reimagining development away from a series of external interventions and toward an African-led agenda.
Agenda 2063 outlines an African-led future characterized by inclusive growth, sustainable development, good governance, and peace and security. It is a road map already in motion. One of its flagship projects, the African Continental Free Trade Area (AfCFTA), came into force in 2019, establishing the largest free trade zone in the world. The AfCFTA presents a major opportunity for Africa to connect 1.5 billion people into a single marketplace, with estimates that it could boost Africa’s global exports by 32 percent by 2035, grow intra-African trade to 50 percent by 2030, and lift 30 million people out of extreme poverty. For global partners, it offers access to one of the world’s most dynamic economic frontiers. But these gains hinge on implementing smart trade facilitation measures under the Digital Protocol: cross-border data transfers, digitizing trade documentation, and streamlining customs to increase efficiency and reduce the costs of trade.
The continent is also transforming its health systems—an area ripe for growth and partnership—where African countries can provide essential health services for their own people without relying on external governments or changes in global leadership. The Platform for Harmonized African Health Products Manufacturing (PHAHM) spans pharmaceutics, diagnostics, and other health products, with the goal of supplying 60 percent of the vaccines used in Africa by 2040, up from just 1 percent today. PHAHM seeks to make this vision a reality by building an integrated market that fosters demand certainty and drives investment in domestic production. This shift away from dependency stands to strengthen both regional and global health security. Continued investments along these lines will also bolster one of the continent’s most strategic assets, its youth.
With more than 60 percent of the population under the age of 25, Africa is home to the world’s youngest and fastest-growing workforces. Their potential to be the engine of the continent’s transformation and global economic growth is evident in the technology and creative industries. In music, film, and fashion, African creatives are capturing global attention and generating new sources of growth. Sub-Saharan Africa’s music industry is the fastest-growing in the world, its revenue rising by more than 20 percent in 2023 alone. In the face of aging populations in Europe and other world regions, the skills, confidence, and creativity of Africa’s youth could serve as the global workforce of the future.
The continent’s financial potential is far greater than most imagine, with the capacity to mobilize and retain about $1.43 trillion in domestic resources alone. While government revenues have grown in absolute terms, this has not consistently translated into increased spending on health, education, and infrastructure. In many countries, rising debt servicing costs are crowding out public investment, limiting the fiscal space needed to deliver essential services and build long-term resilience. Partner countries can play a significant role by developing new mechanisms to lower borrowing costs, enabling African nations to refinance expensive debt.
Instead of relying on global reforms, progressive African actors are investing locally, with homegrown financing models emerging to fill gaps. The African Philanthropy Forum, for instance, has created a network of more than 3,500 philanthropists to drive locally led development and create new pathways for sustainable financing. These efforts reflect a growing ecosystem of African stakeholders committed to shaping their own future.
People walk under active and inactive power lines in Matipwili on Jan. 22.
For these efforts to deliver results, African-led development must replace externally driven plans. Resetting Africa’s relationship with the rest of the world means moving beyond paternalism to mutually beneficial partnerships. This overdue shift is gaining momentum, as seen in the fresh vision of new leadership across key African institutions. Figures such as George Elombi of the African Export-Import Bank, Sidi Ould Tah of the African Development Bank, and Mahmoud Ali Youssouf of the African Union Commission are each steering a vision for Africa’s role on the global stage.
Africa must harness its own resources more effectively to accelerate progress on its vision. This includes deploying pension fund assets, diaspora remittances, and sovereign wealth funds more productively while also prioritizing investment in local value chains, driving innovation, and negotiating collectively for better terms of engagement with global partners. At the same time, global cooperation is essential to secure fairer risk assessments, curb illicit financial flows, and create investment environments that reward African innovation.
With the African Union and South Africa collaborating on this year’s G-20, there is growing momentum for African-driven systemic change. As the current G-20 president, South Africa has elevated the cost-of-capital agenda to examine the factors driving up the cost of borrowing for African and other developing economies. The AU’s permanent seat at the G-20 and South Africa’s leadership mark a historic opportunity to champion reforms in sovereign debt restructuring as well as in the international financial architecture that are crucial for promoting sustainable development and reducing debt vulnerabilities in African economies.
The G-20 has a critical role to play in tackling the cost-of-capital issue in particular, as many of the structural drivers of high capital costs are embedded in international financial norms that no single country can change alone. G-20 leaders must commit to an implementation road map that lowers the cost of capital for African and other emerging markets. A credible road map should emerge from the G-20 summit in November that includes (1) improving debt data and transparency, (2) reforming credit rating agency methodologies to better reflect actual risk, and (3) instituting domestic policy measures that de-risk investments. Expanding the use of innovative financing mechanisms by multilateral lenders, along with better targeting of concessional finance, should also be prioritized. Together, these steps are essential for leveling the playing field for countries with strong development potential but limited fiscal space.
Africa must reframe its future, beginning with a unified front—speaking with one voice through regional and continental platforms on critical issues such as trade, value addition, and the governance of strategic minerals. On the critical minerals front, this entails strengthening individual negotiating power by investing in geological data, harmonizing policy frameworks, and defining the national and regional vision for key minerals to better guide exploration, extraction, and long-term continental development. By setting shared standards and aligning visions, African countries can secure better terms for their critical minerals from global partners that protect sovereignty, reward innovation, and drive inclusive job creation.
Building a resilient future also means fortifying ties across the continent, ensuring collective action to drive climate resilience and intra-Africa trade, and eliminating barriers to travel across the continent.
Most importantly, African governments must commit to building an enabling environment for sustainable investment. This means addressing corruption and leveraging innovation, data, and technology to enhance the efficiency and effectiveness of service delivery of health, education, and security for their cities. It also requires investing significantly in infrastructure, expanding energy access, and enacting targeted reforms that unlock capital and curb illicit financial flows.
Nigeria offers a compelling case study that can be mirrored across the continent. The decades-long pursuit to recover up to $5 billion looted by former military leader Sani Abacha required coordination across jurisdictions—including France, Jersey, Switzerland, the United Kingdom, and the United States—and resulted in the return of most funds for use in development projects with accountability safeguards. Global partnership was essential to this outcome. Similar dynamics followed the scrutiny of the controversial OPL 245 oil bloc deal, where constructive engagement by the European Union and United States led to stronger transparency frameworks in the extractive sector. Yet many of these measures are being rolled back. With the U.K. signaling interest in leading on transparency during its anticipated 2027 G-20 presidency, this is a crucial opportunity for African nations to partner with foreign governments and renew momentum for driving anti-corruption and accountability across the continent.
Moreover, African nations must show a renewed and visible commitment to reducing political instability and strengthening institutions, scaling investments in peace economies and justice systems.
Likewise, civil society and the African diaspora are critical to driving sustainable change. The diaspora alone—comprising some 200 million people—sent almost $100 billion in remittances in 2024, representing a catalytic force for investment and innovation. Together with civil society, it can strengthen local institutions and push for greater transparency.
To truly ensure a rebalance of power, the rest of the world must do its part. Foreign governments and the private sector must approach African countries as equals. Several countries—including Canada, Denmark, Germany, and the U.K.—have developed new Africa strategies to guide their engagement across trade, investment, and development. While these mark a welcome shift in tone, they often fall short of delivering transformative change. For instance, Canada’s Africa Strategy is a promising first step but lacks substantial investments, de-risking mechanisms, and strategic incentives needed to unlock mutual economic benefit. To rise above paternalistic tropes, foreign governments must back commitments with real investments, clear road maps for engaging with African institutions, and robust systems to track progress.
These strategies alone are not enough. Equitable partnerships are not just about fairness; they are in everyone’s best interest—unlocking sustainable growth, stability, and shared prosperity that will benefit African countries and its partners. Respecting Africa’s right to chart its course must be matched by reforms to the global financial system; a commitment to fairer financing that accounts for present-day vulnerabilities, not outdated income groupings; co-investment in Africa’s people and growth; and a shift from extractive contracts to domestic value-added production, particularly in the critical minerals sector.
Africa is not asking for handouts. It offers opportunities in the form of ingenuity, innovation, and young workforces ready to power the global economy. Rebalancing the table means a reimagined partnership defined by Africans, rooted in equity and mutual respect, and driven by shared prosperity.