Mo Ibrahim Foundation’s 2024 Report on Financing Africa

Mo Ibrahim Foundation
Mo Ibrahim

The Mo Ibrahim Foundation has released its latest report titled “Financing Africa: Where is the Money?” This comprehensive analysis assesses Africa’s financial needs to achieve its development and climate goals, juxtaposed with the available resources.

Despite ample existing resources, the report highlights challenges in effective allocation and misuse of domestic assets, advocating for reforms in international financing systems and governance practices within Africa.

  1. Current Financial Landscape: The report underscores Africa’s substantial financial needs for development and climate initiatives, complicated by inconsistent data but pointing to staggering figures.
  2. Challenges in Resource Allocation: It critiques the coherence of financial contributions, including Official Development Assistance (ODA) and non-DAC commitments, noting persistent conditionalities and complexities in debt structures.
  3. Role of Domestic Resources: Emphasizing Africa’s potential, the report urges harnessing domestic resources, which could cover a significant portion of financing needs if effectively managed and protected from Illicit Financial Flows (IFFs).
  4. Recommendations for Governance and Sustainability: Highlighting the underutilized potential of tax reforms, remittances, sovereign wealth funds, and green assets, the report advocates for governance reforms to ensure equitable resource allocation and sustainable development.
  5. Context and Contributors: Originally part of the Ibrahim Governance Weekend, the report integrates insights from global leaders and experts, despite the cancellation of IGW 2024 in Nigeria.

The Mo Ibrahim Foundation’s report urges a paradigm shift in financing strategies, advocating for smarter utilization of existing resources and improved governance to achieve sustainable development across Africa.

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