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A Case for Sovereign Wealth Funds in Africa

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  • Roland M. Banya

    (Research ICT Africa)

Abstract

African countries have consistently featured among the fastest-growing economies globally over the past decade. Some countries projected to grow by more than 5.5% in the 2023-24 period include the Democratic Republic of Congo (6.8%), The Gambia (6.4%), Mozambique (6.5%), Niger (9.6%), Senegal (9.4%), and Togo (6.3%) (AfDB, 2023). This growth has been driven predominately by resource exploration including - oil and gas, to mention but a few. As a result, many of these countries have received immense flows of revenue from the sale of these resources. The influx of riches into these economies, if not properly managed and governed, can bring a slew of problems, which is frequently referred to as the "resource curse." The design and implementation of Sovereign money Funds is one possible approach that governments in similar contexts have planned for and used this money to catalyse growth and development.

Suggested Citation

  • Roland M. Banya, 2023. "A Case for Sovereign Wealth Funds in Africa," Development Finance Agenda, Chartered Institute of Development Finance, vol. 8(8), pages 18-19.
    • Handle: RePEc:afj:journ4:v:8:y:2023:i:8:p:18-19
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    File URL: https://journals.co.za/doi/abs/10.10520/ejc-defa_v8_n8_a6
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