“Our greatest asset lies not in the riches below our feet, but in the ingenuity of our people.” This is the sentiment shared by Professor Benedict Oramah, the former Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank), and recipient of the 2025 African of the Decade Award, as he addressed business and innovation leaders at this year’s All Africa Business Leaders Awards.
With 70% of sub-Saharan Africa’s population under the age of 30, making it the most youthful region in the world, he said that significant opportunities exist to propel the continent forward and establish a new economic powerhouse by 2050, shaped by leaders like those honoured at AABLA. To unlock the continent’s true potential, he listed four key pillars to guide leaders to unlock domestic wealth for Africa’s people:
Pillar 1: Restore Africa’s confidence
The first step toward transformation, Oramah emphasised, is restoring confidence – a process that begins with reclaiming Africa’s own success stories. Confidence is contagious, and Africa’s best practices cannot thrive when leaders model themselves on systems built for other nations. The continent needs leaders who champion African achievements and treat African ingenuity as the standard.
This confidence must translate into action. Leaders cannot wait for perfect conditions, but must rather use Africa’s existing skills, knowledge, talent, and capital to build value, competitive enterprises, and jobs.
Confidence must also shape how Africa trains and develops talent. Leadership, Oramah stressed, begins in the classroom as well as the boardroom, and must be informed by African realities and indigenous knowledge. The continent should define and export its own best practices, not default to imported ones.
Pillar 2: Strengthen African financial institutions
Oramah warned that Africa’s financial architecture remains a key structural weakness. Without strong domestic institutions – the local banks, pension funds, insurers, and investment bodies that mobilise and manage a nation’s capital – even visionary leadership cannot translate into economic power. African banks and investment houses must be able to finance African ambition.
Strengthening these institutions means building fortresses of sovereignty – large, liquid, and trusted enough to keep capital circulating on the continent. Too much capital, he noted, remains offshore because local institutions lack the scale or tools to hold and deploy it.
Domestic companies also face higher capital costs and tougher lending requirements than foreign-backed firms. Fixing this imbalance is essential for African businesses to scale, compete globally, and drive economic transformation.
Pillar 3: Take control of Africa’s capital
Taking control of capital starts with deciding where Africa chooses to hold it. A meaningful share of reserves should be held in African institutions, immediately deepening liquidity, stabilising markets, and accelerating domestic investment. Offshore capital weakens Africa’s leverage and strengthens economies already profiting from African trade.
Trade itself has often acted as a double-edged sword, fuelling capital flight and weakening local industries while enriching foreign economies. High borrowing costs and volatile exchange rates intensify this burden, leaving African businesses struggling to compete.
Reclaiming capital also requires breaking the psychological barriers that limit collective action. Too often, African governments and entrepreneurs see each other as rivals rather than partners, slowing policy progress and hindering regional integration and capital pooling.
Pillar 4: Make courage a way of life
For Oramah, courage is an essential leadership trait and the foundation of an African economic resurgence. The continent cannot hesitate in a world driven by digital transformation. Leaders must be bold enough to build industries rooted in technology, data, and innovation, even when global systems seem stacked against them.
Courage also means challenging financial structures that undervalue African markets and inflate regional risk. These systems have constrained growth not because Africa lacks potential, but because it has lacked the confidence and unity to demand fair treatment. Breaking this pattern requires decisive leadership that can withstand resistance.
Above all, courage is about reclaiming the African mind. Oramah cautioned that too many ideas are abandoned out of fear of criticism. The AABLA highlights leaders who reject this – leaders who turn obstacles into opportunities through boldness and conviction. Their example should help make courage a culture, not an exception.
“The AABLA spotlights leaders who dare to dream, celebrating not just individual triumph, but the collective power of African leadership. We must reject inaction, preach audacity, command respect, and, most importantly, our leaders must not fear,” he concluded.7
