Speaking at the 56th Annual Meeting of the World Economic Forum (WEF), convened under the theme “A Spirit of Dialogue”, Sierra Leone’s President Julius Maada Bio called for a fundamental change in Africa’s economic approach. He stressed the need for collective bargaining power, regional integration, and stronger private sector leadership to unlock the continent’s market potential.
Addressing fellow heads of state and global investors, President Bio acknowledged the difficulty African countries face in mobilising capital, particularly for climate investments and infrastructure.
“It is going to be difficult to mobilise capital on our side because investors remain shy of our climate investments and question profitability,” he said. “Yet, they are never shy to come for our resources.”
President Bio also highlighted Africa’s limited bargaining power in global economic negotiations, arguing that a unified approach is necessary to secure better terms.
He pointed to institutions such as the African Export-Import Bank (Afreximbank), noting their growing role in supporting African ventures and urging further collaboration.
“We, at the political helm, need to change how we think about the world and how important the regional market is for us,” he said. “We are talking about 1.4 billion people across Africa. In West Africa alone, which I chair under ECOWAS, we represent about 470 million people. These are markets ready for us to create wealth for our citizens but it requires input and bold action.”
President Bio announced plans to convene an African Economic Summit, aimed at prioritising private sector participation rather than political discussion.
“We must stop using borders to separate us and instead use them to unite us toward economic prosperity,” he said. “I want the private sector to force us, politically, to break these boundaries so that services, money, and businesses can move freely across the continent.”
He explained that the summit will bring together business leaders from across the sub-region to propose practical steps for integration.
“This is not going to be politics. The private sector will lead, and we will listen. We want prescriptions that can go into action not discussions that remain on paper.”
Reflecting on Africa’s current economic direction, President Bio warned that leaders must adapt quickly to global changes.
“We are still stopping history in terms of mindset. The environment is changing so fast that many of us have missed the point,” he said.
He concluded by emphasising the importance of turning dialogue into action.
“It has been a lively discussion here at Davos, with many exciting points raised. Exactly a year ago, we began this conversation, and today we must move from dialogue to action.”