Dar es Salaam. Africa holds more than $1 trillion in pension assets, a financial reservoir that could transform the continent’s development.
Yet an astonishing 99 percent of private equity investment capital used in Africa still originates from outside the continent.
That contradiction, described as “a crisis of belief, not a crisis of money,” dominated discussions at the All Africa Pension Summit in Kampala, which started on November 5 and runs until November 7, where pension fund managers, government officials and development partners were urged to channel African savings into African development.
Chairperson of the East Africa Venture Capital Association, David Owino, said in the discussion with an unvarnished assessment.
“Africans do not believe in developing themselves. There are people who believe in developing Africa more than Africans do,” he said.
Mr Owino, whose organisation re
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