African leaders urge shift from aid to investment at U.S.-Africa summit

African leaders at the U.S.-Africa Business Summit in Luanda have called for an end to aid-based relations with the U.S., urging a stronger focus on private investment and transformative partnerships.

Speaking at the 17th U.S.-Africa Business Summit in Angola’s capital Luanda, African leaders stressed the need to move beyond traditional aid and embrace a model based on ambition, innovation, and private sector-led growth.

Angolan President Joao Lourenco, who also chairs the African Union, said Africa is “no longer a passive recipient of foreign assistance but a dynamic growth frontier ripe for innovation.”

“New dynamics show us it is time to replace the logic of aid with the logic of ambition and private investment,” Lourenco told delegates.

He noted that several regions across the continent have seen major economic transformation in recent years. However, he added, access to fair and favourable financing from global institutions such the World Bank and the International Monetary Fund (IMF) remains essential for long-term development.

Akinwumi Adesina, president of the African Development Bank, echoed the call, declaring that “the era of aid dependency is over, and the time for transformative partnerships has arrived.”

Held under the theme “Paths to prosperity: a shared vision for U.S.-Africa partnership,” the summit has gathered 2,700 participants from both sides, aiming to deepen economic ties and promote private investment opportunities.

The Corporate Council on Africa, which co-organises the summit, has led efforts since 1993 to strengthen U.S.-Africa business relations.

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