Sam Jonah urges African investors to prioritize local capital

Sir Sam Jonah, Founder and Executive Chairman of Jonah Capital, has called on African institutional investors to prioritize local capital to address the continent's widening infrastructure financing gap. Speaking at the Global Business Forum in Accra, Jonah described a “great paradox” where Africa exports its savings only to import expensive capital from abroad, often borrowing its own money back at high interest rates.

Jonah emphasized that while foreign investment is valuable, African investors must demonstrate conviction in their own markets to attract international partners. He noted that “capital follows conviction” and that local institutions should move away from short-term instruments toward long-term investments that support local entrepreneurs and industrialization.

Additionally, Jonah urged African governments to dismantle trade barriers and effectively implement the African Continental Free Trade Area (AfCFTA). He argued that economic transformation depends on entrepreneurs building scalable enterprises to create jobs, rather than relying solely on government employment. He stated that for Africa to trade internally, it must “kill its borders” through tangible implementation of existing trade initiatives.