‘Power is the backbone’: Leaders gather in Lusaka to energise Africa’s future

TheContinental Energy and Infrastructure Investment Forumgathered in Lusaka this week against the backdrop of a stark challenge: 600 million Africans still lack access to electricity. The forum drew industry leaders, policymakers, financiers and investors to explore investment opportunities in Africa’s energy and infrastructure sectors, supporting regional trade, economic integration and industrialisation. “Power is the backbone of industrialisation and digitalisation,” African Union Commissioner for Infrastructure and Energy,Lerato Mataboge, told delegates.

“That is why it has been elevated to the apex of Agenda 2063.” Opening the conference, Zambian PresidentHakainde Hichilemacalled for speedy implementation of projects, noting that the continent needs more power to boost industrial production. “Africa’s issue is not ideas; we fall short on delivery,” he said. “This forum must take account of that gap.

When we set targets, capital should rush to get these projects done.” Hichilema emphasised the need for regional and continental bodies such as the SADC and AU to simplify trade in energy if initiatives like the Africa Continental Free Trade Area are to be fully realised. He recalled how Zambia could not import power from its neighbours at the height of the drought two years ago because of structural rigidities in the Southern African Power Pool. Energy experts at the forum said the continent is pursuing a single electricity market to overcome the limitations of fragmented national power grids — a barrier that constrains economic growth and energy access.

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Access to finance has been identified as critical to unlocking energy projects, prompting the increased involvement of banks. “Africa’s energy future depends on what we do today. We are looking for tangible and bankable outcomes, not just dialogue,” said Kapumpe Chola, the chief executive of First National Bank, a unit of South Africa’s Standard Bank Group.

“Without energy, our continental ambitions are constrained.” While financial institutions have pledged support, Hichilema railed against what he has described as “a high-risk premium placed on Africa”, which increases the cost of borrowing. He and his Kenyan and Ghanaian counterparts are leading a continental push to reconfigure the global financial architecture, making capital cheaper and operationalising the Africa Credit Rating Agency to reduce reliance on Western rating agencies that distort the continent’s profile.

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