Private Sector Must Lead Africa’s Development Agenda, Urges Alex Dadey
At the Forward Africa Leaders Symposium held at NASDAQ in New York, business leader Alex Apau Dadey emphasized that Africa’s development depends on putting the private sector at the center of policy and implementation. He called on governments to move away from viewing private enterprise as an afterthought and instead treat it as a key partner in driving sustainable growth.
Dadey, Executive Chairman of KGL Group and former Chair of Ghana’s Investment Promotion Centre, outlined his vision in an opening keynote, noting that governments alone cannot create wealth. “Governments on their own cannot drive transformation, but sadly, private enterprises that do are most often treated as afterthoughts in national strategies,” he said. He described Africa’s future as one powered by genuine and strategic public-private partnerships that unite the innovation, capital, and execution strength of the private sector with the reach and enabling authority of governments.
Drawing from over three decades of experience across continents, Dadey stressed that Africa must build its own large-scale enterprises. He urged the continent to stop allowing wealth to be extracted by foreign corporations and to start creating businesses capable of competing globally. “If multinational corporations can generate wealth in Africa and repatriate to their home countries, why can’t African countries do the reverse?” he asked. He called for the rise of “African Global Giants” that not only generate profits but also stabilize economies, reinvest in research and development, and strengthen local supply chains.
Dadey warned that scaling successful business models requires supportive policies and environments that do not stifle growth. He cautioned that governments should avoid overregulation, excessive taxation, or political interference that hinder large domestic firms. “We cannot build economies of scale if we constantly cut down the tallest trees,” he remarked. To ensure that private-led growth benefits society, Dadey also encouraged the private sector to integrate social responsibility into its operations. “The private sector should not limit partnerships to only commercial collaboration but also be responsible corporate citizens by filling in critical social intervention gaps left uncovered by governments,” he added.
His remarks came amid growing calls for Africa to accelerate its digital transformation. At the same symposium, stakeholders discussed how fragmented policies and poor coordination across borders are slowing progress in digital trade and innovation. Dadey connected his argument to this broader issue, urging public and private sectors to share responsibility in developing infrastructure, technology, and inclusive economic systems.
Experts say Dadey’s message aligns with the growing concept of Africapitalism, which promotes the idea that African private capital should be mobilized for both profit and social good. The philosophy emphasizes that businesses can be a force for positive change in sectors such as agriculture, healthcare, education, and technology, all of which are crucial to Africa’s long-term prosperity.
As African leaders continue implementing the African Continental Free Trade Area and strengthening regional cooperation, Dadey’s challenge stands clear: for Africa to achieve its development goals, governments must position the private sector at the center of the continent’s economic transformation. His speech serves as a rallying call to build African business giants capable of leading the next phase of the continent’s growth and innovation.
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