Harnessing Sovereign Wealth Funds for Sustainable Economic Development in Africa
Sovereign wealth funds have been on the rise in Africa, with more than a dozen countries currently operating funds and more in the process of establishing one. The Brown Capital Management Africa Forum Signature Event “Long-term Sustainable Development in Africa: The Role of Sovereign Wealth Funds,” which featured African and U.S. policymakers, practitioners, and academic experts, sketched an overview of the landscape of sovereign wealth funds in Africa and their goals and structures, examined Ghana and Nigeria’s experiences with sovereign wealth funds, and discussed lessons learned and best practices.
This brief draws on that discussion to highlight key recommendations for countries that have or are considering sovereign wealth funds, for the managers of those funds, and for international actors. The discussion described the importance of clearly articulated goals and carefully considered structures in the establishment of a fund, laid out ways to enhance transparency and preserve political autonomy, and stressed the importance of understanding both the capabilities and limitations of sovereign wealth in supporting sustainable development.
Please find the summary of recommendations below.
This publication is part of the Brown Capital Management Africa Forum. For more information and upcoming events and publications, please see here.
The Africa Program works to address the most critical issues facing Africa and U.S.-Africa relations, build mutually beneficial U.S.–Africa relations, and enhance knowledge and understanding about Africa in the United States. The Program achieves its mission through in-depth research and analyses, including our blog Africa Up Close, public discussion, working groups, and briefings that bring together policymakers, practitioners, and subject matter experts to analyze and offer practical options for tackling key challenges in Africa and in U.S.-Africa relations. Read more