Ghana and other countries positioned for major economic boost as France President, Macron pledges €23bn investment in Africa

• The Africa Forward Summit in Nairobi brought together African leaders and global investors to promote a shift from aid-based relations to investment-driven economic partnerships.

• French President Emmanuel Macron used the summit to push a “partnership of equals” model focused on trade, innovation, infrastructure and private-sector growth across Africa.

• The summit reflects France’s effort to rebuild influence in Africa amid rising competition from global powers and shifting political relations on the continent.

France’s decision to commit €23 billion in investments across Africa is expected to create fresh opportunities for Ghana in areas including energy, infrastructure, technology and industrial development as African countries position themselves to benefit from new foreign partnerships.

French President Emmanuel Macron announced the investment package during the Africa Forward Summit in Nairobi, Kenya, where African leaders and international investors gathered to discuss trade, financing and economic cooperation across the continent.

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He urged African businesses to also invest in France as part of a new two-way economic relationship. 

The €23 billion package, equivalent to roughly $27 billion, will target sectors such as renewable energy, agriculture, artificial intelligence, transport, digital infrastructure and healthcare.

The announcement could also present significant opportunities to support economic recovery, industrialisation and job creation.

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The Africa Forward Summit in Nairobi was organised to strengthen economic partnerships between Africa and international investors, particularly France, by shifting the focus from traditional aid to trade, investment and private-sector growth.

The summit brought together African leaders, global businesses, financial institutions and policymakers to discuss key issues including infrastructure, energy, technology, agriculture and job creation across the continent. 

French multinational companies such as TotalEnergies, Société Générale and Bolloré already maintain strong commercial operations in Ghana.

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The announcement also comes at an important period for Ghana’s economy following recent IMF-backed recovery efforts and a boost in GDP ratings amid ongoing attempts to reduce unemployment and stabilise public finances.

President John Dramani Mahama has previously emphasised the need for increased foreign investment and stronger international partnerships to accelerate industrial growth and economic transformation.

At the summit, Macron said France wants to move away from traditional aid relationships toward what he described as a “partnership of equals” with African countries. 

The French leader also backed calls for reforms to the global financial system to make it easier for African countries to access affordable financing for development projects.