By: Gloria Anderson and Eric Crentsil
Chairman of Heirs Holdings and founder of the Tony Elumelu Foundation, Tony Elumelu, has called on African governments to adopt a new culture of discipline, transparency, and meaningful public-private partnerships (PPPs) as the continent positions its Public Financial Management (PFM) systems for long-term prosperity.
Speaking on Day Two of the 3rd African Association of Accountants General Conference, held under the theme “Africa of Tomorrow: Position PFM for Economic Prosperity,” Elumelu delivered a hard-hitting message: Africa’s development will only accelerate when governments and the private sector work together with honesty, consistency, and an execution-driven mindset.
Elumelu said long-term investors look for only three things: enforceable contracts, fiscal stability, and policy continuity, and warned that Africa continues to scare off investment when these fundamentals are weak. “Trust is the mother of capital,” he noted, stressing that transparency is a non-negotiable requirement for attracting global financing.
He challenged African leaders to abandon the culture of centralization, bureaucracy, and delays, urging ministries, agencies, and public institutions to become “centres of excellence” that serve citizens first before external interests. According to him, the continent cannot keep “talking about reforms” without showing tangible results.
Elumelu highlighted that Africa sits on a $3.4 trillion market, yet remains unable to unlock its full potential due to poor infrastructure, inconsistent regulations, and weak implementation.
He argued that PPPs, built on accountability and mutual respect, are the clearest path to mobilizing sustainable development financing.
Recalling his own journey of investing in African businesses, including power, entrepreneurship, and job creation initiatives across the continent, Elumelu emphasized that Africa has the talent and potential to transform itself but only through intentional action. “The era of execution is here,” he declared. “People, projects, and results, not promises, will define Africa’s future.”
He warned that without discipline in managing public resources, Africa risks missing its moment. But with strong leadership and a united private and public sector, the continent can attract large-scale global investment, build the infrastructure it needs, and create millions of jobs.
Elumelu concluded by challenging both government officials and private sector leaders present: “This is your moment. Demand more, lead boldly, and deliver impact. A prosperous Africa depends on the choices you make now.”
