For decades, Africa's growth challenge has been framed as a shortage of capital. Policymakers look outward, investors cite funding gaps, and development debates revolve around how to attract more foreign money. But this framing no longer reflects the full reality.
Africa today does not lack capital. What it lacks is coordination.
Across the continent, pension funds and asset managers already steward more than 2.4 trillion in institutional assets, a figure that dwarfs annual aid flows and increasingly rivals foreign investment. In Kenya, over 90 of government bonds are financed by domestic capital. This is not a theoretical discussion about future potential it is clear evidence of capital already in place and available for deeper deployment.
