Africa faces a significant infrastructure 'execution gap', where the primary challenge is not securing capital but effectively translating investment pledges into completed projects. The African Development Bank estimates the continent requires approximately US$400 billion (GHS 4.8 trillion) annually for infrastructure development. This highlights a critical disconnect between available financing and actual project delivery.
This execution gap is evident in countries like South Africa, the continent's most industrialized economy. Since 2018, South Africa has secured over US$91 billion (GHS 1.1 trillion) in investment pledges through its Investment Conferences. However, by March 2026, only US$38.6 billion (GHS 463.2 billion), or just under 42%, had actually flowed into the economy. This conversion rate is significantly below the global norm, where McKinsey estimates 60–80% of announced Foreign Direct Investment (FDI) is typically realized worldwide.
This persistent issue fits into a broader African economic narrative of ambitious development plans often hampered by implementation challenges. While investment conferences attract global attention and new financing vehicles emerge, the continent struggles to build a robust pipeline of 'bankable projects'. Many infrastructure initiatives fail to progress not due to a lack of funding, but because they cannot navigate the complex preparation and development processes required to attract and deploy investment.
George Asamani and Lavagnon Ika, in their analysis, point out that global investors, including former Swiss Credit CEO Tidjane Thiam, are actively seeking greater exposure to Africa. They are drawn by the continent's long-term growth potential. The real bottleneck lies in connecting this capital with viable opportunities through stronger project preparation, advisory support, and financial intermediation. These upstream stages involve extensive technical, environmental, social, and financial structuring, far beyond simple feasibility studies.
The implications are substantial for Africa's development trajectory. A McKinsey report indicates that fewer than 10% of Africa’s infrastructure projects reach financial close. Nearly 80% fail at the feasibility or business-planning stage. This means the success of infrastructure projects is often determined long before any capital is spent on construction. Strengthening upstream project capability is therefore crucial for Africa to deliver infrastructure at scale.
This challenge is exacerbated by a projected global shortfall of almost 2.5 million project professionals by 2035, according to Project Management Institute (PMI) research. Sub-Saharan Africa is among the regions experiencing the fastest growth in demand for these critical skills. This deficit is not merely a labor market issue; it represents a structural constraint on development. As infrastructure programs become larger and more complex, the demand for project expertise will outpace supply.
Policy responses often overlook the importance of skills development, treating it as a secondary concern rather than a core component of infrastructure programs. Training remains underfunded, career pathways are unclear, and institutional capacity for project management is uneven across the continent. For Africa to fully realize its infrastructure ambitions, this approach must change. Every dollar raised for infrastructure must be matched by a commitment to build the capabilities required to deliver it effectively. This includes embedding skills transfer into programs, strengthening project preparation institutions, and expanding professional education in project management.