Ecobank CEO: Africa Needs More Savings for Growth, Jobs

Jeremy Awori, Chief Executive Officer of Ecobank Transnational Inc., delivered a stark assessment of Africa’s economic challenges at the inaugural Bloomberg Africa Business Summit in Johannesburg. The banking executive emphasized that the continent’s path to sustainable growth and job creation must begin with mobilizing domestic savings rather than relying on external investment. “We have to create this environment where we invest in Africa ourselves, before we start thinking elsewhere,” Awori told the gathering of business leaders and policymakers.

This call for greater domestic resource mobilization comes as African nations continue to face significant funding gaps for infrastructure development, industrial expansion, and social services. Awori’s message underscores a fundamental shift in development strategy, suggesting that African economies must build from within rather than looking outward for solutions. The Ecobank CEO’s position reflects growing recognition that sustainable economic transformation requires local capital formation as a foundation for broader investment.

Central to Awori’s argument is Africa’s unique demographic profile, which presents both an unprecedented opportunity and a significant challenge. “We have young populations and if we do not create growth and we do not create jobs, we do not create livelihoods, they will take matters into their own hands,” he warned. This statement highlights the urgent need to convert Africa’s youth bulge into a productive workforce rather than allowing it to become a source of social instability.

The continent’s rapidly growing young population represents what economists call a demographic dividend – a potential economic boost that occurs when the working-age population grows faster than the dependent population. However, as Awori emphasized, this dividend can only be realized through strategic investment in job creation and economic opportunities. Without adequate employment prospects, Africa’s youthful energy could instead manifest as social unrest and economic stagnation.

The Ecobank CEO’s comments at the Bloomberg summit reflect a broader concern among African business leaders about the window of opportunity for harnessing this demographic potential. With millions of young Africans entering the job market annually, the pressure to generate sustainable livelihoods has never been greater, making domestic investment in growth-oriented sectors an urgent priority.

Awori’s emphasis on domestic investment before seeking external funding represents a significant departure from traditional development models that have often prioritized foreign direct investment and international aid. This approach suggests that African economies must first demonstrate commitment to their own development through local resource mobilization before effectively leveraging external capital.

The Ecobank CEO’s position aligns with emerging economic thinking that emphasizes the importance of domestic savings in driving sustainable development. Higher savings rates enable greater investment in productive capacity, which in turn generates the economic growth needed to create jobs and improve living standards. This virtuous cycle of savings, investment, and growth forms the core of Awori’s vision for Africa’s economic future.

As one of Africa’s leading banking executives, Awori’s comments carry particular weight given Ecobank Transnational Inc.’s pan-African presence and deep understanding of the continent’s financial landscape. His call for greater domestic savings mobilization at the Bloomberg Africa Business Summit signals a strategic shift in how African business leaders are approaching the continent’s development challenges, emphasizing self-reliance and local capacity building as prerequisites for sustainable growth.