During the 2025 Spring Meetings of the International Monetary Fund and the World Bank Group (WBG), the Executive Director for Africa Group II (EDS13), Mr. Harold Tavares, participated in a high-level side event focused on energy access in Africa, following the recent African Heads of State Energy Summit held in Dar es Salaam, Tanzania, in January 2025.
At the heart of the discussions was electricity as one of the continent¡¯s most pressing challenges. ¡°The energy deficit in Sub-Saharan Africa remains one of the greatest barriers to the region¡¯s development, affecting not only economic growth but also the well-being and opportunities of millions,¡± Mr. Tavares noted.
He underscored the importance of the joint ¡°Mission 300¡± initiative led by the WBG and the African Development Bank, which aims to connect 300 million people to electricity by 2030. However, he cautioned that ¡°public financing alone will not be sufficient,¡± stressing the urgent need to mobilize more private capital. He reminded participants that Africa currently attracts only 2% of global foreign direct investment, largely concentrated in extractive industries.
Priority reforms identified include attracting local and foreign investment, leveraging renewable energy potential, gradually reducing dependence on fossil fuels, and optimizing the energy mix¡ªincluding exploring nuclear power for long-term energy security.
Mr. Tavares also called for strengthened South-South cooperation across Africa, particularly through the integration of regional power grids and cross-border electricity trade, in line with the ambitions of the African Continental Free Trade Area. He outlined several concrete pathways: knowledge sharing, development of shared infrastructure, creation of regional energy markets, capacity building, technology transfer, and financial cooperation.
He further emphasized the urgency of rural electrification: ¡°We must invest in off-grid and mini-grid solutions to deliver reliable and affordable energy to remote and underserved communities,¡± he stressed, highlighting innovative models such as pay-as-you-go (PAYG) and mobile payments.
In conclusion, Mr. Tavares reaffirmed that ¡°financing Africa¡¯s energy sector is not an option¡ªit is a necessity.¡± He called for a collective effort by governments, the private sector, development partners, and regional institutions to transform the energy sector and unlock its economic and social benefits for Africa.
