When Patrick Ndzana Olomo described Africa as “sleeping on a gold mine,” he was pointing to a continent with vast resources and an opportunity to turn them into the foundation for its own development.
Olomo, head of economic policy and sustainable development at the African Union Commission, placed mindset at the center of that transformation during a webinar on financing Africa’s development organized by the African Capacity Building Foundation (ACBF) on Wednesday.
He joined Sarah Ssewanyana, executive director of Uganda’s Economic Policy Research Centre, Eugenia Kayitesi, executive director of Rwanda’s Institute of Policy Analysis and Research, and Zali B. Chikuba, executive director of the Zambia Institute for Policy Analysis and Research.
The discussion examined taxation, digital revenue systems, debt management and institutional capacity as African governments seek greater control over financing their development priorities.
Ssewanyana identified political economy and institutional quality as major constraints on domestic resource mobilization.
She said strong policies can lose effectiveness when institutions lack the capacity to enforce them.
She also urged governments to give small businesses room to grow before increasing their tax burden.
Her research in Uganda found that many businesses rely on personal savings and struggle to survive beyond their early years.
Ssewanyana pointed to digital tax administration as an opportunity to improve compliance and revenue collection.
Uganda has introduced electronic invoicing, digital tax stamps and other technology-based measures. She said these reforms require sustained public investment and strong institutions.
Kayitesi identified implementation as a central challenge and highlighted Rwanda’s use of electronic billing machines, e-filing and digital payments to expand tax administration.
She said the country has also integrated informal businesses into the tax system through simplified taxation brackets for small and medium enterprises.
Chikuba drew on Zambia’s debt experience to emphasize disciplined public spending and stronger risk management.
He said expenditure had outpaced domestic revenue as Zambia gained access to commercial debt markets.
“The best financing that you can ever deploy for development is domestic revenue,” Chikuba said.
Olomo extended the debt discussion to the continental level and called for a shift from debt sustainability to debt productivity.
He said African countries should direct borrowing toward productive investments that advance transformation under Agenda 2063.
Agenda 2063 sets out the African Union’s long-term vision for the continent’s economic transformation, integration and sustainable development. Its ambitions include building a prosperous and self-reliant Africa that mobilizes its resources to finance development and strengthen its position in the global economy.
Mindset Change
Olomo linked Africa’s financing ambitions to the way Africans perceive their continent, institutions and achievements. He said institutional transformation can shape public attitudes and support an African-led account of the continent’s history and development.
“That is what we call mindset change,” Olomo said. “Let’s see ourselves the way we are. We are a land of opportunity. We are a land of the future.”
He cited Nairobi’s emergence as a digital hub and the global influence of M-Pesa as examples of African innovation that can strengthen the continent’s development narrative.
He also called for education and public discourse that reflect African experiences and achievements.
Kayitesi connected the same shift to leadership and implementation, referring to Rwanda’s Africa Mindset Reset Forum and its focus on translating policies, strategies and development visions into results.
Fatou Diouf, ACBF’s head of communications and influencing, moderated the webinar and framed domestic resource mobilization around African agency.
“The question is no longer only how do we attract more financing to the continent, but how do we better mobilize, retain and use the resources we already have,” Diouf said.
Olomo tied that sense of agency to Africa’s perception of its own potential.
“Let us present ourselves also as a land of opportunity, as a land of the future, as a land that has the potential to transform the world,” he said.
