For years, Africa’s infrastructure debate has centred on one question: where will the money come from? But as governments secure billions of dollars in investment commitments, experts now say the continent’s greatest hurdle is no longer financing—it is turning those commitments into completed roads, railways, ports, power plants and other critical infrastructure.
A new analysis by Project Management Institute (PMI) Managing Director for Sub-Saharan Africa George Asamani and Telfer School of Management Professor Lavagnon Ika argues that Africa is facing an “execution gap”, where projects fail to move from the drawing board to implementation despite growing investor interest.
The authors note that governments across the continent have become increasingly adept at attracting investment through international conferences, innovative financing mechanisms and ambitious development programmes. However, raising capital is only one part of the equation.
The African Development Bank estimates Africa requires about US$400 billion annually to bridge its infrastructure deficit. Yet experts argue that the bigger challenge lies in developing projects that are technically sound, commercially viable and ready for execution.
South Africa offers a telling example. Since 2018, the country has secured more than US$91 billion in investment pledges through its investment conferences. By March 2026, however, less than 42 per cent of those commitments had materialised into actual investments, a conversion rate well below the global average, where between 60 and 80 per cent of announced foreign direct investment is typically realised.
According to the analysis, the problem is rarely a lack of capital. Instead, many projects fail during the preparation phase, long before construction begins or financing is released.
Infrastructure development requires much more than feasibility studies. It involves engineering and technical assessments, environmental and social reviews, financial modelling, regulatory approvals, stakeholder engagement, risk management and implementation planning. Weaknesses in these early stages often prevent otherwise promising projects from attracting investors.
The authors cite research showing that fewer than one in every 10 infrastructure projects in Africa reaches financial close, while nearly 80 per cent collapse during feasibility studies or business planning.
The consequences extend beyond delayed projects. Slow implementation means missed opportunities for economic growth, job creation and improved public services.
Lessons from the first phase of the Programme for Infrastructure Development in Africa (PIDA) reinforce this reality. While the initiative delivered more than 16,000 kilometres of roads and expanded digital and energy connectivity across the continent, inadequate capacity for project preparation remained one of its biggest obstacles.
The report also highlights an emerging skills crisis. PMI research projects that the global construction industry will face a shortage of nearly 2.5 million project professionals by 2035, with Sub-Saharan Africa expected to experience one of the fastest-growing demands for project management expertise.
The authors argue that governments should treat project management skills as strategic infrastructure investments rather than secondary considerations. They recommend embedding skills transfer into infrastructure programmes, strengthening institutions responsible for project preparation, expanding university and professional training, and promoting internationally recognised project management certifications.
“Every dollar raised for infrastructure should be matched by investment in the people and institutions responsible for delivering it,” the authors argue.
They conclude that Africa has no shortage of ambition or investor interest. What it needs now is the capacity to consistently convert investment commitments into completed infrastructure projects that improve competitiveness, accelerate economic growth and enhance the quality of life across the continent.
