Africa needs investment more than foreign aid, says Ramaphosa
President Cyril Ramaphosa says Africa has reached a moment in its history where the continent needs investment and not foreign aid.
Ramaphosa made the remarks during his opening address at the 6th Financial Times Africa Summit in London on Monday.
He said this year's summit comes as the continent begins the countdown to the launch of the African Continental Free Trade Area.
"As part of attracting skilled professionals and growing tourism in our country, we have prioritised immigration reform and made changes to the visa regime."
He added that Africa is a rapidly urbanising continent with the youngest population in the world, and which is expected to have a working-age population of 1.8 billion by 2035.
"This growth in urban populations is contributing to the raised standards of living and rising affluence."
Ramaphosa said African countries are enacting reforms to improve business confidence, public institutions are being reformed and laws to fight corruption and bribery are being strengthened.
"Africa has become a sophisticated consumer market with increasing spending power, and increased demand for products and services. Over the last two decades, Africa has become more stable as democracy has spread."