Dr. Olivier Kamanzi Charts A New Course For U.S.–Africa Commerce

By Ajong Mbapndah L

Africa’s economic relationship with the United States is entering a period of renewed possibilities. From critical minerals and energy to agribusiness, manufacturing, technology and infrastructure, the conversation is increasingly shifting from traditional trade and development assistance towards investment, value addition and mutually beneficial commercial partnerships.

For Dr. Olivier Kamanzi, Co-Founder and Chairman of the Africa Global Chamber of Commerce (AGCC), the African diaspora has an important role to play in driving that transformation. Founded in Chicago in 2014, AGCC was conceived as a bridge connecting Africa with American businesses, investors and global markets. Through initiatives such as the Africa Speaker Series, investment forums and trade missions, the Chamber has sought to turn conversations about Africa’s potential into concrete commercial relationships.

Kamanzi says the Africa Speaker Series has brought together African ambassadors, senior officials, hundreds of investors and thousands of U.S. and African businesses. He credits AGCC’s wider engagement and trade missions with helping to facilitate billions of dollars in investment deals, while the Chamber has expanded its focus to critical minerals, SMEs, financial markets and opportunities emerging from the African Continental Free Trade Area.

Yet Kamanzi believes unlocking Africa’s full economic potential will require more than attracting foreign capital. African countries must strengthen governance, deepen financial markets, improve regulatory predictability and move decisively towards processing their natural resources locally. Investors, meanwhile, need to look beyond perceptions of risk and develop partnerships rooted in local knowledge, trust and long-term commitment.

In this interview with Pan African Visions, Dr. Olivier Kamanzi discusses the evolution of AGCC, opportunities for deeper U.S.–Africa economic cooperation, Africa’s critical minerals advantage, the promise of AfCFTA, opportunities beyond natural resources and the reforms needed to attract sustainable global capital. He also explains why the African diaspora could become one of the most powerful bridges between Africa and the American business community.

The Africa Global Chamber of Commerce has positioned itself as an important bridge between Africa and the United States. What inspired its creation, and what is your long-term vision for the Chamber in transforming U.S.-Africa commercial relations?

The creation of AGCC began with an idea to bring the African diaspora together to contribute to building our motherland, Africa. This vision came after I spent almost three years as a member of the African diaspora returning to the continent to help develop Rwanda’s capital market industry and financial market infrastructure in the East African Community.

When I returned to Chicago in 2014, I mobilized key businessmen and women in the diaspora to establish an economic platform that would help connect the African continent to global markets, including the United States. This led to the birth of the Africa Global Chamber of Commerce on April 29, 2014.

One of your flagship initiatives is the Africa Speaker Series in Chicago, which has attracted influential policymakers, diplomats, business leaders and entrepreneurs. What has been the tangible impact of the series, and how has it translated into real business partnerships, investments or policy dialogue?

The Africa Speaker Series in Chicago is a monthly breakfast business networking forum featuring investment opportunities available in individual African countries for an American audience.

Since its creation in 2014, we have hosted 15 ambassadors representing 15 African nations in Washington, D.C., as well as speakers of parliament and African heads of state. About 500 investors and 3,000 U.S. and African companies have participated, and we have organized 10 trade missions.

The programme has created tremendous tangible and intangible results. We have organized trade missions to South Africa, Ghana, Senegal, Zambia, Morocco, Ethiopia and the Democratic Republic of Congo, with upcoming missions to Zambia, Burundi and Tanzania. More than 50 investment deals have been signed, representing over $5 billion.

We have also established a think tank called the Africa Mining and Resources Council, whose mission is to provide strategic policy direction to African nations on equity, value addition and community value-sharing in the development of Africa’s natural resources.

The conversation around U.S.-Africa trade has evolved significantly in recent years, with growing interest in critical minerals, manufacturing, technology and energy. Where do you see the biggest opportunities for deeper U.S.-Africa economic collaboration over the next decade?

Research conducted through our think tank shows that Africa is a major producer of important metals and minerals and holds about 30 percent of the world’s mineral reserves. However, the continent faces significant challenges, including intensive funding needs, human-capital constraints, economic instability, environmental concerns and structural, institutional and regulatory deficiencies.

There is therefore an opportunity to institute an integrated, multidisciplinary U.S.-Africa economic collaboration approach, with the African diaspora playing an important role.

I see major opportunities in adding value to critical minerals locally before export, mobilizing human capacity to meet workforce needs in the mining sector and expanding energy production to process these minerals. Industrialization will also require more manufacturing plants.

I have been encouraged by the recent paradigm shift towards restricting exports of raw and concentrated minerals in countries such as Zimbabwe and the Democratic Republic of Congo.

Investors often ask where they should begin when considering Africa. Which countries or regions do you currently believe offer the strongest investment opportunities, and what factors make those markets particularly attractive?

There are a number of African countries that I call fast-reforming frontier economies because they have embraced digital financial inclusion and regional and intra-African trade integration.

Some are among the African countries connected to the Pan-African Payment and Settlement System, which facilitates trade using local currencies. The list is not exhaustive, but markets to watch include South Africa, Ghana, Nigeria, Egypt, Kenya, Senegal, Côte d’Ivoire, the Democratic Republic of Congo, Zambia, Zimbabwe, Uganda, Morocco, Botswana, Ethiopia and Algeria.

I encourage investors to conduct proper due diligence to understand the business environment before investing in any African country. They should begin by working with chambers of commerce and African diaspora organizations that can assist with due diligence and provide a better understanding of local business conditions.

Many African countries have made considerable efforts to attract foreign direct investment. Measures include continental and regional trade integration, regulatory reforms and targeted de-risking tools. The African Continental Free Trade Area is particularly important because it opens access to a much larger continental market.

Beyond natural resources, Africa is increasingly becoming a destination for innovation and entrepreneurship. Which sectors do you believe foreign investors are still underestimating, and where do you see the highest growth potential in the years ahead?

Agribusiness, manufacturing, infrastructure, technology, transport, healthcare, financial services and tourism are all open fields for foreign investors.

Take agribusiness, for example. It represents a major investment frontier for Africa. With Africa’s population projected to grow substantially by 2050 and demand for food rising rapidly, the opportunities are enormous. The continent also possesses a significant proportion of the world’s remaining uncultivated arable land.

The challenges include supply chains that rely heavily on millions of smallholder farmers, poor infrastructure, high post-harvest losses and limited access to capital. Investments in Special Agro-Industrial Processing Zones, digital traceability platforms and regional trade corridors can help modernize African agriculture and improve food security.

Many international companies remain interested in Africa but are concerned about regulatory uncertainty, infrastructure gaps and political risks. Based on your experience working with businesses, what practical advice would you give foreign companies looking to establish successful and sustainable operations on the continent?

Those concerns are real, but they can be mitigated through a series of actions. International companies should adopt strategies that include localizing value-added supply chains, hiring and empowering local executives and partnering with well-established domestic businesses.

They should also consider investing in the communities where they operate, including areas such as housing and healthcare, while building adaptive compliance systems that can navigate changing regulatory frameworks and mitigate operational risks.

I also invite companies considering operations on the continent to participate in our regular trade mission programmes. These missions provide opportunities to understand markets directly, develop relationships and identify potential partners.

African governments continue competing to attract foreign direct investment. In your view, what policy reforms or investment climate improvements are most urgently needed for African countries to become more competitive destinations for global capital?

The most urgent reforms fall into two categories. The first should focus on homegrown financial architecture and continental and regional mechanisms. The second should address reform of the international financial architecture so that Africa can attract more affordable international capital aligned with its development and industrialization objectives.

These reforms should promote robust money and capital markets, fintech and other innovative financial mechanisms across Africa.

Financial instruments such as blended finance, public-private partnerships, green finance, structured debt and sovereign wealth funds should be promoted. Initiatives such as the African Credit Rating Agency, African Monetary Fund and African Investment Bank can also strengthen Africa’s financial sovereignty.

The African Continental Free Trade Area is widely described as a game changer for the continent. How do you see the agreement reshaping Africa’s attractiveness to investors, and what role can chambers of commerce such as yours play in helping businesses seize its opportunities?

The African Continental Free Trade Area is one of the flagship projects of the African Union and the world’s largest free-trade area in terms of participating countries.

It creates a single market across 54 African nations with approximately 1.3 billion people and a combined GDP of about $3.4 trillion. This is an African achievement that can become an important legacy for the next generation.

Local, diaspora and foreign investors should take advantage of the opportunities opening across the priority investment sectors I mentioned earlier.

The Africa Global Chamber of Commerce participated in the operational launch of AfCFTA in Niamey, Niger, in 2019. AGCC is actively working across African markets to support its implementation. We are also in discussions with the AfCFTA Secretariat on a memorandum of understanding focused on engaging the African diaspora, attracting foreign investment and conducting training and certification programmes.

Small and medium-sized enterprises are the backbone of both African and American economies, yet many struggle to access international markets. How is the Africa Global Chamber of Commerce helping SMEs connect with partners, financing and cross-border business opportunities, and what more needs to be done?

Helping SMEs connect, access finance and open doors to cross-border business deals is at the core of AGCC’s mission.

During the past 12 years, we have organized investment and trade summits, seminars, conferences, webinars, trade missions and training programmes. We have also provided consulting and advisory services and launched other initiatives designed to help SMEs grow and succeed.

Over the last five years, we have supported more than 2,000 SMEs and helped close over 300 deals worth approximately $2 billion in trade and investment.

More still needs to be done, particularly in building digital trade and investment infrastructure that can connect African and U.S. businesses more effectively.

Looking ahead, what message would you like to send to American investors who still view Africa primarily through the lens of risk, and to African governments seeking greater investment? What must each side do to build stronger, mutually beneficial partnerships that deliver long-term economic growth and shared prosperity?

American investors should look at Africa as a continent full of opportunities capable of generating strong returns on investment. African governments, on their part, must provide clear leadership, strengthen governance and the rule of law, and improve the practicality and predictability of their legal and regulatory frameworks.

Both sides must understand that doing honest business requires trust, verification, strong bilateral relationships and a win-win mindset.

Our Chamber will continue playing its traditional role as a business and cultural bridge between Africa and the United States. We want to help create partnerships that generate sustainable investment, economic growth and shared prosperity on both sides of the Atlantic.

*Culled from September Issue of PAV Magazine