Africapitalist foundations: the political economy of philanthropy of the super-rich in neoliberal Africa

Abstract

ABSTRACT “Africapitalist foundations,” founded by iconic African billionaires who profess to integrate profit motive with pan-African identity and also position indigenous businesses as lead-agents in national and regional economic development (“Africapitalism”), emblematize movements to decolonize aid and development in Africa. A content analysis of the market-based and solidaristic philanthropic activities of five such foundations underline recent mutations of neoliberal capitalism that created enormous wealth and large-scale philanthropy for a few but also unleashed profound economic crisis for many Africans. By combining profit and emotion, Africapitalist philanthropy is disrupting several aspects of aid-giving in Africa. Africapitalists are, however, too weak to displace dominant actors in Africa’s aid and development industry; they entrench hegemonic capitalism by not addressing systemic injustices and maldistribution of power and resources that necessitate charity.