President Emmanuel Macron has renewed his call for French companies and financial institutions to expand their presence in Africa, warning that caution, regulation and risk aversion have cost France influence in markets it once dominated.
Speaking to French ambassadors at a conference in Paris, Macron said partnerships with African economies should be central to France’s long-term growth strategy, encompassing entrepreneurship, finance, innovation and the economic role of the African diaspora in France. Bloomberg reported that Macron framed the issue not only as commercial, but as strategic in a world where global competitors are rapidly reshaping Africa’s economic landscape.
“There is a timidity on the part of many that is no longer understandable,” Macron said, urging ministers to conduct an in-depth review of the barriers discouraging French firms from investing on the continent. “Let’s bring more and more French groups to Africa.”
Over the past decade, several major French banks and corporations have scaled back or exited African markets. This retreat contrasts sharply with France’s position just 15 years ago, when it remained a dominant financial and commercial actor in parts of West and Central Africa, drawing on deep historical, linguistic and institutional ties as a former colonial power.
Business leaders often cite tighter compliance rules, concerns over political risk, and pressure from shareholders as reasons for pulling back. Critics, however, argue that the withdrawals have created a vacuum filled by competitors from China, Turkey, the Gulf states and increasingly India, many of whom have been willing to accept higher risks in exchange for long-term influence.
For African governments and entrepreneurs, France’s reduced presence has had mixed effects. Some see new investors as offering alternatives to a relationship long shaped by colonial history. Others say the exit of established French banks and firms has limited access to finance, disrupted supply chains and weakened local partnerships built over decades.
Continue reading with Eandel
Subscribe to unlock the complete story and receive your subscriber benefits.
