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Mastercard Foundation Backs African University Transformation With $500 Million Initiative

by Honesty Victor
September 26, 2026
Reading Time: 2 mins read
Mastercard Foundation Backs African University Transformation With $500 Million Initiative
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African university leaders, governments, industry representatives and development institutions have called for a common approach to transforming higher education into a stronger driver of jobs, innovation and economic growth across the continent.

The call emerged at the inaugural Higher Education Transformation Convening in Accra, Ghana, hosted by the Mastercard Foundation under the theme “Reimagining Higher Education for Africa’s Human Capital Development.” Participants examined how universities can better prepare young Africans for employment, technological change and emerging economic opportunities.

Mastercard Foundation President and CEO Sewit Ahderom said universities must move beyond conventional teaching models by working more closely with employers, developing credentials that demonstrate practical capabilities and ensuring research reaches businesses, governments and communities.

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“Transformation is not just a better university. It is a university that makes the whole economy around it work better for young people,” Ahderom said.

The Foundation said discussions focused on stronger links between universities and the private sector, increased investment in applied research and innovation, and skills development in areas where African economies have significant growth potential. Young participants also pressed for greater involvement in decisions affecting education, employment and economic opportunity

Dr. John Nkengasong, Executive Director for Higher Education and Strategic Initiatives at the Mastercard Foundation, described higher-education reform as an economic priority requiring cooperation among governments, universities, investors, businesses and development partners.

The discussions align with the African Union’s Decade of Education and Skills Development, running from 2025 to 2034. Professor Saidou Madougou of the African Union Commission said higher education spending across the continent averages less than 0.8 per cent of GDP, while research and development receives less than 0.5 per cent of national budgets, underscoring the need for greater investment and cross-border academic cooperation.

The Accra gathering also hosted the first Africa Higher Education for Transformation Prize ceremony. Addis Ababa University in Ethiopia, the International Institute for Water and Environmental Engineering in Burkina Faso, Kwame Nkrumah University of Science and Technology in Ghana, Muni University in Uganda and the University of Rwanda were named the inaugural laureates.

The AHEFT Prize is backed by a $500 million commitment and is expected to recognise at least 150 African institutions over the next decade. Each of the five winning universities will receive $3 million to expand initiatives covering teaching, research, innovation, student employment pathways and community impact.

Applications for the 2027 prize cycle are expected to open later in 2026, with African institutions undertaking sustained university-wide reforms invited to participate.

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