Ghana’s Asantehene, Otumfuo Osei Tutu II, opened the Africa Business Investment Summit in Washington on Thursday, launching a two-day event organizers said aims to secure $500 million in capital commitments for African businesses.

The summit, held at the MGM National Harbor in the Washington metropolitan area, drew more than 400 registered delegates, including government officials, corporate executives and U.S.-based institutional investors, according to the Millennium Excellence Foundation, which organized the event.

It marked the first time the Ghana-based foundation’s Millennium Excellence Week has been held outside the country, the organizers said.

The opening ceremony was themed “The Asante Crown Meets the Diaspora.” Organizers said the summit’s goal is to facilitate structured capital commitments between African deal originators and U.S. institutional investors over two days.

In his keynote address, the Asantehene, the traditional ruler of Ghana’s Ashanti kingdom, said Africa should no longer be defined by what it lacks.

“For too long, Africa has been described mainly in terms of its deficiencies. We have heard of the roads not built, the electricity not generated, the jobs not created, the capital not available, and the institutions not strong enough,” he said.

He said the continent’s economic trajectory was shifting. “Africa must no longer be regarded merely as a continent of future potential. Africa is already becoming a central part of the future global economy, and those who understand this early will position themselves advantageously,” he said.

Sampson Ahi, Ghana’s deputy minister for trade, agribusiness and industry, represented Ghanaian President John Mahama at the summit. He said the government’s economic priorities centered on shifting from raw material exports toward manufacturing.

“Our ambition is transformation. We want an economy that moves beyond exporting raw materials to manufacturing finished products, creating value, jobs, and shared prosperity,” Ahi said.

Ahi linked that goal to Ghana’s “24-hour economy” initiative, which he described as a policy to encourage round-the-clock production.

 “This is the philosophy behind the twenty-four-hour economy program, which is a commitment stimulating round-the-clock production, improving productivity, and developing a competitive and export-oriented economy,” he said.

The first day of the summit was organized around the theme “The Vision Day: Unlocking Africa’s Century, A Diaspora Mandate,” with panel discussions on investment themes including diaspora capital flows, critical minerals, financial technology and energy infrastructure.

Sessions included a discussion titled “The New Gold Rush: Africa’s Seat at America’s Critical Minerals Table” and a panel on Ghana’s gold sector called “Ghana’s Gold Moment: From the Gold Coast to Global Market Power,” according to the summit program. A fireside chat on diaspora engagement featured actor Boris Kodjoe.

Organizers said the second and final day of the summit, on Friday, would focus on sector-specific investment opportunities in the creative economy, health and pharmaceuticals, technology and digital financial services.

The event was scheduled to conclude with bilateral meetings between investors and deal originators, which organizers said were intended to translate summit discussions into specific investment agreements.

The Africa Business Investment Summit describes itself as an invitation-only gathering focused on connecting African development finance officials, private investors and government policymakers with U.S. capital.

It is organized by the Millennium Excellence Foundation, a group that says it promotes leadership and development initiatives across Africa and the African diaspora.

The summit takes place against a backdrop of broader efforts by African governments and diaspora organizations to attract U.S. private investment, as traditional aid flows to the continent face pressure and African economies seek alternative sources of capital for infrastructure and industrial development.

Ghana, a major producer of gold and cocoa, has in recent years sought to position itself as a hub for diaspora engagement, including through initiatives encouraging descendants of enslaved Africans and other members of the diaspora to invest in and visit the country.

The Asantehene holds a traditional, ceremonial role as ruler of the Ashanti Kingdom, one of Ghana’s most prominent traditional monarchies, and is regarded as an influential voice in the country’s cultural and economic affairs, distinct from Ghana’s elected government leadership.