African countries seeking transformative economic growth and to transition to a low carbon future need access to finance. The high cost of capital—due to perceived and real risks—has made it difficult for these countries to attract investment in projects, especially for capital-intensive electricity infrastructure. It remains difficult to access crucial information about the Weighted Average Cost of Capital (WACC) for African countries. The WACC is a composite of the equity and debt costs that is vital for assessing risks in investments, especially in the electricity sector. Lack of information on WACC hinders investments, strategic planning, efficient resource allocation, competitiveness, and infrastructure development within the continent. This study projects the costs of equity and debt for 48 African countries and five regional groupings between 2023 and 2070 by employing country-specific data, including GDP and population projections, equity risk premiums, sovereign default spread rates, commercial lending rates, and corporate tax rates. We find that the WACC values for African countries in the electricity sector are consistently higher than global and other regional benchmarks. We also find significant disparities in regional values. Additionally, our research reveals that, on average, the cost of equity in Africa is nearly double that of debt. To unleash the full electricity potential of African countries, it is imperative to systematically address inherent risks and foster an environment conducive to attracting investments.