Why not fund Africans in Africa...
"it has only accepted five or six companies in some classes due to a lack of fundable options"
In my experience with South Africa there are a LOT of people trying out their luck with accelerators. I don't think it's that they can't find options, but I suppose options they like: and the wider world offers that more than Africans themselves. Hmm.
I would rather see an exchange program. trade groups of founders for 6 months at a time.
A successful African developer might have some ideas on a product for rural Americans with poor broadband, or populations that do lots of shopping at small markets rather than grocery stores, or organizing ride shares, or getting low-availability clients to get vaccinated.
Lots of things in America are diminishing in quality. We aren't anywhere near third-world status, but we can learn a lot from the people who have made things work in those badly managed systems.
By African, you mean one of those people who has never seen a stable Internet connection or even a stable power line, or you mean a South African from Johannesburg?
Cause there's a big difference, and I don't think the former would have many good ideas for a developed country, even for it's worst areas. No offense, it's just that the more you're exposed to various things and technologies, even simple ones like silicone sealants, drain pipe cleaners, proper supply/sewage pipe laying, a plotter, or a proper 3-axis lathe, the more you're able to create.
And did you see first hand how things "work" in those systems? They barely function - I'm talking about waste management, bill payment and banking, Internet and electricity, even food and goods delivery/distribution (surprisingly hard when you don't have established land/sea/air shipping routes nearby) - things that you take for granted in the US, UK, Germany, any first world country.
Also, few things are designed for long term over there, it's mostly short term fixes and patches, over and over again.