Place the dry beans in a large bowl and cover with 5 cups water. Allow to soak at room temperature 4–8 hours. Drain the beans and set aside.
Drizzle the oil into the Instant Pot. Press the Sauté button, add the onion, and sauté until softened, about 5–6 minutes. Add the garlic and sauté an additional 30 seconds.
Add the soaked beans, sweet potatoes, chili powder, cumin, salt, pepper, paprika, cinnamon, tomatoes, stock, and tomato paste. Stir well to combine and scrape any brown bits from the bottom of the inner pot. Secure the lid.
Press the Manual or Pressure Cook button and programme for 20 minutes.
Once finished allow for 10 minutes natural pressure release, then quick-release any remaining pressure.