African leaders say as global uncertainty rises, there is an urgent need for bold, collective action to secure Africa’s economic future and foster resilience.
Botswana President Duma Boko, speaking on Saturday at the ongoing 2024 African Economic Conference (AEC) in Gaborone, Botswana, said Africa needs to take its rightful place globally.
The News Agency of Nigeria (NAN) reports that the theme of the conference is: “Securing Africa’s Economic Future Amid Rising Uncertainty.”
Boko called for economic transformation, urging greater value addition to Africa’s vast resource base and the development of regional value chains to boost employment and economic diversification.
“Africa has unparalleled potential to transform these obstacles into opportunities, thus, the critical importance of Africa’s youthful population as the continent’s greatest asset.
“With nearly 70 per cent of Africans under 30, there is the need for substantial investment in education, technology, and jobs to harness the potential of the next generation of innovators, entrepreneurs, and leaders,” he said.
The president reiterated the need to ensure peace and stability on the continent, which he said must be anchored on accountable and responsive governance.
According to him, this is a fundamental human right for every African citizen and setting the requisite bedrock for any measure of our economic development and sustainability.
He said that to attract foreign investment and build sustainable growth in Africa, we must demonstrate a commitment to transparency, accountability, and respect for the rule of law on the continent.
“The African Continental Free Trade Area holds significant prospects for transforming Africa’s economic landscape to foster investment, create jobs, and promote industrialisation.
“It is critical for us to capitalise on the AfCFTA and leverage its potential to enhance intra-Africa trade and position the continent as a global economic powerhouse.
“Beyond trade, regional cooperation must extend to shared physical infrastructure, resource management, and conflict resolution.
” Ending armed conflicts that hinder development by ‘Silencing the Guns in Africa’ will create a stronger and more integrated Africa.
“An Africa better equipped to navigate the global trade dynamics and challenges,” he said.
Mr Claver Gatete, UN Under-Secretary-General and Executive Secretary of the Economic Commission for Africa (ECA), echoed these sentiments of addressing Africa’s significant economic challenges.
“The global financial system as it stands, is failing Africa. There is a need for urgent reforms that will prioritise financing for the Sustainable Development Goals (SDGs), climate adaptation, and equitable growth.
“Africa has vast renewable energy potential, critical mineral reserves, and the transformative power of digital innovation.
“There is a need for leaders to act decisively to unlock the continent’s potential as Africa’s future lies in its ability to transform resources into value-added products,” he said,
Gatete further outlined the need for de-risking investment environments through improved governance, transparency, and innovative mechanisms to attract private sector investment.
Ms. Ahunna Eziakonwa, the Assistant Secretary-General and Director, Regional Bureau for Africa, United Nations Development Programme (UNDP), decried how Africa had continued to bear the burden of climate change despite its little contributions.
“The challenge of these global uncertainties is to rise up, invest, and ensure innovative financing. The gathering was a dynamic platform to develop solutions to Africa’s challenges.
“We must strengthen resilience to shocks by decreasing dependency on food and fuel, investing in tech infrastructure skills that will provide sustainable and affordable energy for all and prioritising diversification of our economy.
“We need to mobilise resources at scale and take steps to ensure Africa’s abundant resources finance its growth. Africa’s money must work for Africa.
“It is time for Africa to lead. This continent is unstoppable and will remain so when we have leaders who care. Let us start sowing the seed of human rights to eliminate poverty and not just reduce it,” she said.
Also speaking, Prof Kevin Urama, Vice President and Chief Economist of the African Development Bank (AfDB), restated the importance of homegrown solutions embedded in local realities to drive growth on the continent.
“The AEC provides a leading platform for stakeholders to think together. It provides a golden opportunity to review Africa’s developing experience and find solutions relevant for Africa by Africa to move Africa forward.
” We must try to stem the leakages from African economies as the continent loses. We must find new African ways to help address African challenges,” he said.
Speaking Earlier, Dr Phenyo Butale, the Minister of International Relations, Botswana, welcomed participants and said the gathering would shape the future of Africa, thus emphasising the importance of collective action.
He expressed the commitment of the country to mitigate volatility to economic shocks, ensure inclusive growth, and leverage technology and innovation, among others on the continent.
The conference which opened on Saturday will end on Nov. 25.
