Africa’s economic success and sustainability are intrinsically linked to responsible governance, emphasized Botswana’s President Duma Boko at the opening of the 2024 African Economic Conference in Gaborone. “Peace and stability in Africa must be rooted in responsible and responsive governance”, said the president, adding, “This is a fundamental human right for all African citizens. It lays the necessary foundation for any economic development measures and their sustainability”. He also called on African countries to strengthen democracy and uphold the rule of law.
The three-day conference, themed “Securing Africa’s Economic Future Amid Growing Uncertainty”, has brought together leaders, policymakers, and experts to address the continent’s economic challenges and opportunities. Organized by the Government of Botswana, the African Development Bank, the United Nations Economic Commission for Africa (UNECA), and the United Nations Development Programme (UNDP), the event seeks viable solutions for Africa’s economic growth.
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President Boko highlighted that transparency, accountability, and respect for the rule of law are critical to attracting foreign investment and fostering sustainable growth. “Africa is at a crossroads”, he stated. “We must address the obstacles faced by our citizens and leverage our collective strengths to secure a prosperous future amid a volatile global economic environment characterized by rising inflation, supply chain disruptions, and tighter monetary policies”, he urged.
He also underscored Africa’s unique assets, including its abundant natural resources and youthful population, which could drive transformative growth if governments prioritize education, skills development, and value addition to raw materials.
The UN Deputy Secretary-General and Executive Secretary of UNECA, Claver Gatete, pointed out Africa’s pressing challenges, such as climate change, unsustainable debt, and systemic global inequalities. The global financial system, he argued, is failing to adequately serve Africa and urgently needs reform.
Gatete noted that the continent’s annual losses from climate disasters alone amount to $440 billion, while the financing gap to achieve the Sustainable Development Goals in Africa has risen to $1.3 trillion annually. Simultaneously, Africa’s external debt exceeded $1 trillion in 2023, with unsustainable interest payments limiting development financing.
President Boko encouraged African nations to capitalize on the African Continental Free Trade Area (AfCFTA) to transform the continent’s economic landscape through increased investment, job creation, and industrialization. “We must not let today’s uncertainties deter us from tomorrow’s opportunities”, he told participants.
The African Development Bank’s Chief Economist and Vice President, Prof. Kevin Urama, urged African countries to adopt innovative and localized solutions tailored to their unique challenges. He advocated for stronger fiscal policies and more resilient resource mobilization to address debt challenges.
