-
A very good morning to you all. It gives me great pleasure to address you this morning during this occasion of the African Economic Conference 2024, which serves as a critical platform to discuss pressing economic issues facing the African continent.
-
The theme of this year’s conference, “Securing Africa’s Economic Future Amidst Rising Uncertainty” could not be more relevant today, during a time of rapid change and unprecedented challenges. The global landscape is more unpredictable and Africa stands at a crucial crossroads to closely address the obstacles affecting the fabric of the livelihoods of our citizens.
-
The importance of this theme therefore, lies in its focus on Africa’s urgent need to leverage on its collective strengths in order to secure a prosperous economic future for its citizens.
-
I must commend the African Development Bank, the United Nations Economic Commission for Africa and the United Nations Development Programme for coming up with this befitting theme for the conference.
-
Distinguished Guests, the global economic environment remains volatile, with rising inflation, supply chain disruptions, that impact our own fiscal stability. The threat of climate change looms large, threatening our agricultural productivity and livelihoods.
-
In addition, geopolitical tensions, Africa’s challenges rooted in internal conflicts, regional disputes and global power struggles also present major challenges to the continent’s economic development.
-
Navigating global challenges during these uncertain times, requires a multifaceted approach that addresses human development, geopolitical, economic, environmental and other challenges in a holistic manner.
-
Notwithstanding the above, all hope is not lost. Amidst rising uncertainty, Africa still has unique prospects, which, if harnessed effectively, can transform challenges into opportunities for the Continent not only to survive but to thrive.
-
Africa is still rich in natural resources, and it is critical that we develop and strengthen value chains systems for value addition to Africa’s vast natural resources and to prioritise the use of these in Africa. Not only will this diversify the African enormously, but it will also create more jobs in our countries.
-
There is great potential within the agricultural sector in most African countries, where innovation is key to increased production and food security in the continent. We must work together to create efficient, productive and effective agricultural systems and agribusinesses in Africa.
-
Distinguished Guests, Africa is blessed with a young and vibrant population which is a tremendous asset, if invested in wisely. Our young people are the innovators, entrepreneurs, and leaders of tomorrow, who will drive our economic growth and create inclusive, resilient societies, where no one will be left behind.
-
We must, therefore, prioritise investments in their education and equip them with the necessary skills for them to be able to drive innovation and build a workforce capable of thriving in the digital economy.
-
Ladies and Gentlemen, we live at time when multilateral cooperation and integration of economies into regional trading blocs, is more urgent than ever before. One of the most promising developments the world has ever seen is the which is the largest single free trade area in the world.
-
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, therefore, 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, inter alia, shared physical infrastructure, resource management, and conflict resolution. Ending armed conflicts which hinder development by “Silencing the Guns in Africa” cannot be over emphasised, in order to create a stronger and more integrated Africa. An Africa which is better equipped to navigate the global trade dynamics and challenges.
-
The ongoing and unnecessary wars must stop, as they continue to cause immeasurable human suffering, loss of life, displacement, and leave lasting scars on societies. Why are we acting as our own worst enemies by not walking the talk of our continental and global commitments?
-
Peace and stability in Africa must be anchored on accountable and responsive governance. This is a fundamental human right for every African citizen. It sets the requisite bedrock for any form of measure for our economic development and its sustainability.
-
In that regard, to attract foreign investment and build sustainable growth in Africa, we must demonstrate commitment to transparency, accountability, and respect for the rule of law.
-
Distinguished Guests, climate change is not a distant threat to the livelihoods and prosperity of our people. It is happening now! As such, it is more than urgent to act now to adapt to its impacts. Most of Africa, is blessed with abundant renewable energy resources, such as sunlight and wind.
-
Accordingly, the exploitation of such a resource is necessary both to uplift the lives of our people through improvements in affordable and reliable access to electricity, as well as by powering various projects of sustainable industrialiastion. The green economy is our future.
-
By investing in renewable energy, Africa can build resilient, sustainable energy systems for the future, while addressing the urgent challenges posed by climate change.
-
The digital revolution also presents a powerful tool for economic transformation. Technology is the key to unlocking new avenues of growth and reshaping African economies in profound ways.
-
Ladies and Gentlemen, in concluding, I wish to say that we must not allow the uncertainties of today to deter us from the opportunities of tomorrow. Let us use this conference as a platform to engage in meaningful dialogue, to exchange innovative ideas, and to forge partnerships that will shape the trajectory of our continent.
-
It is imperative for the Continent to act in unison and with unwavering boldness to secure Africa's economic future and build a resilient, prosperous Africa that WE WANT! I wish you all fruitful deliberations and a very successful conference.
-
I thank you