Gaborone, Botswana, 26 November 2024 (ECA) – The 2024 African Economic Conference concluded with a resounding call for swift and decisive action to address the continent's pressing economic challenges amid global uncertainties.
The three-day conference, themed "Securing Africa’s Economic Future Amidst Rising Uncertainty," brought together leaders, policymakers, and experts to deliberate on actionable solutions to Africa’s economic challenges and opportunities. Organized by the Government of Botswana, the African Development Bank (AfDB), the UN Economic Commission for Africa (ECA), and the United Nations Development Programme (UNDP), it underscored the need for urgency in translating ideas into transformative actions.
Raymond Gilpin, Chief Economist and Head of the Strategy, Analysis, and Research Team at UNDP’s Regional Bureau for Africa, highlighted the critical impact of global turbulence on Africa’s development trajectory. He cautioned that increasing global protectionism and conflicts have constrained investment flows, trade, and economic progress, while the continent faces disproportionate challenges from climate change, mounting debt, and eroded development gains.
“Global uncertainties and climate shocks are testing Africa’s resilience, but we cannot let these define our future,” Gilpin stated. “We are standing at a crossroads. The path forward lies in leveraging our unique strengths – through deeper regional integration, innovative technologies, entrepreneurial energy, and the power of our youth. These are the tools that will drive our transformation.”
Gilpin stressed the need for institutional reform and renewed urgency: “As leading institutions on the continent, the AfDB, ECA, and UNDP must step up, not just in articulating smart ideas, but in fundamentally rethinking how we operate. The Africa of today is dynamic and evolving – our strategies must evolve with it. This is about action, not aspiration.”
Anthony Simpasa, Director of the Macroeconomic Policy, Forecasting, and Research Department at the AfDB, underscored the importance of entrepreneurship, international trade, and natural resource management in building resilience against external shocks.
“We have the tools to create change, but tools alone are not enough,” Simpasa emphasized. “We need practical, evidence-based solutions to transform economies, diversify growth drivers, and build shock absorbers for future crises. Political commitment and policy coherence are critical to creating an environment that fosters growth and resilience.”
Zuzana Schwidrowski, Director of the Macroeconomics, Finance, and Governance Division at the ECA, echoed the need for collective effort and inward-focused solutions. She cited the African Continental Free Trade Area (AfCFTA) as a transformative opportunity to bolster regional trade and economic integration.
“Africa is not asking for handouts,” Schwidrowski said. “Every challenge brings with it an opportunity. Amidst global fragmentation and trade wars, Africa has the chance to carve out new niches and seize emerging opportunities. We must work together to capitalize on them.”
Schwidrowski also praised Botswana’s exemplary governance and economic stewardship, highlighting its status as a top-rated African sovereign and a model for the continent.
The conference concluded with a commitment to accelerating policy and regulatory reforms, fostering innovation, and harnessing Africa’s demographic dividend to build a resilient and prosperous economic future.
The 2024 AEC was co-hosted by the United Nations Development Programme (UNDP), African Development Bank (AfDB), and the United Nations Economic Commission for Africa (ECA) and deliberated the theme, "Securing Africa's Economic Future Amidst Rising Uncertainty".
The event was held against the backdrop of numerous shocks, including geopolitical tensions due to wars in Ukraine and the Middle East, the fear of trade wars between the US and China, increased civil unrest on the African continent, and climate change.
The Conference brought together over 500 participants, including heads of state, government officials, policymakers, academics, development experts, business leaders, and representatives from civil society and international organizations. By bringing together the continent’s brightest minds and most influential leaders, the African Economic Conference continues to provide a platform for actionable solutions that can secure a prosperous, sustainable, and inclusive future for all Africans.