Time is ripe for Africa’s economic independence – experts

African government leaders should convert their commitments into concrete actions and put their countries on the path to economic development, experts have said. The call was made on Thursday, May 16, as business and political leaders discussed the conditions necessary for reducing Africa’s dependency on the rest of the world at the official opening of the 2024 Africa CEO Forum, underway in Kigali. ALSO READ: Africa CEO forum opens in Kigali Hosted under the theme; At the table or on the menu; A critical moment to shape a new future for Africa, the forum, in its 11th edition attracted over 2,000 participants including Heads of State, leaders of international organizations, captains of industry, and investors,among others. “When preparing for this edition, we had a private sector that was worried about three issues,” said Amir Ben Yahmed, the CEO of Jeune Afrique Media Group, the organizers of the forum. ALSO READ: Africa CEO Forum: Who are the business tycoons in Kigali? “Our unity, when 30 per cent of our countries are embroiled in some kind of covert or open confrontation. Our attractiveness. Five years after it came into being, a crucial transformative project like the AfCFTA is showing little signs of progress,” he added. Yahmed also highlighted that CEOs were concerned about the continuing deterioration of macroeconomic situation which, for the first time in 25 years, has led to an increase poverty on the continent. A solid governance system and strong support for private-sector investments should be the golden vision, Yahmed observed. He shared similar sentiments with Makthar Diop, the Managing Director of the International Finance Corporation (IFC), who challenged that the forum is an opportune moment to rethink Africa’s role on the global stage. “It is not just about being present. It is about supporting the continent’s strengths to help drive the global agenda,” he said. Although Africa had registered good growth over the years before the pandemic hit, the continent is still mired in a myriad of challenges, some of which threaten to reverse gains made decades later. Tawfik Hammoud, Chief Client Officer and Chair at BCG, maintained that most of the world’s challenges will find solutions in Africa. For instance, he said, the critical minerals for decarbonization, the green energy potential, the agricultural produce, and the 2.5 billion consumers by 2050 as well as the human capital present the continent’s potential. “That's where the world’s solutions are,” he noted, adding that that is how you know that you are on the table. According to Hammoud, equally alarming is the fragmentation of the world today, which he insisted that it was an opportunity for Africa to expand its business and political allies. “We have never had so much freedom to choose who we do business with,” he added. “We are in the midst of a great geopolitical and macroeconomic reset. So you as leaders have a great role to play to set a bold course of action.” At the table or on the menu? For Rwanda’s Minister of State in charge of Public Investment and Resource mobilization at the Ministry of Finance, Jeanine Munyeshuli, Africa is the fastest-growing middle class and population in the world. “The growth potential is remarkable,” she said. With the African Union (AU) joining the G20, there is a chance that the continent’s voice can be heard, Munyeshuli reiterated. “But maybe I feel that it is also high time that we reframe some quotations. Fine, we are at that table, but is it time to celebrate? How influential will our voices not stand together and have one voice?” she wondered. “Second, it is good news that we are invited at the table with the global powers, but is it time we set our own table and invite our partners?” she added. Dr. Sidi Ould Tah, president of the Arab Bank for Economic Development in Africa (BADEA) echoed similar sentiments. “When you look back ten years, some may believe that nothing has changed. But when you travel in Africa, and meet the youth, the captains of industry, we see a tremendous change and that creates hope for the future and for the voice of Africa to be heard in the right place and the right table.” “Today if you look a the role played by some pioneers, captains of industries but also some financial institutions, we see the development of specialized economic zones to process our product in Africa and add value while creating jobs for the local communities.” Panelists also discussed making greater use of fiscal resources, “We need to go beyond rhetoric and implement concrete actions, with the participation of governments, businesses and the wider society. We also need to change our mindset and be open, not stay in a single region of Africa, create large markets and create opportunities,” suggested Aigboje Aig-Imoukhuede, Chairman of Access Holdings.

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Time is ripe for Africa’s economic independence – experts