Africa must reshape financial systems to drive economic growth-GABI

MOTOLANI OSENI

The Global Africa Business Initiative (GABI) has released its Unstoppable Africa 2024 Executive Summary yesterday, outlining key strategies to reshape Africa’s financial landscape and drive economic expansion.

The report emphasises the need for an inclusive financing model to tackle the continent’s economic challenges, calling for concessional financing, increased private sector investment, and mobilisation of domestic resources.

GABI underscores the necessity for African institutions to take the lead in shifting global risk perceptions and championing innovative financial solutions to attract long-term investments.

The report highlights the importance of de-risking projects to enhance investor confidence and unlock Africa’s vast economic potential.

Unstoppable Africa, GABI’s flagship event, has established itself as a premier gathering during the United Nations General Assembly high-level opening week. The 2024 edition brought together global leaders to align on transformative economic strategies.

United Nations Assistant Secretary-General and CEO of the UN Global Compact, Sanda Ojiambo, described the event as a critical platform for fostering impactful discussions and partnerships that position Africa at the centre of global economic transformation. She stressed the need for continued collaboration to achieve the goals of the 17 Sustainable Development Goals and Agenda 2063.

Held on 25-26 September 2024, the event attracted over 4,000 participants, including six Heads of State and Government from Barbados, Côte D’Ivoire, the Democratic Republic of Congo, Eswatini, the Netherlands, and Poland, as well as 14 Government Ministers from 13 countries. Business leaders and figures from the sports, music, and creative industries also attended, underscoring the global interest in Africa’s economic potential.

The report highlights significant advancements in energy access, digital transformation, and the creative economy. The Mission 300 initiative aims to provide clean energy access to 300 million Africans by 2030, with successful renewable energy projects already underway in Togo, Mauritania, and Ghana. Small and medium-sized enterprises (SMEs) are identified as key drivers in Africa’s energy transition, with a call for increased financial and technical support to empower them.

Digital transformation remains a crucial pillar of economic growth, with initiatives focused on equipping African youth with digital skills to thrive in the global economy. The launch of Itana, Africa’s first Digital Economic Zone, is expected to enhance remote business operations and provide access to a growing talent pool.

The creative industries, including fashion, film, and music, are highlighted as significant contributors to economic diversification, job creation, and Africa’s global brand development.

The sports sector is also recognised as an economic catalyst, with calls for modern infrastructure and the establishment of continental leagues to drive economic growth and social cohesion. Initiatives such as the Queens of the Continent Foundation and the NBA Africa Startup Accelerator Award are fostering opportunities for young athletes and entrepreneurs.

Looking ahead, GABI will convene the 4th edition of Unstoppable Africa on 21-22 September 2025 in New York, bringing together policymakers, business leaders, and global stakeholders to advance actionable frameworks for Africa’s development.

Throughout the year, GABI will also host GABI Bridges events, including a side event at the Africa CEO Forum in May 2025 in Abidjan, Côte d’Ivoire, to further explore key economic themes leading up to the flagship forum in September.