The 2024 African Economic Conference in Gaborone, Botswana, has reignited discussions on strategies to address poverty across Africa. Projections from the African Development Bank’s (AfDB) African Economic Outlook Report reveal a concerning trend: by 2030, nearly 90% of the world’s extremely poor population could reside in Africa if current growth rates persist.
Themed “Securing Africa’s Economic Future Amidst Rising Uncertainty,” the conference is organized under the auspices of the United Nations Development Programme (UNDP) in collaboration with the UN Economic Commission for Africa (UNECA) and the AfDB.
In her opening remarks, Ahunna Eziakonwa, United Nations Assistant Secretary-General and Regional Bureau Director for UNDP, emphasized the timeliness of the event. She highlighted that 2024 has been particularly challenging for African nations due to escalating global conflicts, political divisions, and climate-related shocks.
“Wars in Ukraine and Palestine have driven global military spending to $2.4 trillion—the highest level since 2009—diverting critical resources from Sustainable Development Goals (SDGs),” she stated. Eziakonwa also noted that the reconstruction costs for Ukraine and Gaza, estimated at half a trillion dollars, further strain global development budgets.
Professor Kevin Chika Urama, Vice President of the AfDB, called for a paradigm shift in global governance and economic policy. “Development must not be outsourced,” he asserted, stressing the importance of localized, home-grown solutions tailored to Africa’s realities. Urama urged nations to harness human and natural capital, focusing on beneficiation and value addition for long-term sustainability.
Claver Gatete, United Nations Under-Secretary-General and Executive Secretary of UNECA, echoed this sentiment, highlighting Africa’s untapped potential. Despite holding 60% of the world’s solar resources, over 600 million Africans lack access to electricity. He pointed out the continent’s staggering financing gap for SDGs, now at $1.3 trillion annually, alongside external debt exceeding $1 trillion in 2023.
Botswana, the host nation, exemplified its commitment to development under the leadership of newly elected President Duma Gideon Boko. Addressing delegates, President Boko expressed optimism about Africa’s future, urging the conference to inspire actionable solutions.
“At the end of this gathering, let us reignite the passion for democracy, deepen partnerships, and fuel actions that lift our people from poverty,” Boko said. “Africa must rise not as an emerging frontier but as a global leader.”
The conference underscores the urgency for Africa to adopt innovative approaches, foster collaboration, and create equal partnerships to tackle pressing challenges while leveraging its immense resources.
SOURCE: http://dew360.net
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