How to resolve AdBlock issue? 2024 African Economic Conference Aims to Tackle Poverty Amid Global Challenges
Monday, 25 November 2024 | Africa
The 2024 African Economic Conference in Gaborone, Botswana, has ignited a renewed push to alleviate poverty across Africa. Organized under the auspices of the United Nations Development Programme (UNDP) in collaboration with the UN Economic Commission for Africa (UNECA) and the African Development Bank (AfDB), the conference centers on the theme “Securing Africa’s Economic Future Amidst Rising Uncertainty.”
A sobering report from the 2024 African Economic Outlook, authored by the AfDB, projects that nearly 90% of the world's extremely poor population will reside in Africa by 2030 if current growth trends persist. The gathering in Gaborone underscores the urgency to address this challenge amidst escalating global crises and regional economic uncertainties.
In her opening remarks, UN Assistant Secretary-General Ahunna Eziakonwa described the event as a timely intervention given the tumultuous state of 2024. She highlighted how global conflicts, political instability, and climate challenges have strained Africa’s development prospects. “Wars in Ukraine and Palestine have driven global military spending to a record $2.4 trillion, diverting essential resources from Sustainable Development Goals (SDGs),” she noted. Eziakonwa stressed the need for a multifaceted approach to navigate these uncertainties and prioritize Africa’s development.
Professor Kevin Chika Urama, Vice President of the African Development Bank, echoed this call for innovation in global governance and economic policy. Speaking at the conference, he argued for a shift toward locally-driven solutions. “National development must not be outsourced,” Urama said, emphasizing that Africa’s development requires leveraging human and natural capital with a focus on value addition and beneficiation. He advocated for inclusive collaboration among governments, private sectors, and development partners to tackle the continent’s pressing challenges.
Claver Gatete, Executive Secretary of UNECA, highlighted Africa’s untapped potential, including its abundance of solar resources, while pointing out stark developmental gaps. “Despite possessing 60% of the world’s solar resources, 600 million Africans still lack access to electricity,” he noted. He also revealed that Africa’s annual financing gap for SDGs has surged to $1.3 trillion, compounded by external debt exceeding $1 trillion and crippling interest payments.
Botswana’s newly elected President, Duma Gideon Boko, welcomed delegates with a call for actionable outcomes. “At the end of this conference, I hope you would have reignited the passion and deepened democracy while inspiring tangible actions to lift our people out of poverty,” he said. As the host nation accelerates partnerships with development allies, it aims to champion Africa’s growth agenda and solidify its role as a global leader.
The conference represents a pivotal step toward reshaping Africa’s economic trajectory, fostering collaboration, and inspiring solutions to lift millions out of poverty.
A sobering report from the 2024 African Economic Outlook, authored by the AfDB, projects that nearly 90% of the world's extremely poor population will reside in Africa by 2030 if current growth trends persist. The gathering in Gaborone underscores the urgency to address this challenge amidst escalating global crises and regional economic uncertainties.
In her opening remarks, UN Assistant Secretary-General Ahunna Eziakonwa described the event as a timely intervention given the tumultuous state of 2024. She highlighted how global conflicts, political instability, and climate challenges have strained Africa’s development prospects. “Wars in Ukraine and Palestine have driven global military spending to a record $2.4 trillion, diverting essential resources from Sustainable Development Goals (SDGs),” she noted. Eziakonwa stressed the need for a multifaceted approach to navigate these uncertainties and prioritize Africa’s development.
Professor Kevin Chika Urama, Vice President of the African Development Bank, echoed this call for innovation in global governance and economic policy. Speaking at the conference, he argued for a shift toward locally-driven solutions. “National development must not be outsourced,” Urama said, emphasizing that Africa’s development requires leveraging human and natural capital with a focus on value addition and beneficiation. He advocated for inclusive collaboration among governments, private sectors, and development partners to tackle the continent’s pressing challenges.
Claver Gatete, Executive Secretary of UNECA, highlighted Africa’s untapped potential, including its abundance of solar resources, while pointing out stark developmental gaps. “Despite possessing 60% of the world’s solar resources, 600 million Africans still lack access to electricity,” he noted. He also revealed that Africa’s annual financing gap for SDGs has surged to $1.3 trillion, compounded by external debt exceeding $1 trillion and crippling interest payments.
Botswana’s newly elected President, Duma Gideon Boko, welcomed delegates with a call for actionable outcomes. “At the end of this conference, I hope you would have reignited the passion and deepened democracy while inspiring tangible actions to lift our people out of poverty,” he said. As the host nation accelerates partnerships with development allies, it aims to champion Africa’s growth agenda and solidify its role as a global leader.
The conference represents a pivotal step toward reshaping Africa’s economic trajectory, fostering collaboration, and inspiring solutions to lift millions out of poverty.
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