Africa’s Development Model Under Scrutiny at Economic Conference

The latest African Economic Outlook released by the African Development Bank Group (AfDB) has raised concerns about a growing disconnect between economic growth and sustainable development across the continent. The report describes this trend as "desynchronization" and warns that Africa’s current development model is failing to meet the needs of its people.The report highlights the limitations of Africa's traditional reliance on resource extraction without adding value, emphasizing that this approach urgently requires transformation. According to the AfDB, continuing with business as usual could delay Africa’s progress toward high-income status by over a century. For the median African country, the transition could take 86 years, and for others, the wait may extend to an average of 108 years.Africa continues to face persistent economic inequalities, ranking as the second-most unequal region globally after Latin America and the Caribbean. Stark realities of energy access and poverty compound this inequality. Over 600 million Africans currently lack access to electricity, and more than 600,000 people die annually due to indoor air pollution caused by biomass use, such as charcoal, for cooking. Projections indicate that if current trends continue, nearly 90% of the world’s extreme poverty cases will be concentrated in Africa by 2030.These pressing issues were the focus of the 2024 African Economic Conference, hosted in Gaborone, Botswana. Organized by the United Nations Development Programme (UNDP) in partnership with the United Nations Economic Commission for Africa (UNECA) and the AfDB, the conference centers on the theme: “Securing Africa’s Economic Future Amidst Rising Uncertainty.”Delivering a keynote address at the opening ceremony, Prof. Kevin Chika Urama, Vice President of the AfDB, called for bold, innovative measures to tackle these challenges. “Addressing these recurrent uncertainties requires a multifaceted approach,” he stated. Prof. Urama advocated for a fundamental reevaluation of global governance structures, economic policies, and a renewed emphasis on multilateral cooperation.He stressed that sustainable solutions must be grounded in Africa’s local realities, with development efforts led and owned by African nations. “National development must not be outsourced,” he remarked, underscoring that development is a "do-it-yourself business." He further emphasized the importance of effective collaboration among governments, development institutions, the private sector, and citizens.To chart a sustainable course, Prof. Urama called for inclusivity in the development process, highlighting the need to harness all available resources—particularly human and natural capital. He also pointed out the importance of value addition in economic activities to ensure long-term benefits for the continent.Organizers of the conference expressed optimism that the forum would yield actionable strategies for Africa’s future. By reflecting on the continent’s challenges and successes, the event aims to craft a more resilient and sustainable pathway for development.As Africa grapples with rising uncertainty and persistent inequalities, the call for transformative change has never been more urgent. The conference serves as a reminder that solutions to Africa's challenges must be both innovative and inclusive, securing a brighter economic future for the continent.