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Africa’s prosperity on the rise - 18th December 2023

Africa’s poised to make it big economically, claim certain economists including Akinwumi Adesina, president of the African Development Bank. Whilst some question whether this is wishful thinking, Adesina’s positive vision’s backed up by data, even though news reports of famine, revolutions and natural disasters induced by climate change abound.

Key to Africa’s prospects, the continent’s set to reach 1.72 billion inhabitants by 2030, with 500 million aged between 15 and 35. With many working in tech-driven sectors such as ‘fintech’ - digital financial services – Adesina sees these young people as the continent’s bright future. "I go out and I see young people in the fintech industry that are leading today globally. So, my optimism, it’s realistic."

Having a wealth of natural resources is another asset, and Africa possesses 80 percent of global platinum reserves, alongside large quantities of copper, lithium and other metals. Yet merely selling these mined raw materials leaves a country impoverished. “The fastest way to poverty is through exporting raw materials,” Adesina explains, “but the highway to wealth is through global value chains by adding value to everything you have, from oil to gas to minerals to metals and food.”

One route to achieving this is by following Kenya’s example, where the government’s incentivising green energy development, namely hydroelectric and solar power. Becoming more self-reliant as a country, while focusing on manufacturing goods rather than exporting raw materials, is the way forward.

Since the continent’s home to 65 percent of the planet’s remaining arable land, some experts also believe it'll be the world’s next breadbasket. Detractors claim the barriers to transitioning to large-scale farming from the current reliance on subsistence farming require an alternative model of ownership to succeed.

In addition to this, current unrest in Niger and Gabon, along with drought in northern Africa and cyclones in the east, provide sufficient proof for naysayers.

Addressing these concerns, Adesina pointed out “We want to have investors globally investing. We have to make sure the governance environment is right, that incentives are right.”

If all goes well, Africa could be a force to be reckoned with.

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