The African Development Bank Group (AfDB) has revealed critical flaws in Africa’s current development model, highlighting an urgent need for transformative change. In its latest African Economic Outlook 2024, the AfDB warns of a “desynchronization” between economic growth and sustainable development, stating that Africa’s reliance on resource extraction without value addition is unsustainable.
The report notes that under the current trajectory, it could take African nations over a century—an average of 108 years—to transition to high-income status. Additionally, Africa remains the second-most unequal region globally, after Latin America and the Caribbean. With over 600 million people lacking electricity access and 600,000 annual deaths attributed to indoor air pollution from biomass use, the continent faces significant developmental challenges.
At the ongoing African Economic Conference in Gaborone, Botswana, themed “Securing Africa’s Economic Future Amidst Rising Uncertainty,” AfDB Vice President Prof. Kevin Chika Urama emphasized the need for a fundamental rethinking of global governance models and development policies. He advocated for home-grown solutions that align with local realities, stressing that national development “must not be outsourced.”
To create sustainable growth, Professor Urama called for inclusive strategies leveraging Africa’s human and natural capital, with a focus on value addition and beneficiation. The conference, organized by the United Nations Development Programme (UNDP), the UN Economic Commission for Africa (UNECA), and the AfDB, aims to outline a resilient development pathway for the continent amidst global uncertainties.
For further insights, access the full report here.