Mutualization of Efforts: Key to Unlocking Africa's Economic Potential
"The mutualization of efforts between investors and the African and international financial community is essential for securing massive investments that would accelerate the structural transformation of African economies," warned Siandou Fofana, Minister of Tourism and Leisure of Côte d'Ivoire, during the 7th edition of the Africa Development Forum (FIAD) held in Casablanca, Morocco, on June 27-28, 2024. Under the high patronage of King Mohammed VI and led by Attijariwafa bank through its Africa Development Club, and with the support of the pan-African investment fund Al Mada, this edition's slogan was "Here, we invest." This ambition is a clear demonstration of the continent's desire to become a locomotive for African integration.
Siandou Fofana highlighted key figures and projections to demonstrate why Africa deserves such mutualization of efforts: "Firstly, Africa will have a population of 2.5 billion people by 2050, with a growing middle class and $7 trillion in consumption. Secondly, one billion Africans will be under 35 years old, providing a pool of skilled, flexible, and talented workers. Thirdly, African agriculture will benefit from 65% of the world's arable land, and the future of global food security for 9.7 billion people by 2050 will largely depend on Africa. Fourthly, the future of global energy transition will rely on our continent's resources. Fifthly, the African Continental Free Trade Area (AfCFTA), which brings together 54 countries, is the largest free trade zone in the world, according to the African Development Bank."
Siandou Fofana concluded that African growth is crucial in the global economic perspective and will play an increasingly important role. However, the continent must engage in a paradigm shift. But there is a key factor to grasp: "Paradigm shifts will require strong digitalization to enable smarter production distribution and environmentally friendly agriculture. I am calling on the investor community and the financial world to think outside the box, with innovative solutions that will benefit a genuine transformation of the African economy based on strong industrialization."
He quoted German Chancellor Helmut Schmidt, who said, "Today's investments are tomorrow's profits and the day after tomorrow's jobs," to emphasize his conviction: "It is investments that will enable Africa to respond to the numerous challenges of infrastructure, education, health, industry, agriculture, tourism... so that young people can take over, inventive, imaginative, and engaged on the path to the global economy."
