AfCFTA, inclusive trade to drive unstoppable growth – GABI
As Africa stands on the cusp of unprecedented economic transformation, the Global Africa Business Initiative (GABI) has made a clarion call for inclusive growth, positioning the African Continental Free Trade Area (AfCFTA) as a linchpin to unlocking the continent’s vast potential. In a continent rich with resources and untapped markets, GABI emphasized the critical role of AfCFTA and robust trade policies in catalyzing Africa’s growth, creating jobs, reducing poverty, and building a more integrated economy.
In a statement ahead of its flagship event, **”Unstoppable Africa: The Solution for a Global Future,”** GABI laid out its vision for a more prosperous, inclusive Africa. The event, scheduled for September 25-26, 2024, in New York, is poised to bring together global leaders from both public and private sectors, aiming to advance Africa’s position as a global player in shaping innovative business solutions.
At the heart of GABI’s agenda is the African Continental Free Trade Area (AfCFTA), a transformative agreement that could significantly reshape Africa’s economic landscape. Launched in 2021, AfCFTA is one of the world’s largest free trade areas, encompassing 54 of Africa’s 55 nations and creating a single market of over 1.3 billion people with a combined GDP of more than $3 trillion. Its potential for driving economic growth is unparalleled, as it promises to facilitate intra-African trade, lower tariffs, eliminate borders, and streamline regulations.
GABI has highlighted that inclusive trade, coupled with AfCFTA, could lead to the economic diversification Africa so urgently needs. Policymakers and business leaders have a unique opportunity to leverage this agreement to spur industrial growth, enhance value chains, and empower small and medium-sized enterprises (SMEs) that are the backbone of Africa’s economy.
“Africa is poised for unprecedented growth and development,” said **Sanda Ojiambo**, Assistant Secretary-General and CEO of the UN Global Compact, which convenes GABI. “With a market valued at over $3 trillion, Africa’s GDP growth rate is expected to outpace the global average, with projections of 3.8% in 2024 and 4.2% in 2025.”
For Africa to maximize its potential, Ojiambo stressed the importance of fostering partnerships that not only attract investments but also drive sustainable development. “GABI isn’t just another forum; we are a solution-oriented platform dedicated to shaping Africa’s business future. Our mission is clear: Convene, Connect, Catalyze, and Convey.”
“Unstoppable Africa”will be held alongside the UN General Assembly’s Summit of the Future, making it a landmark event where Africa’s potential will take center stage on the global agenda. The two-day forum will convene influential leaders such as Antonio Guterres, UN Secretary-General, and Amina J. Mohammed, UN Deputy Secretary-General, alongside African business titans like Aliko Dangote, Founder and CEO of Dangote Group, to discuss pathways for sustainable growth and development.
The event will explore a wide range of topics, including energy transitions, digital transformation, and inclusive growth, all of which are key to positioning Africa as a leader in the global economy. Attendees will also engage in discussions about Africa’s creative industries, sports, and its rising role in multilateral bodies like the G20 and BRICS.
Africa’s role in addressing global challenges like energy transitions and digital transformation will be pivotal discussions during the event. With climate change becoming a pressing issue, Africa must find ways to balance economic development with environmental sustainability. The continent has abundant renewable energy sources such as solar, wind, and hydroelectric power, which, if harnessed, could not only meet Africa’s energy needs but also make it a global leader in clean energy production.
Similarly, digital transformation offers Africa immense opportunities to leapfrog traditional development pathways. With over 40% of Africa’s population under 15 years old, a youthful and tech-savvy population is driving innovation across sectors. Mobile banking, e-commerce, and fintech are already revolutionizing economies across the continent, making Africa a burgeoning hub for digital economies. GABI’s forum will seek to amplify these efforts, promoting policies and investments that expand access to digital infrastructure, improve connectivity, and support entrepreneurship in the digital age.
GABI’s vision extends beyond economic growth—it is about making that growth inclusive. Inclusive trade policies, particularly within the framework of AfCFTA, can ensure that all segments of society, especially women and youth, are active participants in Africa’s economic renaissance. By addressing barriers to entry, fostering equitable access to markets, and promoting policies that support SMEs, GABI aims to ensure that growth is not limited to a few but benefits the wider population.
Moreover, inclusive growth is essential to tackling the continent’s high poverty rates and creating millions of jobs. AfCFTA, if fully implemented, could create over 30 million jobs by 2035 and lift millions out of poverty, according to the World Bank.
As Africa solidifies its role within global organizations like G20 and BRICS, the continent is increasingly being recognized for its economic potential and political influence. Africa’s young, growing population, coupled with its vast natural resources, make it a critical player in solving global challenges, from food security to climate change.
Despite economic headwinds, Africa’s GDP growth rates of 3.8% in 2024 and 4.2% in 2025 are projected to surpass the global average. This is a clear sign that, despite challenges, Africa is on the path to becoming an economic powerhouse. With the right investments, partnerships, and policies, the continent can continue to grow at a rapid pace, creating wealth and opportunities for millions.
As Aliko Dangote, one of Africa’s leading entrepreneurs, emphasized, Africa’s potential is immense, but tapping into that potential requires collaboration and long-term commitment from both African governments and the global business community. “When Africa wins, the world wins,” Dangote remarked, reiterating the importance of Africa’s growth for global economic stability.
As the world looks to the future, Africa’s role is becoming increasingly vital. GABI’s Unstoppable Africa forum serves as a critical platform for ensuring that Africa is not just a passive player but a leading force in shaping global solutions. Through AfCFTA, inclusive trade, energy innovations, and digital transformation, Africa has the tools to drive sustainable growth and economic resilience.
The message from GABI is clear: Africa is ready to lead, and the world must take note. Through collaboration, investment, and innovation, Africa can unlock its vast potential and play a pivotal role in building a more equitable and prosperous global future.
