Business
A report, “Towards Africa’s Prosperity: Creating Conditions for Socially Inclusive, Environmentally Sustainable and Well-Governed Continent”, to assist African countries to accelerate and ensure the successful implementation of Agenda 2030 and Agenda 2063 on the continent has been published by the United Nations Economic Commission for Africa, ECA.
The report is a response to the call by World Leaders in January 2020 for a “Decade of Action” to accelerate the implementation of the Sustainable Development Goals, SDGs by 2030. UN Secretary-General António Guterres further emphasised this by launching ‘Our Common Agenda’, which focuses on foresight analysis and involves looking ahead and examining how significant change can be achieved.
These calls for action came amid worsening global economic problems caused by the disruptive effects of COVID-19, the crisis triggered by Russia’s invasion of Ukraine, and the escalating climate crisis. These issues have led to global hunger, limited access to essential health services, poor educational quality, gender inequality, violent conflicts, vulnerability to natural disasters, and climate change.
Africa is the worst-affected region, posing a threat to the achievement of the Sustainable Development Goals, SDGs, established in 2015. The SDGs are designed to enhance global shared prosperity and improve people’s lives by 2030.
Therefore, the Report aims to help African countries address these challenges and accelerate the desired implementation of Agenda 2030, which aligns with the goals of Agenda 2063 of the African Union, AU.
The report assessed four major themes: Africa’s economic and social conditions, a comprehensive definition of prosperity, scenario casting through a macroeconomic model on options for achieving prosperity in Africa by 2030, accelerators of Africa’s development, and the role of governance institutions in economic transformation.
The report identifies the critical ‘game changers’ that could accelerate Africa’s development process in achieving the key goals of Agenda 2063 and Agenda 2030. Some of these include the urgent and imperative need for an agricultural revolution that would harness the continent’s green resources to feed itself and become a net exporter of agricultural products and processed agricultural goods.
Others include “Developing human capital,” “Expanding and upgrading infrastructure and logistics,” “Unleashing entrepreneurship and private sector development,” “Ensuring gender equality and equal opportunities,” “Harnessing the urban advantage,” “Acceleration of regional integration and trade,” “Mobilising financial resources,” and “Ensuring environmental sustainability as a foundation for prosperity.”
The report suggests pathways to accelerate progress towards achieving prosperity in Africa by 2030, aligning with Agenda 2063’s vision. It includes promoting inclusive political and economic governance, improving the capacity, autonomy and accountability of economic and political institutions, addressing disparities between the rich and poor, applying fiscal and monetary policies judiciously, creating incentives for enterprises, modernising technology and infrastructure, prioritising investing in technology and accessing global knowledge, and leveraging the African Continental Free Trade Area, AfCFTA.
The report highlights that governance institutions—economic and political—are essential for sustainable development and socio-economic transformation in Africa. Key political institutions include the judiciary, human rights bodies, and participatory entities like Parliament. Economic institutions encompass national planning, resource management, and accountability frameworks.
Claver Gatete, Executive Secretary of ECA, described the report as a significant effort that would significantly contribute to achieving a stable, democratic, and prosperous Africa.
He commended Vera Songwe, the former Executive Secretary of ECA, for her leadership and initiative on the project, the task team that planned, supervised, and coordinated the production of the report led by Said Adejumobi, Director of Strategic Planning, Oversight, and Results Division at ECA, and the consultants who worked with the Task Team in producing the report.
A.I
Oct. 23, 2024
Tags: AfCFTA.
