Botswana’s President Calls for Strong Governance to Propel Africa’s Growth. Gaborone played host to the opening of the 2024 African Economic Conference, where President Duma Boko emphasized the need for accountable governance as the foundation for Africa’s economic transformation. Speaking on the theme, “Securing Africa’s Economic Future Amidst Rising Uncertainty,” President Boko stated, “Peace and stability in Africa must be anchored on accountable and responsive governance. It is a fundamental right for all Africans and a prerequisite for sustainable development.”
The three-day event, jointly organized by Botswana’s government, the African Development Bank, UNDP, and UNECA, gathers policymakers and experts to address Africa’s pressing challenges, including rising inflation, climate risks, and unsustainable debt.
Governance, Investment, and Economic Reform
President Boko highlighted that transparent governance and respect for the rule of law attract investments, foster growth, and lay the groundwork for tackling Africa’s structural challenges. “Africa must confront obstacles head-on and leverage its strengths to secure a prosperous future amidst global uncertainties,” he remarked.
He also urged African nations to maximize the opportunities presented by the African Continental Free Trade Area (AfCFTA) to drive industrialization, create jobs, and integrate regional economies.
Financial Solutions and Investment in Youth
UNDP Africa Director Ahunna Eziakonwa stressed the need for innovative financial models to reduce borrowing costs and reclaim billions lost to illicit flows. She called for Africa’s vast resources, including pension and sovereign wealth funds, to finance local growth rather than benefiting external markets.
The conference further underscored the importance of prioritizing education, skills development, and value addition to Africa’s natural resources. UN ECA’s Executive Secretary, Claver Gatete, noted Africa’s mounting financial challenges, with climate-related losses reaching $440 billion annually and external debt exceeding $1 trillion. He called for urgent reforms to the global financial system to better serve Africa.
Homegrown Solutions and Resilience
African Development Bank Vice-President Prof. Kevin Urama encouraged countries to adopt localized solutions, strengthen fiscal policies, and enhance domestic resource mobilization to build economic resilience. “Experience shows that resilient domestic financial systems can alleviate debt challenges and pave the way for sustainable growth,” he explained.
The conference highlighted Africa’s unique assets, including its youthful population and abundant resources, as pivotal for long-term economic transformation. President Boko’s address and the event’s collaborative efforts underscore Botswana’s growing leadership in shaping Africa’s economic future.
