Africa’s economic success and sustainability are intrinsically linked to accountable governance, Botswana’s newly elected President, Duma Boko, stressed at the opening of the 2024 African Economic Conference (AEC) in Gaborone.
- The three-day conference, with the theme Securing Africa’s Economic Future Amidst Rising Uncertainty has brought together leaders, policymakers, and experts to address the continent’s economic challenges and opportunities
- Organised by the Government of Botswana, the African Development Bank, the United Nations Economic Commission for Africa (ECA), and the United Nations Development Programme (UNDP), the event seeks actionable solutions for Africa’s economic growth.
- Boko won the country’s polls in late October, bringing to an end the six-decade rule of the Botswana’s Democratic Party (BDP).
“Peace and stability in Africa must be anchored on accountable and responsive governance,” the president said, adding, “This is a fundamental human right for every African citizen. It sets the requisite bedrock for any form of measure for our economic development and its sustainability.” He also called on African countries to strengthen democracy and uphold the rule of law.
Africa’s unique endowments, including its abundant natural resources and youthful population, could drive transformative growth if governments prioritise education, skills development, and value addition for raw materials.
Boko encouraged African nations to leverage the African Continental Free Trade Area to transform the continent’s economic landscape through increased investment, job creation, and industrialisation.
“Nearly 476 million Africans live in poverty today, with 149 million falling into this bracket recently due to cascading climate and economic shocks,” The United Nations Under-Secretary-General and Executive Secretary of ECA, Claver Gatete, said.
“We must take steps to ensure that Africa’s abundant resources finance its growth,” UNDP Africa Bureau Director Ahunna Eziakonwa said, adding that, “Africa’s money must work for Africa’s people. We must stem illegal flows where $90 billion is lost. Tens of billions of pension funds, sovereign wealth funds, and insurance funds must work for the continent rather than elsewhere.”
