African leaders must turn their commitments into concrete actions to spur economic development, experts said Thursday at the opening of the 2024 Africa CEO Forum.
Held under the theme “At the Table or on the Menu: A Critical Moment to Shape a New Future for Africa,” the forum attracted over 2,000 participants, including heads of state, international organization leaders, and industry captains.
Amir Ben Yahmed, CEO of Jeune Afrique Media Group, highlighted private sector concerns such as regional conflicts, the slow progress of the African Continental Free Trade Area (AfCFTA), and worsening macroeconomic conditions leading to increased poverty.
“A solid governance system and strong support for private-sector investments should be our golden vision,” Yahmed said.
Makhtar Diop, Managing Director of the International Finance Corporation (IFC), echoed these sentiments, stating that the forum is an opportunity to rethink Africa’s global role.
“It is not just about being present. It is about supporting the continent’s strengths to help drive the global agenda,” Diop said.
Despite pre-pandemic growth, Africa faces numerous challenges that threaten to reverse decades of progress. Tawfik Hammoud, Chief Client Officer at BCG, emphasized Africa’s potential in critical minerals for decarbonization, green energy, agriculture, and its growing consumer base.
“The world’s solutions are here,” Hammoud said. He noted that current global fragmentation offers Africa a chance to expand its business and political allies.
Jeanine Munyeshuli, Rwanda’s Minister of State for Public Investment and Resource Mobilization, highlighted Africa’s rapid middle-class growth and its potential influence within the G20. She urged the continent to unify its voice and consider setting its own agenda.
Dr. Sidi Ould Tah, president of the Arab Bank for Economic Development in Africa (BADEA), noted significant changes over the past decade, driven by youth and industry leaders. He praised the development of specialized economic zones that add value and create jobs locally.
Panelists also discussed the need for better fiscal resource management. Aigboje Aig-Imoukhuede, Chairman of Access Holdings, called for moving beyond rhetoric to implement concrete actions involving governments, businesses, and society.
“We need to change our mindset, create large markets, and seize opportunities,” Aig-Imoukhuede said.
