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BREAKING THE ‘PARADOX OF PLENTY’: TURNING AFRICA’S WEALTH INTO SHARED PROSPERITY


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Economic Development


BREAKING THE ‘PARADOX OF PLENTY’: TURNING AFRICA’S WEALTH INTO SHARED PROSPERITY

A continent rich in natural resources yet burdened by poverty, hunger and
crippling debt

From Africa Renewal: 
December 2024
19 December 2024
By: 
UNECA
Shutterstock
.

The paradox of plenty in Africa is as visible as it is frustrating - a continent
endowed with immense natural wealth yet burdened by poverty, hunger, and
unsustainable debt.

Every year, $90 billion escapes Africa through illicit financial flows, funds
that could transform healthcare and infrastructure. Meanwhile, about 282 million
people remain undernourished, and more than half of the nations face debt
distress as external debt climbs past $1 trillion.

At the African Economic Conference held in Gaborone, Botswana, from 23 to 25
November 2024, leaders, economists, and young researchers addressed these
challenges head-on.

The discussions centered on practical solutions to turn Africa’s wealth into
prosperity for its people and were highlighted in UN ECA’s podcast The
Sustainable Africa Series, which serves as the basis for this feature.

Africa’s vast resources, from gold and diamonds to fertile lands and solar
energy, have too often enriched a privileged minority - both local and foreign -
while leaving the majority of Africans behind. Poverty, inequality, and
underdevelopment persist as billions flow out of the region.

“We cannot eat diamonds or bauxite,” said Said Adejumobi, Director of Strategic
Planning at the Economic Commission for Africa (ECA). “Other regions with fewer
resources have transformed their economies by adding value to what they produce.
Why not us?”

Debt remains another major obstacle. High interest rates and cycles of
unproductive borrowing trap many African nations in dependency. Sonia
Essobmadje, Chief of the Innovative Finance and Capital Markets Section at ECA,
highlighted the need for better debt management and local capital markets.

“Sometimes we borrow just to repay previous loans, which is unsustainable,” said
Ms. Essobmadje. She emphasized the need for “economic diversification, fiscal
discipline, stronger public debt management strategies, and, above all, the
establishment of domestic capital markets.”

Zuzana Shwidrowski, UN ECA’s Director for Macroeconomics and Governance,
stressed that African nations must embrace new growth strategies as they strive
for middle-income status.

“Investing in human capital, advancing regional integration, and mobilizing
domestic resources are essential,” said Ms. Shwidrowski. “With a revenue-to-GDP
ratio below its potential, Africa has the chance to increase self-reliance and
unlock untapped resources.”

Strengthening tax systems and using tools like green and blue bonds could unlock
billions for public investment. Regional integration was another key focus.

The African Continental Free Trade Area (AfCFTA) was described as a game changer
for reducing reliance on raw material exports and building local industries.

“The AfCFTA is Africa’s crown jewel,” said ECA’s Executive Secretary, Claver
Gatete. Integration is critical for building jobs and value chains, but “this
cannot be achieved without the seamless movement of goods and people,” Mr
Gatete. Stressed.

Highlighting the importance of long-term planning, Caroline Kende-Robb, Director
of Strategy and Operational Policies at the African Development Bank (AfDB),
shared the bank’s ten-year strategy, built on four pillars: prosperity,
inclusion, resilience, and integration.

“We are optimistic because Africa has unique assets: a young, dynamic workforce,
vast renewable energy potential, and urbanization. It’s not all about
crises—it’s about opportunity,” she said.

The United Nations Development Programme (UNDP) called for evidence-based
policymaking. Raymond Gilpin, UNDP Africa’s Chief Economist, noted that ad hoc
policies and siloed approaches have hindered the continent. “Policy is not first
aid,” he said. “It’s about building structures for the future.”

Young researchers are essential to Africa’s transformation. Their ideas and
energy are helping address challenges from debt management to sovereign credit
ratings.

“This is my first time presenting to a room full of experts and policymakers,”
said Kofi Zhou, an emerging economist from China. “It’s inspiring to see how our
research can make a difference.”

For Malick Diallo, a research economist from Senegal, the African Economic
Conference is “an invaluable platform for sharing research and networking with
peers and experts. It allows us to reflect on how best to help our continent
achieve its sustainable development goals.”

The paradox of plenty does not have to define Africa’s future. President Duma
Boko of Botswana urged attendees to move beyond rhetoric:

“Make sure that this conference does not degenerate into merely a generous
exchange of flattery,” he said. “We must act to lift our people from poverty and
raise our continent to take its rightful place as a leader in the world, and not
just an emerging frontier.”

Africa has the tools to rewrite its story and end the paradox of plenty.

Governance reforms, integration, and youth empowerment must move from ideas to
actions.

Topics: 
debt
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ABOUT AFRICA RENEWAL

Africa Renewal is a United Nations digital magazine that covers Africa’s
economic, social and political developments. We cover the challenges the
continent faces and the solutions to these by Africans themselves, including
with the support of the United Nations and international community.

Through the Africa Renewal digital magazine and social media platforms, webinars
with youth groups, media relations, and other outreach and partnership efforts,
we present a new narrative about Africa that showcases positive action and hope,
while countering mostly negative stereotypical portrayals of Africa.

We promote Africa’s achievement of the Sustainable Development Goals, the Paris
climate change agreement and Africa’s Agenda 2063. The topics we cover include
sustainable development, climate action, agriculture, youth voices, women’s
empowerment, health, the African Continental Free Trade Area and other regional
integration efforts, technology and innovation, peace and security, economic
development and more.

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(OSAA), the UN Economic Commission for Africa (ECA), and the African Union
Development Agency (AUDA-NEPAD).

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