In a packed auditorium at the renowned Chatham House, Adesina delivered an inspiring address to a diverse audience of diplomats, investors, academics, politicians, and media, emphasising Africa’s untapped potential and abundant opportunities.
This year, Africa is set to become the second-fastest-growing economic region in the world. According to the latest Macroeconomic Performance and Outlook report from the African Development Bank Group, Africa’s GDP is projected to grow by 3.8 percent in 2024, with further expansion to 4.2 percent in 2025. Despite these promising forecasts, many countries still face significant challenges, including high debt burdens and soaring borrowing costs, which raise concerns about the impact on public service provision and development spending.
The start of trading under the African Continental Free Trade Area (AfCFTA) in January 2021 marked a crucial step in Africa’s pursuit of prosperity. However, the continent has also experienced setbacks due to external shocks such as the COVID-19 pandemic, rising geopolitical tensions, and escalating regional conflicts and political instabilities.
In this context, Dr. Akinwumi Adesina shared his insights on Africa’s economic prospects at Chatham House in London on Friday. He outlined the continent’s priorities for structural and economic transformation, sustaining growth, and fostering resilience in the face of adversity.
