Abidjan: The United Nations Trade and Development (UNCTAD) released its 2024 Economic Development in Africa Report in Abidjan, the economic capital of Cote d’Ivoire, outlining strategies to transform the continent’s challenges into opportunities through policy reforms, infrastructure investment, and enhanced regional trade integration.
UNCTAD Secretary-General Rebeca Grynspan, alongside Ivorian Minister of Commerce Souleymane Diarrassouba, presented the report, emphasising Africa’s vulnerability to global shocks due to commodity dependence and infrastructure gaps.
Over half of African nations rely on oil, gas, or minerals for at least 60 per cent of export earnings, exposing them to volatile global markets. Meanwhile, trade costs in Africa remain 50 per cent higher than the global average due to insufficient transport, energy, and digital infrastructure.
Grynspan highlighted the critical role of the African Continental Free Trade Area (AfCFTA), which could create a $3.4 trillion market. “By implementing bold reforms, targeted investments, and fully operationalising AfCFTA, Africa can emerge stronger, more resilient, and competitive,” she said.
The report recommends diversifying exports, boosting intra-African trade, supporting small and medium-sized enterprises (SMEs) — which provide 80 per cent of Africa’s jobs-and establishing early warning systems for trade risks.
Grynspan, who chose to deliver the report in Cote d’Ivoire, praised the country’s economic resilience. She noted that Cote d’Ivoire’s performance and growth are the meaning of regional stability. Today, the country “accounts alone for up to 40 per cent of GDP growth in West Africa and up to 30 per cent of foreign investment stocks.”
Today, the country “contributes 40 per cent of West Africa’s GDP growth and attracts 30 per cent of foreign investments in the region,” she said, attributing its success to public-private partnerships, infrastructure development, and a robust National Development Plan (PND).
Ivorian Prime Minister Robert Beugre Mambe, who received the report during a high-level dialogue on national resilience, emphasised the private sector’s role as the “engine” of the economy, which accounts for 75 per cent of investments and 26 per cent of GDP. He outlined government measures to support businesses, including streamlined logistics, expanded digital connectivity, and dedicated funding mechanisms, Xinhua news agency reported.
“What we must remember about our resilience is our ability to plan development, to control it and to constantly question ourselves,” added the prime minister.
The report underscores the urgency of addressing Africa’s $194 billion annual infrastructure deficit. Key proposals include tax incentives for industrialisation, regional investment funds, and trade finance mechanisms for crisis-affected firms.
“Africa’s future lies in regional integration,” Grynspan said, urging accelerated AfCFTA implementation. With strategic reforms, the continent could reduce external dependency, stabilize revenue streams, and foster inclusive growth.
As global headwinds persist, UNCTAD’s blueprint offers a roadmap for African nations to harness their collective potential while drawing inspiration from success stories like Cote d’Ivoire.
“The experience of Cote d’Ivoire is an inspiration for many other countries that are developing in the world,” noted Grynspan.
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