Africa Records 3.2% Growth in 2024 Despite Global Challenges – Afreximbank
Africa’s economy has shown resilience in the face of global challenges, recording a growth rate of 3.2% in 2024, according to the African Export-Import Bank’s (Afreximbank) 2025 African Trade and Economic Outlook (ATEO) Report.
Presenting the report at the Afreximbank 32nd Annual Meetings (AAM2025) in Abuja, Dr. Yemi Kale, Group Chief Economist, Afreximbank, attributed the growth to stronger public investment, high commodity prices, and the early success of diversification strategies.
However, Kale noted that the growth rate is still below the pre-pandemic growth rate of 5%. He also highlighted that growth on the continent remains uneven, with resource-dependent countries facing greater challenges.
Despite these challenges, Africa’s merchandise trade recovered in 2024, rebounding by 13.9% to reach $1.5 trillion. Intra-African trade showed a remarkable upturn of 12.4% to reach $220.3 billion, rebounding from a decline of 5.9% in 2023.
Kale emphasized that the report clearly conveys Africa’s urgent need to transform global fragmentation into a catalyst for resilient, inclusive growth and value-added trade.
He called for African development finance institutions to be strengthened with more capital and fairer global regulation, as well as accelerating the implementation of the African Continental Free Trade Area (AfCFTA).
The report highlights the need for Africa to expand digital payment infrastructure, reduce currency and logistics bottlenecks, and use its G20 seat to push for reforms in reallocation of special drawing rights, debt restructuring, and global financial rulemaking.
Kale emphasized that financial sovereignty, digital integration, and coordinated diplomacy must form the foundation for Africa to overcome global disruption and build a more sustainable, shock-resistant, and opportunity-rich trade future.
Afreximbank has disbursed $17.5 billion in 2024 and aims to double intra-African trade finance by 2026. The Pan-African Payment and Settlement System (PAPSS) is also gaining traction, with over a dozen central banks now linked, reducing transaction costs and reliance on the US dollar and euro. #Africa Records 3.2% Growth in 2024 Despite Global Challenges – Afreximbank#
