Global Uncertainties Suppress Investment in Africa – UNDP
The United Nations Development Programme (UNDP), says global uncertainty over wars can lead to diminished investments critical for Africa’s growth.
Dr Raymond Gilpin, the Chief Economist and Head of Strategy, Analysis, and Research Team, Regional Bureau for Africa, UNDP said this at the closing of the 2024 African Economic Conference (AEC) in Gaborone, Botswana.
The 2024 AEC was co-hosted by the African Development Bank (AfDB), the Economic Commission for Africa (ECA) and the UNDP in collaboration with the Botswana government.
The conference, which commenced on Nov. 23, ended on Nov. 25. “The rising trend towards protectionism can hurt African trade and slow Africa’s Gross Domestic Product (GDP).
“Africa continues to bear the brunt, disproportionately, of climate change and yet continues to be subdued because of the effects of climate change.
“This is not just in terms of economic progress but also the safety and security of the people and communities in the country,” he said.
The UNDP chief economist said that on the surface, the challenges should cast a cloud over Africa’s economic future.
“But we have been able to listen to the data, empirical results, and policy pronouncements.
“That indicates that if we are smart about it as a continent, we can ensure Africa’s economic future in spite of these uncertainties.
“This can be through integration, where we scale up through technology, where we find new ways to solve old problems; through entrepreneurship, where we unleash dynamism in the economy, leveraging our demographic components and competitive advantage,” he said.
According to Gilpin, all of the facts do not just come with hope but also challenge organisations like the AfDB, ECA and UNDP
He said the AfDB, ECA and UNDP were the three most important and preeminent institutions on the African continent regarding development issues.
Gilpin said that the conference was not just optimism about Africa’s economic future but also the realism that empirical data was pointing in certain directions.
“Hearing from people on the ground should point us in certain directions. I hope it will continue to guide, inform, and instruct how we do business on the African continent.
“If we are, at the end of the day, going to rise above the global uncertainties, it is not just the smart things we say on forums like this.
“It is how we change the way we do business as institutions on the African continent, recognising and realising that the Africa of 20 years ago is not going to be the Africa of next year. So, we must change.
“So, African researchers have spoken, and it is now incumbent upon us to act, and I hope that as institutions, we will take it forward,” he said.#Global Uncertainties Suppress Investment in Africa – UNDP#
