According to experts, catalyzing Africa’s potential requires reforming the multilateral system to ensure fair representation, allowing the continent to influence global decisions. By developing its regional blocs, such as ECOWAS and SADC, Africa can strengthen intra-continental cooperation and increase its economic weight. Additionally, by attracting strategic investments and supporting innovation, Africa can position itself as a key player in sustainable global growth.
Africa currently represents 18% of the world’s population but holds only 3% of the votes at the International Monetary Fund (IMF), a disparity that limits its influence on global economic decisions. A reformed multilateral system should ensure fairer representation, allowing Africa to defend its interests and gain a stronger voice in international negotiations.
Africa has to remain a strong and influential global player. In pursuing this vision to have an equal say in global decision-making, the African Union believes that a reformed multilateral system should be guided by a number of principles. The first being representation. It means getting a seat at the decision-making table.
Monique Nsanzabaganwa, Deputy Chairperson of the African Union Commission
The African Union’s Agenda 2063 aims, among other things, to promote sustainable industrialization to enhance Africa’s competitiveness on the global stage. By aligning with global sustainable development goals, Africa can not only stimulate its own development but also actively contribute to addressing global challenges, such as climate change and poverty.
Do we really want to take the responsibility of the agency of being part of this world where one out of four persons will be African and therefore assert our agency ? And this boils down to I will not stop thinking of the agenda 2063. I think the agenda 2063 really operationalizes what the Africa agency will look like.
Joseph Sany, Vice President of the Africa Center at the USIP
Africa has regional blocs with strong potential, such as the Economic Community of West African States (ECOWAS), the Southern African Development Community (SADC), the Common Market for Eastern and Southern Africa (COMESA), the Economic Community of Central African States (ECCAS), and the Arab Maghreb Union (UMA), capable of competing with major economic powers like the European Union and China. These regional blocs are essential for strengthening intra-African cooperation, attracting investments, and promoting economic integration, particularly through initiatives like the African Continental Free Trade Area (AfCFTA).
Let’s make ECOWAS work. Let’s get ECOWAS to work, let’s get SAD C to work. Those are huge blocks that can stand up to Europe, that can stand up to China. We don’t need the entire continent to do that. Maybe someday, 50 years from now, we’ll get there.
Mvemba Phezo Dizolele, Director of the Africa Program at the CSIS
In 2023, foreign direct investment (FDI) flows to Africa reached 53 billion dollars, according to the World Investment Report published on June 20, 2024. These investments are crucial for catalyzing infrastructure development, technological innovation, and job creation. They also strengthen Africa’s global influence by fostering strategic partnerships with key economic actors while supporting long-term sustainable growth.
