Global crises are exacerbating the structural vulnerabilities of African economies. Faced with these challenges, the continent is looking for solutions to strengthen its resilience and stimulate sustainable growth. The 2024 report from the United Nations Conference on Trade and Development (UNCTAD) highlights the main challenges facing Africa. This roadmap also recommends the levers for improving its economic stability.
According to data from the United Nations Office on Drugs and Crime (UNODC), corruption significantly compromises Africa’s prospects for growth and development, costing it around 25% of its GDP every year. This problem, which is holding back investment and increasing inequality, is now a key priority for the African Development Bank. At a time when the theme of the 2025 Annual Meetings is ‘Making the most of Africa’s capital for its development’, the fight against corruption appears to be a matrix that needs to be activated, according to scientists.
Since the launch of its activities in 1966, the African Development Bank has quickly understood that promoting development in Africa cannot be achieved without establishing a political and economic environment governed by good practice and transparency. In November 2024, it thus acted as a pioneer by becoming the first multilateral development bank to enter into a partnership with Interpol to strengthen the fight against financial crime.
Jean Bosco Ngend, Financial analyst, capital markets specialist
In 2024, only the Seychelles, Cape Verde, Botswana, Rwanda and Mauritius were the least corrupt countries in Africa, according to the Corruption Perceptions Index (CPI) drawn up by the NGO Transparency International. The AfDB wants to improve this situation. True to its mandate, the institution has implemented a multidimensional approach in its Ten-Year Strategy 2024-2033, which focuses on economic governance and the fight against corruption, as well as a 2025-2026 Action Plan on Money Laundering and Illicit Financial Flows, aimed at improving regulatory frameworks, the transparency of beneficial owners and monitoring capacities.
These measures are often confronted with a number of challenges that sometimes arise. including the limits imposed by the resources available to the African Development Bank, the non-binding nature of the measures put in place, and the lack of political will on the part of governments to put in place solid and effective solutions to reinforce the effectiveness of the efforts already made. The African Development Bank could adopt much more coercive measures to encourage all players to adopt better practices.
Jean Bosco Ngend, Financial analyst, capital markets specialist
The experts call on states to further strengthen their institutions, as well as their collaboration with international organisations, to ensure that the aspiration for an integrated, prosperous and peaceful Africa set out in the AU’s Agenda 2063 is realised.
