Global Africa Business Initiative Calls for a Bold Reimagining of Africa's Economic Narrative
The Global Africa Business Initiative (GABI) (www.GABI.unglobalcompact.org) issued its Unstoppable Africa 2024 Executive Summary today, shedding light on transformative strategies and solutions to reshape Africa's financial narrative and accelerate economic growth.
The report highlights GABI's call for the development of an inclusive financing model to address Africa's unique challenges, focusing on concessional financing, attracting private sector investment and mobilizing domestic resources as essential mechanisms to unlock the continent's potential. The report also stresses the importance of African institutions taking the lead in changing global risk perceptions and supporting innovative financial solutions to de-risk projects and secure long-term investments.
In its third year, GABI's annual flagship event, Unstoppable Africa, has firmly established itself as the premier Africa-focused event in New York during the United Nations General Assembly high-level opening week, drawing interest and participation from global leaders.
Sanda Ojiambo, United Nations Assistant Secretary-General and CEO of the UN Global Compact said, 'The GABI 2024 Executive Summary captures the transformative outcomes of the highly successful 'Unstoppable Africa' event, reflecting the groundbreaking solutions and impactful discussions that transpired. This event has played a crucial role in bringing together key stakeholders to discuss and align on these transformative strategies.
'By highlighting key initiatives and partnerships, this report underscores our commitment to positioning Africa at the center of global economic transformation. It is not just a reflection of our progress but a call to action for continued collaboration and ambition. We believe that by aligning with the aspirations of the 17 Sustainable Development Goals and Agenda 2063, we can unlock the full potential of Africa and contribute to a prosperous future for all.'
A Landmark Event
The 'Unstoppable Africa' event was held on 25-26 September 2024 on the sidelines of the United Nations General Assembly. With over 4,000 participants, including 1,545 in person and 2,531 online, the event drew notable figures including six Heads of State and Government from Barbados, Côte D'Ivoire, DRC, Eswatini, the Netherlands, and Poland, along with 14 Government Ministers from 13 countries.
Key figures from the global private sector, top business leaders, and icons from the sports, music, and creative industries also spoke at and attended the conference.
Key Findings of the GABI 2024 Executive Summary
The report focuses on significant achievements in the energy sector, such as the Mission 300 initiative, which aims to provide clean energy access to 300 million Africans by 2030. It highlights successful examples from Togo, Mauritania, and Ghana, where distributed renewable energy solutions such as mini-grids are significantly expanding energy access to rural and underserved communities. The vital role of small and medium-sized enterprises (SMEs) in Africa's energy transition is stressed, along with the need to empower these enterprises by bridging gaps in finance and climate action knowledge.
In the realm of digital transformation, the report accentuates the continent's rapid technological adoption and youthful population as key drivers for economic growth. It focuses on comprehensive digital upskilling programs that are equipping African youth with the necessary skills to thrive in a digital economy. The report highlights the launch of Itana, Africa's first Digital Economic Zone where global and Pan-African companies can incorporate online, operate remotely, and access the African talent pool and market.
The creative industries are identified as vital economic drivers. The report highlights the potential of Africa's vibrant fashion, film, music, and entertainment sectors to deliver jobs, boost tourism, and build the African brand.
In the sports sector, the report states the need for modern infrastructure and the establishment of continental leagues to enhance economic growth, social cohesion, and cultural diplomacy. It spotlights initiatives like the Queens of the Continent Foundation and the NBA Africa Startup Accelerator Award, which are creating opportunities for young athletes and entrepreneurs.
Core Themes
Unstoppable Africa focused on five themes:
Energy Access and Transition: Public-private partnerships, policy frameworks, and blended finance were emphasized as keys to clean energy solutions.
Inclusive Growth and Trade: Discussions on reshaping Africa's financial narrative stressed the need for private investment and the advancement of the African Continental Free Trade Area (AfCFTA).
Digital Transformation: Bridging the digital divide and equipping youth with digital skills were identified as priorities. The progress of the UNDP Timbuktoo Initiative was celebrated.
Creative Industries: Africa's cultural sectors were recognized as essential to both economic growth and global influence.
Sports: Calls for modern sports infrastructure and continental leagues marked their potential to drive economic and social impact.
GABI 2025
This year, GABI will convene the 4th edition of Unstoppable Africa on the sidelines of the UN General Assembly at Marriott Marquis Hotel in Mid-Town Manhattan, New York City on Sunday and Monday 21-22 September 2025. Once again, the convening will bring together the private sector, governments, policymakers, global and regional stakeholders to develop actionable frameworks for Africa's development.
Additionally, GABI plans on hosting several GABI Bridges events throughout the year, including a side event at the Africa CEO Forum on May 12 -13 Abidjan, Côte d'Ivoire. These engagements will provide focused discussions on specific topics, building up to the flagship forum in September.
For more information on the GABI and Unstoppable Africa 2024, visit https://GABI.unglobalcompact.org/
Distributed by APO Group on behalf of Global Africa Business Initiative.
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