How Africa can keep rising | Ngozi Okonjo-Iweala

TL;DR

The rising Africa narrative is being challenged, with issues of unemployment, inequality, and corruption, but there are still opportunities for growth and innovation.

Transcript

The narrative of a rising Africa is being challenged. About 10 years ago, I spoke about an Africa, an Africa of hope and opportunity, an Africa of entrepreneurs, an Africa very different from the Africa that you normally hear about of death, poverty and disease. And that what I spoke about, became part of what is known now as the narrative of the r... Read More

Key Insights

• 🌍 Africa is challenging the narrative of poverty and disease by showcasing stories of innovation and self-sufficiency.
• 🕊️ Rwanda is using drones to deliver medical supplies to hard-to-reach areas, saving lives and demonstrating the type of innovation Africa wants to see.
• ☔ The African Risk Capacity is an organization that provides weather-based insurance to countries affected by drought or floods, allowing them to take care of their populations without waiting for aid.
• 📈 Africa's economic growth has slowed in recent years, partly due to falling commodity prices and the uncertainty caused by Brexit.
• 💼 African countries have managed their economies better, reduced debt, and restructured loss-making enterprises, leading to increased stability and investment confidence.
• 📱 The telecoms revolution in Africa, particularly the rise of mobile technology and mobile money, has provided access to alternative energy sources.
• 👥 Conflicts have decreased in Africa, but new types of conflicts, such as Boko Haram and Al-Shabaab, require international partnerships to combat effectively.
• 📚 Challenges that Africa needs to address include high youth unemployment, low-quality growth, increasing inequality, outdated economic structures, weak governance and corruption, inadequate infrastructure, and broken education systems.

Questions & Answers

Q: What is the narrative of a rising Africa that has been challenged?

The narrative of a rising Africa is one of hope, opportunity, and entrepreneurship. It is a vision of Africa that is very different from the stereotypes of death, poverty, and disease often associated with the continent.

Q: What is one example of the innovative solutions Africa is embracing?

Rwanda, a country with difficult terrain, has decided to use drones to deliver lifesaving drugs, vaccines, and blood to hard-to-reach places. This partnership with a company called Zipline, UPS, and the Gavi Global Vaccine Alliance will save lives and is an example of the type of innovation Africa is embracing.

Q: What organization was formed to address the impact of climate change in Africa?

The African Risk Capacity was formed by 32 African countries under the auspices of the African Union. It is a weather-based insurance agency that allows countries to pay into a fund so that in the event of a difficult drought or flood, the money can be used to help affected populations instead of waiting for international aid.

Q: What are some of the challenges that Africa is currently facing?

Africa's economic growth has slowed down in recent years, partly due to falling commodity prices and global uncertainty, such as the impact of Brexit. Additionally, Africa faces challenges such as job creation, inequality, inadequate infrastructure, governance issues, and the need to invest more in education.

Q: What are some of the things Africa has done right in managing its economy?

Africa has improved its macroeconomic management, ensuring stability, low inflation, and low fiscal deficits. Debt relief initiatives have also helped reduce the debt-to-GDP ratio, giving countries more resources to invest in development. Loss-making enterprises have been restructured or privatized, and the telecoms revolution has allowed for increased access to mobile technology and services.

Q: How can Africa continue to rise and overcome its challenges?

Africa needs to focus on managing its success by continuing to implement sound economic policies and maintaining stability. It must address areas of weakness, such as infrastructure, governance, corruption, and education. Unleashing the potential of Africa's youth and empowering women can also contribute to the continent's continued rise.

Summary & Key Takeaways

• Africa is challenging the narrative of poverty and disease by showcasing stories of innovation and progress.

• Rwanda is using drones to deliver lifesaving drugs and vaccines to hard-to-reach areas, demonstrating innovation in healthcare.

• African countries are taking responsibility for their own development by forming organizations like the African Risk Capacity to address challenges such as climate change and drought.