Photo © UN Women/Gaganjit Singh – Women from rural areas learn how to build solar power items.
A new UNCTAD report reveals that Africa has the potential to become a significant exporter of higher value-added goods, driving economic growth, job creation, and improved productivity. The report, launched in Nairobi, emphasizes the benefits of diversifying trade to enhance resilience and innovation. UNCTAD Secretary-General Rebeca Grynspan highlighted three key factors driving this opportunity: global efforts to diversify suppliers, Africa’s potential to contribute to the renewable energy market, and its young workforce and growing middle class. The report analyzes untapped potential in sectors like automobiles, solar energy, and pharmaceuticals. Africa’s burgeoning tech ecosystem, particularly in AI, 3D printing, fintech, and e-commerce, is noted as fostering innovation. To realize this potential, increased investment is crucial, including in renewable energy. Regulatory barriers must be removed, and regional industrial development plans put in place. Debt relief is needed to invest in supply chain strengthening and education. Grynspan stressed the need to address the debt burden, as African countries pay significantly more for borrowing than their Western counterparts. She noted that African countries pay four times more for borrowing than the United States and eight times more than European nations, as shown in UNCTAD’s recent “World of Debt” report. UNCTAD offers unwavering support for Africa’s economic development and Ms. Grynspan highlighted UN Secretary-General António Guterres’ advocacy for changing investment perceptions and rules to eliminate asymmetries. For details see the Report
Curated by Nikhil Seethi
