12 Interesting People Look Forward to Economic Development in Africa in 2024

“Prediction is very difficult, especially if it’s about the future.” Some oft-quoted wisdom from either that baseball player guru Yogi Berra or the famous physicist Niels Bohr. They both probably said it, and they both probably borrowed it from a Danish artist called Robert Storm Petersen. Or maybe it was Mark Twain. That’s not important for the purposes of this article. What is important is that the words ring true – prediction is a fool’s game.

Here at GPI, we strive to bring you the words not of fools, but of interesting people. So, we went and asked some of the most interesting people we know, not for their (inevitably fallacious) predictions for 2024, but rather for what they would like to see. More specifically, we asked them “In 2024, what would you like the big story of economic development in Africa to be?”.

Hopefully, in the spirit of ‘Wish it, want it, do it’, many of these hopes will come to pass – broad-based income growth that reaches down to school teachers and bus drivers, governments working closely with fintechs, Africa becoming a carbon credit hub, global donors building empowering partnerships with domestic governments. It could all happen. Just don’t bet on it.

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Tyler Cowen, Professor of Economics at George Mason University and co-founder of Marginal Revolution

I would like the big story to be that there is proper economic development in Africa's largest and most important countries. Unfortunately, I am not sure I will get that.

Tenda Msinjili, Partner at Clyde and Co in Tanzania:

In 2024 I would like to see economic development reach the ‘real’ African people. Economic development is usually felt by the rich and not those who need it the most. We need the type of development that reaches the Mama Ntilies, the Boda Boda Drivers, the Bajaji Drivers, Bus Drivers, and beyond that, school teachers, nurses, students (from primary schools to universities), patients in public hospitals, etc. In 2024, for Tanzania where I come from and the rest of Africa, I would like to see economic development making a real difference in these people’s lives.

Dr Golden Mahove, Chief Executive Officer, Ndarama Works

My one big story is on African exports to the U.S. at an unprecedented scale through structured demand-driven U.S. buyers opening their supply chains and sourcing quality products from African enterprises.

Joris de Vries: Impact Investor, Hooge Raedt Social Venture

What I would like to be the big the story will take longer than the 12 months of 2024. So let me slightly rephrase it, and say I wish that people will look back 10-20 years from now and note that in 2024 governments, businesses and civil society got serious about getting some of the basics right and started acting with the long-term in mind. Focusing on agricultural output, for domestic consumption and high value exports, investing in education, and building essential infrastructure. Africa will only reap the benefits from the coming demographic dividend if the young population’s basic needs are met.

Rob Sanford, CEO, Safeboda

Governments working with companies and start-ups to help formalise informal sectors of the economy. This would help. This would require a medium-term view of moving populations to earn a regular income, reduce corruption and improve access to financial services.

Cikay Richards, CEO, Lyra in Africa

In 2024, I hope the prevailing story of economic development in Africa revolves around inclusive growth with particular emphasis on, technological advancements, and sustainable practices. A narrative that highlights not only increased GDP figures but also improved living standards, reduced inequality, and a resilient economy that benefits all layers of society. By prioritizing job creation, fostering innovation, and ensuring equitable access to resources, Africa will witness a significant shift towards economic autonomy, empowering its people to shape their own destinies and contribute to a flourishing continent.

Rory Buckworth, Co-Founder, Biological

In 2024, I’d like to see Africa emerge as a leader in the global carbon credit market, leveraging its vast potential for carbon sequestration particularly in reforestation and biochar production. With the rapid growth of the voluntary carbon market as well as mechanisms such as Article 6.2 of the Paris agreement, now is the time for investors to double down on the carbon removal potential of African nations.

Daniel Yu, Founder and CEO, Wasoko

African economic development in 2024 has the opportunity to inflect through regional integration not just on trade, but more importantly through mobility of talent. We are seeing sizable economies such as Kenya eliminate visa requirements for short-term visitors, we now need to see restrictive requirements on employment lifted for talent from across the continent to mobilize and work in each other’s markets in the same way the EU has created a common pool of talent for its workforce.

Walter Kerr, Co-Founding Executive Director, Unlock Aid

Every year, global development donors provide low- and middle-income countries with more than $200 billion in official development assistance, but too much of this funding goes to pay for projects implemented by large consultants and international NGOs that are often unsustainable and not responsive to what countries say they need. In 2024, I'd like to see one of the big stories be that global development donors pivot to partner with countries to instead invest in ways that propel broad-based, sustainable economic growth.

Barbara Chesire, Managing Director, AB Entheos Ltd

As the richest continent in the world, Africans are the wealthiest. This is not true. With all our incredible natural resources, why aren’t we the wealthiest?

I believe economic development in Africa can only be achieved if Africa takes control of its natural resources including minerals, metals, oil & gas and wildlife & biodiversity. The world’s leading diamond producers are Botswana and South Africa, yet a country like South Africa has the highest wealth inequality in the world. Several African countries have explored and unexplored oil reserves including Nigeria, Angola, and many more, but the benefits do not permeate through the economy. Namibia has huge deposits of diamonds, a rich fishing industry and tourism, yet Namibians are some of the poorest people in the world. Africa holds 25% of the world’s biodiversity, yet the people co-existing with these nature-scapes barely have enough to live by.

I would like the big story of economic development in Africa to be “Africans take control of their natural resources through manufacturing, value-addition and marketing from the continent.”

If Africans can play a bigger role in how funds flow from natural resources, and more stays within the continent, the economic story of Africa would need to be re-written. African countries would indeed be the wealthiest in the world.

Mbwana Alliy, Managing Partner, Savannah Fund

Localizing VC & startup development in Africa: “Reduce dependence on foreign exchange in particularly to venture funding. I hope 2024 leads to more African countries leverage domestic sources of local currency for funding startups and SMEs, this will in turn spur more local fund managers being closer to both assist and African founded startups. It’s important to localize the venture capital industry to allow more inclusive focus on local demands but also resetting expectations on investment returns and development in key sectors such as Agriculture and Energy. Otherwise this leaves the venture industry susceptible to forex shocks and a heavy reliance on foreign capital funding mostly foreign entrepreneurs particularly in smaller countries.

Veronica Masubo, Research Manager, Gatsby Africa

The big story of economic development in Africa for 2024 would be to hear that AfCFTA is encouraging individual country sector industrial policies and encouraging the regional blocs in Africa (EAC, SADC) to allow labor movement. That is where we see the biggest impact of the AfCFTA, which will open markets but allow countries to prioritise sector transformation that aligns with the continent's economic development strategy. It will also allow a coordinated effort in building infrastructure and allow competition among workers.