The Global Africa Business Initiative (GABI) released its Unstoppable Africa 2024 Executive Summary today, providing insights into innovative strategies and solutions aimed at transforming Africa’s financial narrative and boosting economic development.
The report emphasizes GABI’s recommendation for creating an inclusive financing model tailored to Africa’s distinctive challenges, highlighting concessional financing, drawing in private sector investments, and mobilizing local resources as vital components to unleash the continent’s potential. The document also underscores the necessity for African institutions to lead in altering global risk perceptions and to foster inventive financial solutions that mitigate risks and secure sustainable investments.
Now in its third year, GABI’s flagship annual event, Unstoppable Africa, has established itself as the foremost Africa-centered event in New York during the high-level opening week of the United Nations General Assembly, attracting attention and engagement from global leaders.
Sanda Ojiambo, United Nations Assistant Secretary-General and CEO of the UN Global Compact, remarked, “The GABI 2024 Executive Summary captures the transformative results of the highly successful ‘Unstoppable Africa’ event, reflecting the pioneering solutions and significant discussions that took place. This event has been instrumental in uniting key stakeholders to deliberate and synchronize on these transformative strategies.
“By spotlighting essential initiatives and partnerships, this report reaffirms our dedication to positioning Africa at the core of global economic transformation. It serves not only as an account of our advancements but also as a call to action for ongoing collaboration and ambition. We are convinced that by aligning with the aspirations of the 17 Sustainable Development Goals and Agenda 2063, we can unlock Africa’s full potential and contribute to a thriving future for all.”
A Defining Moment
The “Unstoppable Africa” event took place on 25-26 September 2024, coinciding with the United Nations General Assembly. With over 4,000 participants, including 1,545 attending in person and 2,531 online, the event was graced by prominent 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 nations.
Key representatives from the global private sector, top executives, and icons from the sports, music, and creative fields also attended and spoke at the conference.
Key Insights from the GABI 2024 Executive Summary
The report highlights significant accomplishments in the energy sector, such as the Mission 300 initiative that aims to ensure clean energy access for 300 million Africans by 2030. It mentions successful initiatives in Togo, Mauritania, and Ghana, where distributed renewable energy solutions like mini-grids are notably extending energy access to rural and underserved areas. The report stresses the essential role of small and medium-sized enterprises (SMEs) in Africa’s energy transition and emphasizes the need to empower these businesses by addressing gaps in financing and climate action knowledge.
Regarding digital transformation, the report emphasizes the swift technological adoption across the continent and the youthful demographic as key forces for economic advancement. It highlights comprehensive digital upskilling initiatives that are preparing young Africans with essential skills to excel in a digital economy. The report features the launch of Itana, Africa’s first Digital Economic Zone, where global and Pan-African companies can operate remotely and tap into the African talent pool and market.
The creative industries are recognized as crucial economic contributors. The report notes the immense potential of Africa’s dynamic fashion, film, music, and entertainment sectors to generate employment, enhance tourism, and strengthen the African brand.
In the sports domain, the report identifies the necessity for contemporary infrastructure and the formation of continental leagues to foster economic development, social cohesion, and cultural diplomacy. It highlights initiatives such as the Queens of the Continent Foundation and the NBA Africa Startup Accelerator Award, which create opportunities for emerging athletes and entrepreneurs.
Core Themes
Unstoppable Africa concentrated on five main themes:
- Energy Access and Transition: The significance of public-private partnerships, policy frameworks, and blended finance in achieving clean energy solutions was highlighted.
- Inclusive Growth and Trade: Conversations around transforming Africa’s financial narrative underscored the importance of private investment and the further development of the African Continental Free Trade Area (AfCFTA).
- Digital Transformation: Addressing the digital divide and empowering youth with digital competencies were pinpointed as key priorities. The achievements of the UNDP Timbuktoo Initiative were acknowledged.
- Creative Industries: The cultural sectors of Africa were acknowledged eas vital drivers of both economic development and global stature.
- Sports: The need for advanced sports infrastructure and continental leagues was emphasized, noting their potential to create economic and social benefits.
GABI 2025
In 2025, GABI will host the 4th edition of Unstoppable Africa alongside the UN General Assembly at the Marriott Marquis Hotel in Midtown Manhattan, New York City, on the 21st and 22nd of September. The event will again gather private sector representatives, governmental officials, policymakers, and both global and regional stakeholders to create actionable strategies for Africa’s progress.
Moreover, GABI intends to organize several GABI Bridges events throughout the year, including a side event at the Africa CEO Forum on May 12–13 in Abidjan, Côte d’Ivoire. These gatherings will facilitate targeted discussions on specific subjects, leading up to the main forum in September.
