Africa’s significant economic challenges, including reliance on volatile global markets, infrastructure gaps, and high debt costs, present a unique opportunity to reshape the continent’s future through bold reforms and strategic investments, according to Rebeca Grynspan, Secretary-General of the United Nations Conference on Trade and Development (UNCTAD).

In the launch of the 2024 Economic Development in Africa Report, Grynspan highlighted the potential of Africa’s economic transformation through the full implementation of the African Continental Free Trade Area (AfCFTA), which could create a $3.4 trillion market. Key focus areas include reducing dependence on unstable global markets, enhancing infrastructure, and empowering SMEs to increase intra-African trade. Addressing these factors could significantly bolster Africa’s resilience and competitiveness on the global stage.

UNCTAD emphasized the importance of diversifying exports, improving trade logistics, and strengthening regional supply chains to unlock Africa’s economic potential, ultimately fostering a more stable, interconnected, and resilient future.