Senegal Archives - African Leadership Magazine https://www.africanleadershipmagazine.co.uk/tag/senegal/ Most Reliable Source for Afro-centric News Thu, 27 Feb 2025 07:25:56 +0000 en hourly 1 https://wordpress.org/?v=6.2.6 https://www.africanleadershipmagazine.co.uk/wp-content/uploads/2019/01/cropped-289x96-32x32.jpg Senegal Archives - African Leadership Magazine https://www.africanleadershipmagazine.co.uk/tag/senegal/ 32 32 Biotech and Agriculture: Securing Africa’s Food Future https://www.africanleadershipmagazine.co.uk/biotech-and-agriculture-securing-africas-food-future/ Thu, 27 Feb 2025 07:25:56 +0000 https://www.africanleadershipmagazine.co.uk/?p=65558 The rapid emergence of genetically modified organisms (GMOs) is transforming the agricultural sector globally, and Africa is stepping into this frontier. Genetically engineered crops enhance yields, resist pests, and tolerate.

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The rapid emergence of genetically modified organisms (GMOs) is transforming the agricultural sector globally, and Africa is stepping into this frontier. Genetically engineered crops enhance yields, resist pests, and tolerate drought, which is beneficial to regions where climate variability is a major threat. According to the International Service for the Acquisition of Agri-biotech Applications (ISAAA), 13 African countries have biotech crops at various stages of development, with research focusing on 12 crops and 14 traits.

 

South Africa has led GMO adoption, cultivating genetically modified maize, soybeans, and cotton since the early 2000s. Over 85% of maize and soybeans grown in South Africa are genetically modified, demonstrating the technology’s viability. Nigeria has also approved biotech crops, including pest-resistant Bt cotton and cowpea, which promise increased yields and reduced pesticide use. Kenya, Ghana, and Ethiopia are progressing towards commercialising GMO crops, though public scepticism and policy barriers slow adoption.

 

READ ALSO: The Opportunities and Challenges of Biotechnology in Africa

 

The economic potential of biotechnology in African agriculture is immense. In Nigeria, the adoption of pest-resistant Bt cotton is expected to generate $200 million annually. Kenya’s genetically modified maize, promising higher yields and resilience, could boost farmer profits by 25-30%. The African Development Bank (AfDB) estimates that investing in modern agricultural technologies could unlock $1 trillion in agribusiness by 2030. However, financing remains a significant hurdle. African governments allocate less than 3% of GDP to agriculture, far below the 10% target set by the Maputo Declaration.

 

Investment in biotech startups and research institutions remains low, making it difficult for smallholder farmers who produce 80% of Africa’s food to access high-tech solutions. International collaborations, such as the African Agricultural Technology Foundation (AATF), have been instrumental in funding biotech projects, but more investment is needed.

 

The GMO Debate: Science vs. Scepticism

Despite its promise, GMO adoption in Africa faces resistance. Many countries, including Tanzania and Zambia, have imposed restrictions due to public scepticism, ethical concerns, and regulatory hurdles. The European Union’s strict stance on genetically modified products also affects African exports, making some governments hesitant to embrace the technology.

 

Health concerns, though widely debunked by scientists, persist. Studies by the World Health Organisation (WHO) and Food and Agriculture Organisation (FAO) affirm that GMOs pose no greater risk than conventional crops. However, misinformation and a lack of public awareness continue to fuel fears.

 

Beyond GMOs

Biotechnology extends beyond genetic modification. Precision agriculture, employing AI, drones, and satellite imaging, enables farmers to optimise yields while conserving resources. In Ghana, precision irrigation has reduced water usage by 40% while increasing crop productivity.

 

Biofortification is also addressing Africa’s nutrition crisis. Golden Rice, enriched with Vitamin A, and iron-fortified beans are improving dietary health across the continent. In Rwanda, farmers growing iron-rich beans have seen a 27% reduction in anaemia rates. Such initiatives underscore the role of science in combating malnutrition and enhancing food security.

 

The Digital Revolution in Agriculture

Smart farming is gaining traction across Africa. Mobile apps and blockchain technology help farmers access real-time data, track supply chains, and secure fair prices. In Kenya, platforms like M-Farm connect farmers directly to buyers, eliminating exploitative middlemen. E-wallets and digital credit systems provide small-scale farmers with financial access, enabling them to invest in high-quality seeds and fertilisers.

 

In Ethiopia, satellite-driven soil analysis helps farmers apply precise amounts of fertiliser, leading to a 20% increase in maize yields. These digital tools bridge the knowledge gap, empowering farmers with real-time insights to improve productivity.

 

Climate Change and the Future of African Agriculture

Climate change is one of the biggest threats to Africa’s food security. Rising temperatures, erratic rainfall, and desertification are reducing agricultural productivity. Biotechnology offers a solution through drought-resistant crops and climate-smart farming techniques. In Senegal, farmers using drought-tolerant rice varieties have recorded a 35% increase in yields, even under extreme weather conditions.

 

Agroecology, which combines modern science with traditional farming knowledge, is another promising approach. By diversifying crops, improving soil health, and using organic fertilisers, farmers can build more resilient food systems. Agroecological projects in Malawi have doubled maize yields while reducing dependency on chemical inputs.

 

The Road to Self-Sufficiency

With Africa’s population projected to reach 2.5 billion by 2050, ensuring food security is becoming increasingly urgent. Climate change, outdated farming techniques, and inadequate infrastructure continue to threaten food production. Could biotechnology, combined with innovative agricultural practices, be the key to Africa’s self-sufficiency?

 

For Africa to achieve food security through biotechnology, policy frameworks must evolve. Countries like Ethiopia and Ghana are establishing biotech-friendly regulations, while the African Union’s Science, Technology, and Innovation Strategy for Africa 2024 (STISA-2024) emphasises agricultural biotechnology as a key driver of food security. Stronger intellectual property rights, research funding, and streamlined approval processes for GMOs are crucial to accelerating innovation.

 

Public-private partnerships are also essential. Institutions like the Alliance for a Green Revolution in Africa (AGRA) have invested in over 700 agricultural projects across the continent, helping smallholder farmers adopt improved seed varieties and farming techniques. However, widespread adoption requires greater government commitment to education and farmer training.

 

Can Africa Feed Itself?

The agricultural sector presents a paradox. While agriculture accounts for nearly 20% of Sub-Saharan Africa’s economy—the highest percentage of any region globally—the continent still imports over $50 billion worth of food annually. Despite possessing 60% of the world’s uncultivated arable land, food insecurity remains a pressing issue.

 

The potential exists, but scaling biotech adoption requires government commitment, public awareness, and private-sector investment. Africa’s food security dilemma can be resolved not just through innovation but by ensuring these advancements reach smallholder farmers, the backbone of the continent’s agriculture. With the right policies, investments, and education, Africa’s farms can flourish, transforming the continent into a global breadbasket rather than a perennial food importer.

 

To make this vision a reality, stakeholders must collaborate to drive research, improve regulatory frameworks, and enhance financial support for farmers. If Africa embraces innovation at scale, the question is not whether the continent can feed itself, but how soon it can achieve agricultural self-sufficiency.

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Africa’s Economic Growth Leading the Global South https://www.africanleadershipmagazine.co.uk/africas-economic-growth-leading-the-global-south/ Mon, 24 Feb 2025 12:36:13 +0000 https://www.africanleadershipmagazine.co.uk/?p=65531 The African Development Bank (AfDB) forecasted that in 2024, six of the world’s ten fastest-growing economies will hail from Africa, including nations like Rwanda, Côte d’Ivoire, and Benin. This trajectory.

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The African Development Bank (AfDB) forecasted that in 2024, six of the world’s ten fastest-growing economies will hail from Africa, including nations like Rwanda, Côte d’Ivoire, and Benin. This trajectory has been propelled by sustained investment in infrastructure, burgeoning entrepreneurship, and a youthful, ambitious workforce. Africa’s real GDP is projected to grow by 4.5% annually, outpacing many regions within the Global South.

 

Africa’s economic dynamism has made it a pivotal player in the Global South coalition. Recent initiatives, such as South Africa’s presidency of the G20, have positioned the continent as a bridge between emerging markets and established economic powers. The Development Bank of Southern Africa underscores the significance of these efforts, noting that African nations are championing dialogues on sustainable development, climate change, and equitable trade practices.

 

READ ALSO: Celebrating Dr. Ken Giami: A Visionary Leader Bridging Global South-South Cooperation

 

Economic Transformation

Africa’s evolution from resource dependency to innovation-led economies symbolises a remarkable paradigm shift. Countries like Kenya, Nigeria, and Senegal have become tech hubs, hosting start-ups that address local challenges with global implications. For instance, Kenya’s M-Pesa platform revolutionised financial inclusion, inspiring digital payment systems worldwide. Meanwhile, Nigeria’s fintech industry has attracted over $600 million in investment annually, according to McKinsey & Company.

 

Agriculture, long the backbone of African economies, is undergoing a renaissance driven by technology. Smart farming techniques and agri-tech innovations have increased productivity and bolstered food security. Rwanda’s efforts to digitise farming practices have resulted in a 25% increase in crop yields since 2020, illustrating how technology can revolutionise traditional sectors.

 

Infrastructure remains the lifeblood of Africa’s economic growth. The African Union’s Agenda 2063 underscores ambitious projects like the African Continental Free Trade Area (AfCFTA), aimed at integrating a market of 1.4 billion people. The AfCFTA, expected to increase intra-African trade by 52% by 2025, reflects the continent’s commitment to creating a unified economic bloc.

 

Flagship infrastructure projects, including Ethiopia’s Grand Renaissance Dam and Senegal’s Dakar-Diamniadio Toll Highway, symbolise Africa’s determination to overcome logistical challenges and harness its natural resources effectively. According to the African Development Bank, investments in infrastructure could add up to 2% to Africa’s annual GDP growth by 2030.

 

Harnessing the Power of Partnerships

Africa’s collaboration with other Global South nations has amplified its voice in international forums. Partnerships with China, India, and Brazil have driven investments in renewable energy, technology, and manufacturing. China alone has committed over $300 billion in infrastructure projects across Africa, while India’s trade with the continent exceeded $90 billion in 2023.

 

The growing emphasis on South-South cooperation is reshaping the geopolitical landscape, enabling Africa to negotiate better terms for trade and investment. Initiatives like the India-Africa Forum Summit and the Forum on China-Africa Cooperation have reinforced this dynamic, fostering mutual growth.

 

Challenges on the Horizon

While Africa’s ascent is noteworthy, challenges persist. Climate change, political instability, and inadequate access to education and healthcare remain formidable barriers. The continent’s youthful population, while a potential asset, also poses a risk if job creation does not keep pace with demographic growth.

 

Corruption and bureaucratic inefficiencies continue to hinder progress. According to Transparency International, Africa loses an estimated $50 billion annually to illicit financial flows, funds that could otherwise be channelled into development initiatives.

 

A Vision for 2030 and Beyond

To sustain its momentum, Africa must adopt a multi-faceted approach:

Investing in Education and Skills Development: Empowering its youth with relevant skills can transform Africa’s demographic bulge into a dividend. Initiatives like Rwanda’s coding academies and Nigeria’s tech hubs are steps in the right direction.

Accelerating Green Growth: Africa holds 60% of the world’s solar energy potential. Countries like South Africa and Morocco are already leading the charge with large-scale renewable energy projects. By harnessing this potential, Africa can not only achieve energy security but also lead global efforts in combating climate change.

 

Strengthening Governance and Transparency: Addressing corruption and fostering institutional reforms are crucial for attracting foreign investment and ensuring equitable distribution of resources.

 

Africa’s New Dawn

Africa’s journey to becoming the vanguard of the Global South is not just a tale of economic growth but a testament to its resilience, innovation, and ambition. Like the Baobab tree, deeply rooted yet reaching skyward, Africa’s economic renaissance symbolises strength, adaptability, and boundless potential.

 

As the continent continues to write its growth narrative, it serves as an inspiration for the Global South, proving that sustainable development is not just a goal but an achievable reality. The world is watching as Africa leads the way—not as a follower, but as a trailblazer.

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Senegal’s President Bassirou Faye Wins African of the Year at 14th ALM POTY 2025 https://www.africanleadershipmagazine.co.uk/senegals-president-bassirou-faye-wins-african-of-the-year-at-14th-alm-poty-2025/ Sat, 22 Feb 2025 20:00:12 +0000 https://www.africanleadershipmagazine.co.uk/?p=65445 Casablanca, Morocco, February 21 – 22, 2025 – H.E. Bassirou Faye, President of Senegal, has been honoured with the prestigious African of the Year award at the 14th African Leadership.

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Casablanca, Morocco, February 21 – 22, 2025 – H.E. Bassirou Faye, President of Senegal, has been honoured with the prestigious African of the Year award at the 14th African Leadership Magazine Persons of the Year (POTY) Ceremony, held at the Casablanca Marriott Hotel, Morocco, from February 21–22, 2025.

 

READ ALSO: Press Release: Voting Opens for the African Persons of the Year 2024

 

President Faye has been recognised for his exceptional leadership, unwavering commitment to democratic governance, and strategic economic reforms that have significantly strengthened Senegal’s role in Africa’s socio-economic development. His administration’s focus on infrastructural development, youth empowerment, and regional stability has positioned Senegal as a model for progressive governance on the continent.

 

The African Leadership Magazine Persons of the Year (POTY) Ceremony is an annual flagship event that brings together policymakers, business leaders, civil society actors, and thought leaders from across Africa and beyond. The event serves as a platform to celebrate outstanding African leaders who are making significant contributions to the continent’s growth and development.

 

The 14th edition of the event also honoured other distinguished leaders, including:

 

• H.E. Andry Rajoelina, President of Madagascar
• Professor Charles Anosike, Director General of the Nigerian Meteorological Agency (NIMET), Nigeria
• Rt. Hon. Robinah Nabbanja, Prime Minister of Uganda
• H.E. Douye Diri, Governor of Bayelsa State, Nigeria
• Dr. Jane Ruth Aceng Ocero, Minister for Health, Uganda
• H.E. Fardowsa Osman Egal, Minister for Transport & Civil Aviation, Somalia
• Hon. Nani Juwara, Minister of Petroleum, Energy & Mines, The Gambia
• H.E. Rindra Rabarinirinarison, Minister of Economy and Finance, Madagascar
• Hon. Augustine Kpehe Ngafuan, Minister of Finance and Development Planning, Liberia
• Hon. Lefoko Maxwell Moagi, Former Minister of Minerals and Energy, Botswana
• Dr. Armstrong Takang, Managing Director of the Ministry of Finance Incorporated (MOFI), Nigeria
• Mr. Mustafa Y. Shek, Director General of the National Communication Authority, Somalia

 

Prominent business leaders, including Dr. Seinye O.B. Lulu-Briggs, Executive Chairman of Moni Polu Limited, and Olusegun Alebiosu, Managing Director/CEO of FirstBank Group, Nigeria, were also in attendance.

 

The event attracted high-profile delegates from across Africa, including Ethiopia, Nigeria, Madagascar, Angola, Uganda, South Sudan, Zimbabwe, Congo, Cape Verde, Botswana, South Africa, and Kenya, highlighting the pan-African significance of the awards.

 

For media enquiries or further information, please contact:

The Group Editor
King Richard Igimoh
editor@africanleadership.co.uk,
king.richards@africanleadership.co.uk

 

About African Leadership Magazine

The African Leadership Magazine, the flagship publication of the African Leadership Organisation (UK) Limited, has been dedicated to promoting impactful leadership in Africa for over 16 years. Through high-quality Afro-positive content, public sector training, and consulting, the magazine plays a crucial role in showcasing Africa’s success stories, driving positive change, and shaping the continent’s future.

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Boosting Space Capabilities Through Partnerships and Innovation https://www.africanleadershipmagazine.co.uk/boosting-space-capabilities-through-partnerships-and-innovation/ Wed, 19 Feb 2025 08:32:00 +0000 https://www.africanleadershipmagazine.co.uk/?p=65411 People often picture NASA’s rockets or China’s lunar ambitions when they think of space exploration. But Africa is quietly making its own strides: investing in satellites, forming strategic alliances, and.

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People often picture NASA’s rockets or China’s lunar ambitions when they think of space exploration. But Africa is quietly making its own strides: investing in satellites, forming strategic alliances, and carving out a place in the global space economy. Once dismissed as a distant dream, the continent’s space sector is now valued at approximately $19.49 billion and is expected to reach $22.64 billion by 2026, according to Statista and industry data. The rapid growth of “NewSpace” companies—over 300 startups—signals a shift, proving that Africa is no longer a mere observer but an active player in space innovation.

 

China has emerged as a key partner in Africa’s space journey, forging nearly two dozen agreements with various nations. Through substantial investments in satellite technology and space infrastructure, Beijing is deepening its influence across the continent, establishing strategic partnerships while simultaneously enhancing its own surveillance and communication capabilities. Recent developments include the establishment of an Egyptian satellite laboratory, a key component of China’s broader overseas space programme. Egypt, with 13 satellites in orbit, is among the African nations benefiting from China’s support, which includes satellite donations, space monitoring telescopes, and ground stations. This collaboration grants Beijing long-term access to valuable data collected by these technologies.

 

READ ALSO: South Africa’s New Ground Station To Help NASA Track Space Flights

 

Over the past year, Egypt, South Africa, and Senegal have agreed to collaborate with China on a future moon base, signalling a direct challenge to U.S. lunar ambitions. President Xi Jinping has further committed to satellite development, lunar exploration, and deep-space research as part of a $50 billion investment package in Africa over the next three years. These agreements provide China with access to critical surveillance data and a strategic foothold on the continent, potentially reshaping the global balance of power in space.

 

Challenges

Africa’s burgeoning space industry faces significant hurdles, including funding constraints, a shortage of skilled professionals in key areas, inadequate ground infrastructure, a lack of clear regulatory frameworks, and challenges in ensuring space-derived data is accessible and effectively utilised for development purposes.

 

Solutions for a Brighter Future

To overcome these challenges and unlock the full potential of its space industry, Africa must focus on the following key areas:

Increased Investment: Attracting both public and private investment in space programmes and infrastructure.

Skills Development: Investing in education and training initiatives to build a skilled workforce.

Regional Collaboration: Fostering cooperation among African nations to share resources, expertise, and infrastructure.

Policy Development: Establishing clear and consistent regulatory frameworks for space activities.

Data Utilisation: Promoting the use of space-derived data for applications such as agriculture, disaster management, and environmental monitoring.

 

The Future of African Space

Africa’s space industry is set for significant growth and transformation, with several key trends expected to shape its future: increased satellite launches, the rise of indigenous space industries, greater use of space data, enhanced international cooperation, and a more prominent role in global space governance. As a result, Africa will become a more active player in the global space sector, driving innovation and progress in fields such as agriculture, healthcare, and climate change while fostering technological advancement and economic development.

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Is Digital Colonisation Just Rebranded Exploitation? https://www.africanleadershipmagazine.co.uk/is-digital-colonisation-just-rebranded-exploitation/ Tue, 18 Feb 2025 10:45:49 +0000 https://www.africanleadershipmagazine.co.uk/?p=65400 Artificial Intelligence (AI) is rapidly reshaping economies, industries, and societies worldwide. In Africa, its transformative potential is evident, with applications spanning agriculture, healthcare, financial services, and governance. However, as the.

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Artificial Intelligence (AI) is rapidly reshaping economies, industries, and societies worldwide. In Africa, its transformative potential is evident, with applications spanning agriculture, healthcare, financial services, and governance. However, as the continent embraces this digital revolution, a critical question arises: Is AI a catalyst for African growth, or does it represent a new form of colonialism?

 

Senegalese expert Seydina Moussa Ndiaye warns of a new “colonisation” of the continent if foreign companies continue to extract African data without involving local stakeholders. Ndiaye emphasises, “The biggest threat for me is colonisation. We may end up with large multinationals imposing their AI solutions across the continent, leaving no room for local innovation.”

 

READ ALSO: AI in Africa: Growth, Investment & the Future of Jobs

 

The Rise of AI in Africa

AI is no longer a futuristic concept; it is a present-day reality. The African AI ecosystem is expanding, with tech hubs proliferating across the continent. Countries like Kenya, Nigeria, and South Africa have seen the rise of AI-powered startups focused on fintech, agritech, and health tech. The African AI market is projected to reach $2 billion by the end of 2025, with growing investments from both the public and private sectors. Experts argue that for every $1 invested in Sub-Saharan Africa’s digital economy, $2 in economic value could be generated by 2030.

 

AI-driven initiatives in agriculture, such as South Africa’s Aerobotics and Kenya’s Twiga Foods, are enhancing productivity and addressing food security challenges. In healthcare, AI applications like Zipline’s drone-delivered medical supplies in Rwanda have revolutionised access to essential medicines. These advancements highlight AI’s immense potential to tackle pressing African challenges.

 

Who Owns the Data Owns the Future

Data is the new oil, and Africa is a vast reservoir. However, much like the colonial era, where raw materials were extracted with little return, Africa’s data is being harvested—often without local ownership or control. Global tech giants, including Google, Microsoft, and Meta, have heavily invested in AI research and infrastructure across Africa. While this has spurred technological advancement, it raises serious concerns about data sovereignty.

 

According to the African Union, over 80% of African data is stored outside the continent, primarily in Europe and North America. A report by the Africa Data Centres Association and Xalam Analytics estimates that Africa requires between 1.4 and 3.5 million square metres of data centre space to meet its needs. This dependency not only restricts local innovation but also subjects African nations to foreign regulatory frameworks. Senegalese AI expert Mouhamadou Diagne warns that Africa risks becoming a “digital colony” where the value generated from its data does not benefit its people.

 

AI in Africa: A Tool for Growth or a New Form of Colonialism?

Despite these concerns, AI holds great promise for economic development. The World Bank estimates that AI could contribute $15.7 trillion to the global economy by 2030, with Africa positioned to gain significantly if it harnesses the technology effectively. AI-driven automation can enhance efficiency in industries such as manufacturing and logistics, creating new economic opportunities.

In Ghana, mPedigree is leveraging AI to combat counterfeit pharmaceuticals, saving lives and boosting consumer confidence in local markets. In Ethiopia, AI is being utilised in tax administration to reduce fraud and improve revenue collection. These cases illustrate how AI, when strategically integrated, can serve as a catalyst for growth.

 

The term “digital colonialism” has gained traction among African intellectuals and policymakers, who argue that the current AI ecosystem mirrors historical colonial patterns. Foreign AI models trained on Western datasets often fail to capture the linguistic and cultural nuances of Africa, leading to biased algorithms that reinforce existing inequalities.

 

A study by the Mozilla Foundation found that 60% of African AI developers rely on Western-built models, limiting local agency in AI development. Furthermore, the infrastructure supporting AI—such as cloud computing and high-performance servers—remains predominantly owned by Western corporations, deepening technological dependence.

 

Africa’s Path to Digital Sovereignty

For Africa to fully benefit from AI, strategic actions must be taken:

Investment in Local Talent

African governments must prioritise AI education and research, ensuring that universities and institutions develop homegrown solutions. Rwanda’s AI policy, which integrates AI into its national education system, serves as a model for other nations.

Strengthening Data Governance

The African Union’s Data Policy Framework advocates for regional data centres and stricter data localisation laws to prevent external exploitation. Keeping data within the continent will allow Africa to retain economic value and control over its digital assets.

Fostering Intra-African Collaboration

The African Continental Free Trade Area (AfCFTA) presents an opportunity to build a unified AI strategy that prioritises African interests. Investing in indigenous AI startups and establishing Pan-African AI research hubs can help shift the continent from being a consumer of AI to a leader in AI innovation.

AI as a Partner, Not a Master

AI, like fire, can be either a tool for progress or a force of destruction—its impact depends on who controls it. While AI has the potential to drive African development, without deliberate policies and strategies, the continent risks digital colonisation by foreign interests.

 

As AI continues to evolve, Africa must ensure that it is not merely a testing ground for global tech giants but an active player in shaping the future of AI. By prioritising data sovereignty, investing in local talent, and fostering intra-continental collaboration, Africa can transform AI into a tool for empowerment rather than a new form of colonialism.

 

As the African proverb goes, the lion must learn to write its own story, or risk being forever hunted by narratives not its own.

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How Effective Are Africa’s New Generation Leaders? https://www.africanleadershipmagazine.co.uk/how-effective-are-africas-new-generation-leaders/ Mon, 10 Feb 2025 09:07:52 +0000 https://www.africanleadershipmagazine.co.uk/?p=65306 A wave of younger, supposedly reform-minded leaders has taken charge across the continent, each promising to break away from the past and drive transformative change. This is a defining moment.

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A wave of younger, supposedly reform-minded leaders has taken charge across the continent, each promising to break away from the past and drive transformative change. This is a defining moment for Africa. These individuals present themselves as visionaries, proponents of digital economies, youth empowerment, and industrial expansion. But how effective have they been in delivering these promises? Have they truly set a new standard, or are they merely repackaging old governance models with new rhetoric?.

 

The Promise of Change in Africa

Many of Africa’s new leaders have launched ambitious policies aimed at economic transformation and governance reform. While some have seen relative success, others have faced obstacles that expose the complexities of leadership on the continent.

 

READ ALSO: Africa’s Rising Stars in Global Leadership

 

Paul Kagame—Rwanda’s Tech-Driven Model

Paul Kagame, though not a new leader, continues to be a model for many emerging African leaders. Under his administration, Rwanda has positioned itself as a tech-driven economy, attracting global investment in smart cities, artificial intelligence, and digital entrepreneurship. Kigali’s clean streets and reliable infrastructure have become a benchmark for urban development. His leadership has transformed Rwanda into one of Africa’s fastest-growing economies, with GDP growth averaging over 7% in recent years. However, critics argue that Kagame’s firm grip on power and limited political freedoms raise concerns about democratic growth, questioning whether economic prosperity can be sustainable without open governance.

 

Bola Ahmed Tinubu—Nigeria’s Economic Reforms

Nigeria’s president, Bola Ahmed Tinubu, came into office with promises of economic reform, focusing on removing fuel subsidies, stabilising the naira, and attracting foreign investment. His administration’s bold move to end fuel subsidies was met with mixed reactions; while it aimed to free up funds for infrastructure and development, it also led to increased fuel prices, triggering inflation and public discontent. Tinubu’s economic policies are centred on revitalising Nigeria’s business environment, but the country’s high debt burden, unemployment rate, and security challenges continue to test his leadership. His ability to navigate these economic pressures will determine whether his reforms bring sustainable growth or deepen economic hardships for Nigerians.

 

William Ruto—Kenya’s “Bottom-Up” Economic Agenda

Kenyan President William Ruto campaigned on the promise of a “Hustler Economy,” aiming to support small businesses and reduce income inequality. His government introduced the Financial Inclusion Fund (Hustler Fund) to provide affordable credit to small entrepreneurs, a move hailed as a major step toward financial inclusivity. However, increased taxation under his administration has led to public backlash, with protests erupting over the rising cost of living. While his policies signal an intent to support the economically marginalised, their success is contingent on implementation and public trust.

 

Bassirou Diomaye Faye—Economic Shift in Senegal

Senegal’s newly elected president, Bassirou Diomaye Faye, has set out to renegotiate mining and oil contracts to ensure that Senegalese citizens benefit more from their country’s natural resources. His push for economic nationalism is ambitious, challenging long-standing agreements that heavily favoured foreign companies. His approach has sparked both optimism and scepticism—will he secure better deals without discouraging foreign investment? The coming years will reveal whether this bold move translates into real economic empowerment for Senegalese citizens.

 

Ibrahim Traoré—Burkina Faso’s Defiance Against Western Influence

In Burkina Faso, the young Captain Ibrahim Traoré has taken an aggressive stance against France, cutting military ties and strengthening relations with Russia. His administration has focused on security, tackling the country’s rampant jihadist insurgency, which has displaced over two million people. While some citizens see his leadership as bold and necessary, others worry that leaning towards non-traditional allies could complicate the country’s geopolitical standing. If his security strategies succeed, Burkina Faso could serve as a model for self-reliance. If not, it may deepen instability.

 

Digital Governance: Are They Delivering?

One hallmark of Africa’s new-generation leaders is their ability to engage youth through social media and digital governance. Many of these leaders have embraced technology to increase transparency and efficiency in government operations. However, implementation has varied across countries.

 

Ghana’s Digital Drive under Nana Akufo-Addo made strides in digitising public services, including the Ghana Card initiative, which aims to streamline national identification and financial inclusion. While this is a step in the right direction, Ghana’s debt crisis threatens to derail economic gains, and many citizens still feel the impact of inflation. Similarly, Nigeria’s tech expansion has been promising, with Lagos positioning itself as Africa’s Silicon Valley. However, challenges such as inconsistent policies, high operational costs, and government crackdowns on cryptocurrency and fintech firms have slowed progress.

 

Challenges: Corruption, Institutional Weakness, and Public Trust

Despite their progressive rhetoric, many new-generation leaders still face deep-rooted challenges. Corruption remains a major issue, as seen in Transparency International’s 2024 Corruption Perceptions Index, where many African nations still rank poorly. Institutional weaknesses continue to hinder policy implementation, with bureaucratic inefficiencies slowing down economic and governance reforms. Public disillusionment is growing in countries where leaders promised rapid change but have yet to deliver tangible results. The youth, who form the majority of Africa’s population, are increasingly vocal, using social media and protests to demand accountability.

 

A Balanced Outlook

While scepticism persists, it would be unfair to dismiss the efforts of Africa’s new leaders entirely. There have been notable successes that indicate progress:
• Renewable Energy Expansion: South Africa, Morocco, and Kenya have significantly increased solar and wind energy adoption, reducing reliance on fossil fuels.
• Infrastructure Growth: Major projects, such as Tanzania’s Standard Gauge Railway and Ethiopia’s Grand Renaissance Dam, demonstrate Africa’s ambition to modernise.
• Intra-Africa Trade: The African Continental Free Trade Area (AfCFTA) is gradually fostering regional trade, despite slow implementation and logistical challenges.

 

These developments suggest that while Africa’s leadership still grapples with challenges, significant strides are being made in economic diversification, infrastructure, and regional collaboration.

 

Can This Generation Deliver Lasting Change?

The ultimate test of Africa’s new leaders will be whether they can sustain economic growth, maintain democratic values, and improve the livelihoods of ordinary citizens. Their effectiveness will not be measured by promises but by real, verifiable impact. While they have shown some progress, systemic issues remain. Africa’s new-generation leaders must rise beyond rhetoric and deliver results that stand the test of time. Will they break the cycle, or will history repeat itself? Only time will tell.

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Africa Energy Summit 2025: Leaders Secure Over $50B for Energy Transformation https://www.africanleadershipmagazine.co.uk/africa-energy-summit-2025-leaders-secure-over-50b-for-energy-transformation/ Wed, 29 Jan 2025 10:31:48 +0000 https://www.africanleadershipmagazine.co.uk/?p=65168 Thirty African heads of state and government have reaffirmed their commitment to advancing energy access across the continent, pledging to implement crucial reforms and actions aimed at providing reliable, affordable,.

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Thirty African heads of state and government have reaffirmed their commitment to advancing energy access across the continent, pledging to implement crucial reforms and actions aimed at providing reliable, affordable, and sustainable electricity.
This collective pledge was formalised in a declaration during the Mission 300 Africa Energy Summit, held in Dar es Salaam, Tanzania. Mission 300 partners have committed over $50 billion to support the initiative, which seeks to bridge Africa’s significant energy gap.

 

The Dar es Salaam Energy Declaration marks a significant step in addressing the continent’s electricity deficit, with over 600 million Africans still living without access to power. As a key component of the Mission 300 initiative, the declaration brings together governments, development banks, private-sector partners, and philanthropic organisations to connect 300 million Africans to electricity by 2030. The document is set to be submitted for adoption at the upcoming African Union Summit in February.

 

READ ALSO: Inside Africa’s Energy Transformation: Tech That’s Changing Everything

 

The initiative is viewed as a crucial driver for economic growth, job creation, and improved living standards across Africa. By prioritising energy access, Mission 300 lays the foundation for a brighter future, particularly for the continent’s growing youth population.

 

During the summit, twelve countries—Chad, Côte d’Ivoire, the Democratic Republic of Congo, Liberia, Madagascar, Malawi, Mauritania, Niger, Nigeria, Senegal, Tanzania, and Zambia—presented detailed National Energy Compacts. These frameworks outline targeted strategies to scale up electricity access, boost renewable energy usage, and attract private-sector investments. The compacts, endorsed at the highest level, incorporate time-bound objectives focused on increasing affordable power generation, expanding grid connections, and enhancing regional energy integration. By leveraging satellite and electronic mapping technologies, governments can identify cost-effective solutions to bring electricity to underserved communities.

 

Speaking at the summit, President Samia Suluhu Hassan of Tanzania emphasised the significance of the event, stating, “Hosting this landmark occasion is a privilege for Tanzania, as we discuss strategies to fulfil our commitment to providing power and clean cooking solutions that will transform lives and economies.”

 

The successful implementation of these energy strategies requires strong political will, long-term planning, and unwavering support from Mission 300 partners. Governments are working to create an enabling environment through comprehensive reforms, complemented by increased concessional financing and strategic collaborations with philanthropies and development banks to catalyse private-sector investments.

 

Dr. Akinwumi A. Adesina, President of the African Development Bank Group, underscored the importance of bold reforms to accelerate electrification. He stated, “Expanding renewable energy, improving utility performance, ensuring transparency in licensing and power purchase agreements, and establishing predictable tariff regimes are critical. Our collective aim is to support African leaders in developing and executing clear, country-led energy compacts that align with their national visions for electrification.”

 

Similarly, World Bank Group President Ajay Banga highlighted the fundamental role of electricity in development, remarking, “Access to electricity is a basic human right. Without it, nations and communities cannot thrive. Our mission to provide electricity to half of the 600 million Africans without power is a crucial first step. Success depends on collaboration; no single entity can achieve this alone. Governments, businesses, philanthropies, and development banks must work together to accomplish our shared goal.”

 

During the summit, major funding commitments were announced:

• The African Development Bank Group and the World Bank Group plan to allocate $48 billion for Mission 300 by 2030, with flexible adjustments based on implementation needs.
• Agence Française de Développement (AFD) pledged €1 billion to support energy access initiatives in Africa.
• The Asian Infrastructure Investment Bank (AIIB) committed between $1 billion and $1.5 billion to support Mission 300.
• The Islamic Development Bank (IsDB) Group announced $2.65 billion in funding for Mission 300 and broader energy access programmes from 2025 to 2030.
• The OPEC Fund made an initial commitment of $1 billion, with further financing expected.
• The World Bank Group and the African Development Bank Group jointly launched Zafiri, an investment company aimed at supporting private-sector-led energy solutions, such as renewable mini-grids and solar home systems. Zafiri’s anchor partners plan to invest up to $300 million in its first phase, with a long-term goal of mobilising up to $1 billion to bridge Africa’s energy equity gap.

 

The summit brought together key African leaders, including President Julius Maadaa Bio of Sierra Leone, President Andry Nirina Rajoelina of Madagascar, Libya’s Presidential Council President Mohamed al-Menfi, President Hakainde Hichilema of Zambia, President Hassan Sheikh Mohamud of Somalia, President Brice Clotaire Oligui Nguema of Gabon, and President Joseph Nyuma Boakai of Liberia. These leaders engaged in discussions with global energy experts on the path forward.

 

The commitments made at the Mission 300 Africa Energy Summit highlight the power of collective action. By combining policy reforms, substantial funding, and dynamic public-private partnerships, African nations are poised to turn ambitious plans into tangible progress, delivering electricity access to millions across the continent.

 

The Mission 300 Africa Energy Summit was co-hosted by the United Republic of Tanzania, the African Union, the African Development Bank Group (AfDB), and the World Bank Group (WBG), with support from the Rockefeller Foundation, the Energy Sector Management Assistance Program (ESMAP), the Global Energy Alliance for People and Planet (GEAPP), Sustainable Energy for All (SEforALL), and the Sustainable Energy Fund for Africa.

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BREAKING: BASSIROU FAYE, ANDRY RAJOELINA, AND JOÃO LOURENÇO NAMED AFRICAN LEADERSHIP MAGAZINE PERSONS OF THE YEAR 2024 https://www.africanleadershipmagazine.co.uk/breaking-bassirou-faye-andry-rajoelina-and-joao-lourenco-named-african-leadership-magazine-persons-of-the-year-2024/ Fri, 13 Dec 2024 20:44:01 +0000 https://www.africanleadershipmagazine.co.uk/?p=64618 …POTY awards presentation ceremony to hold 27–28 February 2025 13 December 2025, London, United Kingdom The African Leadership Magazine (ALM) is excited to announce the African Persons of the Year.

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…POTY awards presentation ceremony to hold 27–28 February 2025

13 December 2025, London, United Kingdom

The African Leadership Magazine (ALM) is excited to announce the African Persons of the Year 2024, following the culmination of a three-step selection process that included public nominations, screening and shortlisting by the Editorial Board, and a highly competitive online poll, which concluded at midnight (CAT) on Thursday, December 12, 2024. The President of Senegal, Bassirou Faye, along with President Andry Rajoelina of Madagascar and President João Lourenço of Angola, emerged as winners in three major categories—African of the Year, African Political Leader of the Year, and African Peace and Security Leader of the Year, respectively. In addition, the Prime Minister of Uganda, Robinah Nabbanja, emerged as a co-winner in the African Female Leader of the Year category.

 

The emergence of the 2024 winners was based on the results of the online poll, which attracted votes from across Africa and the globe, registering about a 174.75% increase in the total number of votes cast compared to the 2023 edition and the highest turnout since the COVID-19 pandemic. The African Leadership Magazine Persons of the Year is Africa’s premier vote-based endorsement, annually reserved for leading Africans who contribute to the continent’s progress and positively alter its perceived image. The three-step selection process provides Africans from around the world the opportunity to participate in celebrating the leaders who are driving Africa’s growth and development.

 

In his statement, publisher of the African Leadership magazine, Dr. Ken Giami, noted the extraordinary contributions of the nominees and winners to Africa’s growth story. Indeed, every nominee is a winner. “However, I especially congratulate our winners for their contributions to African progress and development. They represent a force for good on the continent, and we are proud to stand with them at this time in our history.

 

The winners and runners-up will be formally presented with instruments of honour during the flagship annual 14th African Leadership Magazine Persons of the Year awards ceremony, scheduled for 27–28 February 2025 in Casablanca, Morocco. The highlights of the event would include the POTY awards presentation, high-level plenary, business investment showcases, states and countries’ investment opportunities showcases, roundtable discussions, and multi-networking sessions, as well as an unveiling of the African Leadership Magazine special POTY edition.

 

The

The African Leadership Magazine Persons of the Year (POTY) Ceremony is a flagship annual event hosted by African Leadership Magazine for the past 13 years, bringing together policymakers, private sector leaders, thought leaders, and stakeholders from across Africa and around the world to largely celebrate people-centred leadership and Africans driving a pan-African agenda. The 2025 edition is expected to attract over 400 delegates, providing a unique platform for multi-dimensional and intimate networking, collaborations, and partnerships, while facilitating dialogue, sharing best practices, and exploring innovative solutions to Africa’s most pressing challenges to advance a prosperous and sustainable future for the continent.

 

Below is the complete list of winners in the 13 categories of the African Leadership Magazine Persons of the Year Awards 2024:

 

African of the Year

  • E. Bassirou Faye, President of Senegal—Winner

 

African Political Leader of the Year

  • E. Andry Rajoelina, President of Madagascar—Winner

 

Africa Peace & Security Leader of the Year

  • E. João Lourenço, President of Angola—Winner

 

African Female Leader of the Year

  • E. Robinah Nabbanja, Prime Minister of Uganda—Co-Winner
  • Helen Oritsejafor, Nigerian Philanthropist & Businesswoman—Co-winner

 

African Lawmaker of the Year

  • Dithapelo Keorapetse, Speaker of Botswana’s National Assembly—Winner

 

African Government Minister of the Year

  • Diamantino Azevedo, Minister for Mineral Resources, Angola—Winner

 

African Agricultural Development Leader of the Year

  • Mandefro Nigussie, CEO, Agricultural Transformation Agency, Ethiopia—Winner

 

African Public Health Champion of the Year

  • Dr. Jane Ruth Aceng Ocero, Minister for Health, Uganda—Winner

 

African Public Sector Leader of the Year

  • M. Sudhamo Lal, Director-General, Mauritius Revenue Authority—Winner

 

Young African Leader of the Year

  • Emilia Nghikembua, CEO, Communications Regulatory Authority of Namibia—Winner

 

African Philanthropist of the Year

  • Seinye Lulu-Briggs, Chairman, Moni Pulo, Nigeria—Winner

 

African Industrialist of the Year

  • Bridgette Motsepe-Radebe, Founder/Chairperson, Mmakau Mining, South Africa—Winner

 

African Educationist of the Year

  • Hassan Basajjabalaba, Founder, Kampala International University, Uganda—Winner

 

About African Leadership Magazine

The African Leadership Magazine, published by the African Leadership Organisation (UK), focuses on presenting the best of Africa to a global audience. It tells the African story from an African perspective while developing solutions to challenges facing the continent today. The organisation has committed the last 16 years to promoting impactful leadership on the continent and promoting African opportunities globally through an ecosystem of quality Afro-positive content, Africa trade facilitation and market entry solutions, Afro-centric communities and business networking platforms, as well as through public sector training and consulting.

 

For media enquiries, contact:

Ehis Ayere

Group General Manager

African Leadership Magazine

ehis@africanleadership.co.uk

+44 2030511883

 

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Independent Candidates Breaking Party Monopoly in African Politics https://www.africanleadershipmagazine.co.uk/independent-candidates-breaking-party-monopoly-in-african-politics/ Mon, 04 Nov 2024 09:21:37 +0000 https://www.africanleadershipmagazine.co.uk/?p=63985 For decades, African politics has been dominated by powerful political parties with a strong influence on electoral outcomes. However, recent trends reveal a rise in independent candidates who are breaking.

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For decades, African politics has been dominated by powerful political parties with a strong influence on electoral outcomes. However, recent trends reveal a rise in independent candidates who are breaking away from traditional party structures and gaining significant traction. This shift signifies more than just a diversification of electoral choices; it reflects a deeper transformation within African societies, where citizens increasingly feel disillusioned with political establishments. Independent candidates are emerging as reform agents, emphasizing accountability and community-centric leadership.

 

The Rising Tide of Independents

Across Africa, countries like South Africa, Senegal, and Kenya are witnessing the increasing popularity of independent candidates who challenge traditional party monopolies at both local and national levels.

 

South Africa: A New Law and a New Landscape

In 2023, South Africa enacted a groundbreaking law permitting independent candidates to run in national and provincial elections, a shift that could reshape its political future. Previously, the system allowed voters to choose only parties, with seats distributed through proportional representation. However, disenchantment with the ruling African National Congress (ANC), in power since apartheid ended in 1994, has created an opening for independents. With issues like high unemployment, electricity shortages, and economic struggles, independent candidates are seen as viable alternatives to a stagnating political system.

 

Analysts suggest that the ANC’s vote share may drop below 50% in the upcoming 2024 elections, presenting a pivotal opportunity for independents to gain seats and increase political diversity. This new framework encourages more responsive and accessible representatives, providing voters with meaningful alternatives.

 

Senegal: Youth and Urban Independents on the Rise

Senegal offers a different model of independent success. Here, urban voters—especially young people—are increasingly drawn to candidates outside traditional party structures, as economic disparities and youth unemployment remain pressing concerns. In the 2022 legislative elections, independent candidates challenged major parties, reflecting a shift toward diverse representation. Many independents campaigned on anti-corruption and job-creation platforms, directly addressing the frustrations of younger voters who are dissatisfied with entrenched party loyalty over genuine public service.

 

The independent movement in Senegal highlights the power of grassroots activism, which resonates with specific local issues such as employment and transparency. With youth making up a substantial portion of the population, these shifts are likely to continue as more young people demand pragmatic solutions to socio-economic challenges.

 

Kenya: Independent Candidates Reshaping Local Governance

Kenya has long been a stronghold for independent candidates, especially in local governance. In the 2022 elections, independents performed exceptionally well, securing seats at both county and parliamentary levels and often outshining candidates from major parties. These candidates resonate with voters through community-focused agendas, prioritizing issues like water access, infrastructure, and healthcare improvements.

 

The success of independent candidates in Kenya underscores the importance of local rather than national concerns. In a country where economic inequalities and access to resources vary widely by region, independents are meeting the demand for region-specific solutions rather than broad, party-driven platforms.

 

Drivers of the Shift to Independent Candidates

Several factors are fueling the rise of independent candidates across Africa:

Disillusionment with Party Politics: Many established parties face criticism for failing to address enduring issues such as poverty, corruption, and unemployment. Independent candidates, less tied to party loyalty, often focus on pragmatic problem-solving and direct accountability.

 

Youth Demographics and Engagement: Africa’s predominantly young population is increasingly alienated from traditional party structures. Independent candidates appeal to younger voters, addressing issues such as job creation, technology access, and educational reform.

 

Accountability and Transparency: Established parties are often seen as disconnected from local needs, prioritizing party loyalty over competence. Independents, in contrast, frequently campaign on platforms of transparency and reform.

 

Electoral Reforms: Legal changes, such as South Africa’s recent law permitting independent candidates, have broadened political participation and offered voters more diverse choices.

 

Lessons for European Democracies

Europe’s well-established multi-party systems can glean several insights from Africa’s shift toward independent candidates:

Expanding Choice and Representation: The African experience underscores the value of offering voters options beyond traditional party structures. In Europe, this could help counteract voter apathy and offer greater representation to diverse constituencies.

 

Focus on Local Issues: African independents often build campaigns around local concerns, fostering stronger connections with constituents. European democracies might benefit from promoting regional representation that addresses immediate community needs over broad national agendas.

 

Adapting to Youth Expectations: Europe, too, is witnessing a generational shift as younger voters advocate for change on issues like climate action and social justice. African independents have demonstrated the impact of directly addressing youth priorities to reinvigorate political engagement.

 

Promoting Accountability and Transparency: Independent candidates typically emphasize transparency and accountability. Embracing these values more fully in Europe could restore trust in public institutions and bridge the gap between policymakers and citizens.

 

The rise of independent candidates in Africa is more than just a fleeting trend; it represents a transformative phase in the continent’s political evolution. As African voters seek change, independents are emerging as credible challengers, offering policies that are often more aligned with local needs. This shift is challenging party monopolies and broadening the democratic spectrum, allowing Africa’s young democracies to evolve in new and promising directions.

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Is a Unified Currency Possible in Africa? https://www.africanleadershipmagazine.co.uk/is-a-unified-currency-possible-in-africa/ Tue, 27 Aug 2024 07:00:56 +0000 https://www.africanleadershipmagazine.co.uk/?p=62740 To Muammar Gaddafi, the former Libyan leader, a unified Africa with a federal system, a single currency, a unified passport, and a shared military would represent a stronger and more.

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To Muammar Gaddafi, the former Libyan leader, a unified Africa with a federal system, a single currency, a unified passport, and a shared military would represent a stronger and more resilient continent, capable of addressing its challenges without relying on external factors.

 

The continent could be well-suited for a common currency when considering the nature of supply shocks that the region experiences. The African economy, comprising 54 nations, was projected to be around US$2.7 trillion in nominal terms in 2021, according to Africa the Statistics Times. Africa’s growth has been influenced by commodity prices; the continent holds a third of the planet’s mineral resources, 10% of the world’s oil reserves, and produces nearly 70% of the global diamond trade.

 

Historical Context

The idea of a single African currency gained momentum with leaders like the late Libyan leader Muammar Gaddafi, who was a strong advocate for the “Gold Dinar.” This proposed currency aimed to replace the US dollar and Euro in African transactions, thereby reducing Western influence and promoting African economic independence.

 

Gaddafi’s vision was based on creating a gold-backed currency that would unify Africa economically, potentially leading to a continent-wide banking system independent of Western financial institutions. However, his ambitions faced resistance from Western powers, who feared the potential impact on the global economic order.

 

President Nana Akufo-Addo of Ghana has expressed support for the Eco, a proposed common currency for the West African Economic and Monetary Union (WAEMU). He views it as a stepping stone towards broader continental integration, highlighting the potential benefits of a unified economic zone.

 

Similarly, President Alassane Ouattara of Côte d’Ivoire has also shown enthusiasm for the Eco, believing it could enhance economic stability and growth in the region. Additionally, President Paul Kagame of Rwanda has emphasised the need for stronger economic unity in Africa, including the possibility of a single currency as part of the continent’s broader integration efforts.

 

The Journey of Implementation

The CFA franc is a single currency used by eight independent states in West Africa, which make up the West African Economic and Monetary Union: Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo.

 

After decades of negotiations, fifteen countries in West Africa have agreed to adopt a single currency by 2027 called the ECO. The joint currency has been in development for 30 years, with the Economic Community of West African States (ECOWAS) announcing that the rollout will be gradual.

 

The move will see countries meeting the established criteria joining first, with the eight member states that currently use the CFA franc, which is backed by France, being closely monitored. Although experts are divided on the impact the ECO will have on the region’s economy, with some predicting benefits and others warning of potential risks.

 

Professor Lumumba P. L. O. (Kenya) argues that a single currency would strengthen Africa’s bargaining power globally and reduce dependence on foreign currencies. He believes it would facilitate easier intra-African trade and cooperation, marking a crucial step towards true African integration.

 

The Eurozone’s Single Currency vs. Africa’s Potential Unified Currency

The European Union’s experience with the Euro offers valuable insights into the potential outcomes of a unified currency in Africa. The Euro, introduced in 1999, facilitated trade across the Eurozone, eliminated exchange rate risks, and strengthened the EU’s global economic influence. However, the Eurozone also faced significant challenges, particularly during the Eurozone debt crisis.

 

Africa’s integration is still in its early stages, and a unified currency would require decades of economic and political integration. The African Union (AU) and regional economic communities like ECOWAS are working towards deeper integration, but political and economic diversity remains a significant barrier.

 

The Eurozone’s success was built on economic convergence, with similar levels of inflation, interest rates, and fiscal policies. In contrast, Africa is characterised by significant disparities in economic development, making it challenging to implement a unified currency. Nigeria and South Africa are economic powerhouses, while others have smaller, less diversified economies. Harmonising economic policies across these vastly different economies would be a substantial hurdle.

 

The introduction of the Euro involved a transfer of monetary sovereignty to the European Central Bank (ECB), which was crucial for managing the Euro. However, in Africa, ceding monetary control to a continental institution may face resistance. Countries with strong currencies or those benefiting from currency autonomy may be reluctant to relinquish control to a central African bank. This highlights the importance of addressing concerns around sovereignty and monetary policy in any attempt to implement a unified currency in Africa.

 

Projections and Possible Outcomes

If Africa were to successfully implement a unified currency, the potential benefits could be significant. Intra-African trade could see a substantial boost, as currency exchange costs and risks would be eliminated. This could lead to greater economic integration, making the African Continental Free Trade Area (AfCFTA) more effective. Additionally, a unified currency could enhance Africa’s bargaining power in international trade and finance, reducing its dependency on external currencies like the US dollar and the Euro.

 

Dr. Kingsley Moghalu (Nigeria), former Deputy Governor of the Central Bank of Nigeria, highlights the potential for a single currency to ease trade barriers, promote economic growth, and reduce currency exchange costs. This could enhance the competitiveness of African economies globally, making it an important step towards African economic integration.

 

However, the challenges are equally daunting. The success of such a currency would depend on achieving economic convergence, building robust institutions, and securing the political will to implement necessary reforms. The process would likely be gradual, starting with regional currencies like the Eco and eventually moving towards a continental currency.

 

As quoted by Dr. Vera Songwe (Cameroon), an economist and former Executive Secretary of the UN Economic Commission for Africa, a single currency could enhance regional trade and financial integration, particularly within blocs like ECOWAS. While economic structures vary widely, the long-term benefits of reduced transaction costs and increased financial stability could outweigh the initial challenges.

 

The experience of the Eurozone provides both a model and a cautionary tale, highlighting the need for careful planning and strong institutions. Africa’s diverse economies and political landscapes make the path to a single currency complex, but with concerted efforts, it could become a reality, bringing significant economic benefits to the continent.

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