A logo is pictured in the Congress Center ahead of the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, January 13, 2024 [Denis Balibouse/Reuters]
The annual World Economic Forum in Davos brings together the world’s most influential leaders with the stated aim of improving global economic conditions. This year, the promotion of inclusive and sustainable growth in Africa is once again a major conversation topic at the gathering. Yet when it comes to Africa’s development, we too often mistake discussion for progress. The continent hosts some of the world’s fastest-growing economies, but average growth remains below global standards. This paradox demands more than analysis – it requires decisive action.
Africa’s potential is extraordinary. Home to 60 percent of the world’s uncultivated arable land, a young and dynamic population, and vast natural resources, the continent has all the ingredients for transformative growth. The question is not whether Africa can develop – it is how to remove the obstacles blocking its progress.
Today’s development landscape often resembles an elaborate maze of requirements, reports, and conflicting guidelines from hundreds of agencies. While accountability matters, excessive bureaucracy stifles progress. What Africa needs is practical, focused investment in fundamental areas that drive economic growth.
Take the energy challenge: only 50 per cent of Africa’s 1.37 billion people have access to electricity. By 2030, investment in Africa’s energy sector needs to reach $25bn per year to close the energy access gap, a dramatic increase compared with today’s spending. But investment alone is not enough – we need to come up with practical, home-grown solutions. The key is regional integration of our energy sources – this is how we will resolve our energy crisis. Africa has immense hydro, solar and other energy resources in different regions. If we devise the right energy mix and establish a pooled power supply, we can power the entire continent through a strong, resilient grid. Such an achievement would have an impact of history-making proportions on our continent’s development.
Similarly, it defies logic that a continent with most of the world’s arable land has over 280 million undernourished people. This is not due to a lack of capability. It is the result of neglected rural infrastructure, fragmented markets, and underinvestment in agricultural technology. The solution requires strategic investment in roads, irrigation systems, and storage facilities, coupled with policies that encourage local processing and value addition.
Intra-African trade, at just 15 percent of the continent’s total trade, illustrates another major opportunity. The African Continental Free Trade Area (AfCFTA) offers promise, but its success depends on practical implementation – building roads, modernising ports, and eliminating trade barriers. These are not revolutionary concepts, but proven fundamentals of economic development.
The path forward is clear. First, we must streamline development processes. African nations need partners, not overseers. Second, infrastructure investment must be practical and immediate – roads, power plants, and ports that enable real economic activity, and interconnectivity among nations, and consist within a continent-wide strategic vision. Third, we must trust local leadership to set priorities based on ground realities, not distant boardroom theories.
Our youth, whether in the Maghreb (Northwest Africa), Central Africa, or the Horn of Africa, deserve education systems that prepare them for the modern workplace. Current curricula often resemble antiquated assembly lines, failing to equip students with tools for their future. This must change. Similarly, our healthcare systems need targeted investment to reduce mortality rates and address stark health disparities across the continent.
Leaders in Davos should focus on tangible steps to accelerate Africa’s inclusive growth agenda. The continent does not need more seminars on development theory – it needs practical, results-focused support that enables nations to build robust economies and societies.
This is not just aspirational thinking. They are realistic goals backed by the continent’s immense potential.
The choice is clear: continue with business as usual, or embrace a model of development that prioritises results over process. The world’s response to this choice will determine not just Africa’s future, but the course of global prosperity for decades to come. The time for endless discussion is over – Africa needs action, and it needs it now.
About the Author
Vice President, World Bank
Samuel Munzele Maimbo is the World Bank’s Vice President for Budget, Performance Review, and Strategic Planning. A Zambian national, Mr. Maimbo has nearly thirty years of experience in development, financial markets, resource mobilization and strategic planning.
