United Nations Secretary-General António Guterres has called for increased investment in Africa, reforms to the international financial system and greater local value creation from the continent’s natural resources. Guterres made the call while delivering remarks at the fifth annual Global Africa Business Initiative, themed “Unstoppable Africa,” where he said Africa’s……
United Nations Secretary-General António Guterres has called for increased investment in Africa, reforms to the international financial system and greater local value creation from the continent’s natural resources.
Guterres made the call while delivering remarks at the fifth annual Global Africa Business Initiative, themed “Unstoppable Africa,” where he said Africa’s future must be shaped by Africans.
“We come together inspired by a simple truth: that Africa’s future must be shaped by Africans, for Africans,” he said.
The UN chief highlighted Africa’s economic potential, noting that the continent has the world’s fastest-growing labour force, 30 per cent of global mineral resources and 60 per cent of global solar potential.
He said Africa represents a $3 trillion market opportunity and that global businesses were increasingly shifting from “doing business in Africa, to doing business with Africa.”
According to Guterres, the continent has also recorded progress in renewable energy, technology, entertainment and financial services.
He cited Kenya’s generation of more than 90 per cent of its electricity from renewable sources, Morocco’s plans for a submarine cable to supply green electricity to Europe, Tunisia’s growing competitiveness in artificial intelligence and computer vision software, and Rwanda’s use of drone delivery.
Guterres also pointed to the growth of Africa’s entertainment industry, with Nigeria, South Africa and Senegal producing music and films for global audiences.
He said Africa’s fintech sector had become the continent’s largest draw for investment capital, while trade under the African Continental Free Trade Area was projected to reach $230 billion this year.
“Despite global turbulence, despite all the wars and problems we face in our the world, Africa’s economy grew 4.4 per cent last year,” he said.
However, Guterres warned that rising tariffs, competition for critical minerals and conflicts in Ukraine and the Middle East were putting pressure on supply chains for fertilisers, food and fuel.
He said rising costs and interest rates presented challenges but could also encourage African countries to shift from export-dependent economies towards retaining and expanding more value locally.
“With swift action, the continent can seize this moment to consolidate its clean energy transition, and diversify local industries,” he said.
Guterres called for reforms to the international financial architecture to make it more responsive to the needs of developing countries, particularly those in Africa.
“We must reform the international financial architecture, that was created by the rich, for the rich, and we must make it more representative of the needs of developing countries – especially in Africa – and also make it more in line with the realities of today’s global economy,” he said.
He also urged reforms to multilateral development banks to enable them to mobilise more funding and private investment for Africa.
The UN Secretary-General called for greater local processing of Africa’s natural resources, particularly critical minerals, to create jobs and retain economic value on the continent.
“No more plundering,” he said.
Guterres further called for increased investment in women and young people, noting that women account for more than half of business owners in Africa but receive only a small share of investment.
He also urged developed countries to match climate commitments with climate finance, particularly for adaptation.
On peace and security, Guterres said economic prosperity could not be separated from political stability, while sustainable development depended on peace.
He encouraged African-led mediation in conflicts across the continent, citing efforts in Ethiopia and the Democratic Republic of the Congo.
The UN chief also reiterated his call for permanent African representation on the United Nations Security Council.
He said Africa’s absence from the negotiating table when major international institutions were created had contributed to structures that do not adequately reflect the continent’s interests.
“Africa commands an ever-greater influence in world markets – and speaks with ever-greater authority on the world stage,” Guterres said.
“We must ensure that its growth serves Africa’s people first and foremost, and secures the future they deserve.”
He concluded: “A rising Africa is a rising world.”
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