Expert Proffers Solutions to Sustainable Growth in Africa’s Economy

Emma Okonji

Worried about the declining economic activities on the African continent, where the economic growth in sub-Saharan Africa dropped to 3.6 per cent in 2022, from 4.1 per cent in 2021, and with a projection that economic activity in the region will further decline to 3.1 per cent in 2023, the Head of Sales, Africa Regions and International, Global Markets at Standard Bank, Sola Adegbesan, has said the solution to African challenges lies in the hands of Africans.

Adegbesan, in a report that was distributed by African Media Agency (AMA) on behalf of Africa.com, called on African government to be self-reliant and to promote the creation of innovative financing solutions to fund projects that could lead to sustainable economic growth in all the continent’s 54 African countries.

In the report, titled: “Why Africa Needs to Find Solutions to its Own Problems,” Adegbesan said: “Africa needs to craft its own solutions to solve its problems. It starts with the promotion of a mindset of self-reliance. Africans need innovative financing solutions to fund projects that could lead to sustainable economic growth in all the continent’s 54 African countries. However, these funding solutions need to consider the specific needs of different African countries. If this could be achieved, Africa will prosper and the standard of living on the continent will rise.”

“The need for alternative funding solutions has never been greater given the uncertain economic prospects the continent faces, “he said.  

According to him, “Africa is hard at work pursuing Agenda 2063, a development blueprint and master plan for transforming the continent into the global powerhouse of the future. But the chances of this plan to succeed could be enhanced if Africa stops importing solutions from the outside and, instead, develops its own solutions for its own local challenges. This is the best way to positively change the trajectory of its economic development.” 

“We live on a continent that is well endowed with mineral resources. If these natural resources could be well managed, the sky is the limit for African countries. We are also on a continent with a predominantly youthful population that needs jobs. If this human resource could be harnessed and groomed, Africa would be unstoppable. In fact, if this labour force could be skilled and exported around the world it could lead to greater inflows of Diasporic finance that could boost African economies, because human resource is a commodity of the future, “Adegbesan added.  

Proffering solutions for Africa’s growth, Adegbesan said Standard Bank, which is headquartered in Johannesburg, South Africa, strongly believed in Africa’s potential and would want to drive her growth forward.

“African destiny is tied to the African continent, and as a bank, we are committed to play our part in making sure that Africa grows and delivers on its potential. As a bank, we offer banking and other monetary expertise for free to African governments to use to reform their economies.

“While cognisant of the injustices of colonialism and the unequal manner in which African economies were incorporated into the world economy after independence, Standard Bank prefers to focus on solutions for the future, on what Africa can achieve if all nations could rally behind the idea of finding our own solutions to financing models,” Adegbesan further said.