The Global Africa Business Initiative (GABI) has called for the development of an inclusive financing model to address Africa’s unique challenges.
The organisation, which stated this in its recently launched report, “Unstoppable Africa 2024 Executive Summary,” said that the financing model must focus on concessional financing, attracting private sector investment and mobilizing domestic resources as essential mechanisms to unlock the continent’s potential.
The report also stresses the importance of African institutions taking the lead in changing global risk perceptions and supporting innovative financial solutions to de-risk projects and secure long-term investments.
Commenting on the report, Sanda Ojiambo, United Nations Assistant Secretary-General and CEO of the UN Global Compact said: “The GABI 2024 Executive Summary captures the transformative outcomes of the highly successful ‘Unstoppable Africa’ event, reflecting the groundbreaking solutions and impactful discussions that transpired.
This event has played a crucial role in bringing together key stakeholders to discuss and align on these transformative strategies.
“By highlighting key initiatives and partnerships, this report underscores our commitment to positioning Africa at the center of global economic transformation.
It is not just a reflection of our progress but a call to action for continued collaboration and ambition. We believe that by aligning with the aspirations of the 17 Sustainable Development Goals and Agenda 2063, we can unlock the full potential of Africa and contribute to a prosperous future for all.”
Specifically, the report focuses on significant achievements in the energy sector, such as the Mission 300 initiative, which aims to provide clean energy access to 300 million Africans by 2030.
It also highlights the vital role of Small and Mediumsized Enterprises (SMEs) in Africa’s energy transition is as well as the need to empower these enterprises by bridging gaps in finance and climate action knowledge.
On digital transformation, the report accentuates the continent’s rapid technological adoption and youthful population as key drivers for economic growth.
It focuses on comprehensive digital upskilling programs that are equipping African youth with the necessary skills to thrive in a digital economy.
In addition, the report highlights the launch of Itana, Africa’s first Digital Economic Zone where global and Pan-African companies can incorporate online, operate remotely, and access the African talent pool and market.
Furthermore, the report highlights the potential of Africa’s vibrant fashion, film, music, and entertainment sectors to deliver jobs, boost tourism, and build the African brand.
