The world is not on track to meet the Global Goal of eliminating extreme poverty by 2030 and nowhere is that clearer than on the African continent, which faces challenges such as natural disasters, conflict, youth development, and public health threats — to name a few.
Although population growth in many regions of the world is stagnating, if current trends continue, more than half of the world’s demographic growth until 2050 will take place in sub-Saharan Africa. In just a few decades, its share of the global working-age population will increase from 10% to 25% — put another way, a quarter of all working people in the world will be African.
The changing face of Africa’s citizenry could shift the entire global economy. If sub-Saharan Africa’s growing population and industries are empowered to meet the needs of the moment, and young Africans and their communities can access the tools they need to thrive, millions could be lifted out of poverty.
To begin to take advantage of this opportunity, Global Citizen and Bridgewater Associates hosted the inaugural Economic Development Assembly: Advancing Africa’s Future (EDA) in Abidjan Oct. 9-10, 2024, in partnership with the Government of Côte d’Ivoire and Harith General Partners, and supported by Global Citizen’s global partner Citi. Its aim? To spark discussions across public and private sectors and begin dismantling barriers that perpetuate extreme poverty on the continent, while driving new and substantial financial investments across Africa.
Why Hold the Economic Development Assembly?
The Economic Development Assembly (EDA) brought together heads of state, business leaders, and civil society, as well as philanthropists and African cultural luminaries, to discuss the ample opportunities for development across Africa and advocate for investment strategies to strengthen the continent’s equitable and sustainable growth for years to come.
Specifically, the Assembly outlined a compelling argument for the world’s largest economies to increase their contributions to the World Bank’s International Development Association (IDA) this year and help IDA meet its goal of raising $120 billion by December 2024.
Why is IDA such a critical part of the conversation when it comes to advancing Africa’s economic potential? IDA is the largest source of funding available globally to empower 77 of the world’s most vulnerable countries to thrive, about half of which are in Africa. It works by uplifting countries through zero- and low-interest loans, as well as grants that do not need to be paid back. This allows countries to invest in their people’s needs rather than paying back high-interest loans in vicious repayment cycles.
As it currently stands, IDA is short of what it needs to be able to assist the countries that need it most. But If IDA is fully funded, it could support economic development for nearly 2 billion people by investing in healthcare and infrastructure, and combating food insecurity and malnutrition. It would also provide access to electricity as part of an ambitious “Mission 300” push to connect 300 million people to power, in collaboration with the African Development Bank.
The Abidjan Accord
The Assembly urged the G20 countries, which represent 85% of global GDP and two-thirds of the world’s population, to fight extreme poverty by increasing their support for the 21st IDA replenishment, happening in December. IDA’s financial resources are replenished every three years, typically from donor countries in fundraising campaigns. In support of this incredibly important initiative, private sector leaders, civil society organizations, and prominent individuals have signed onto the “Abidjan Accord,” which further underscores the call for governments to step up and fully fund IDA this year.
More than 100 eminent African and international organizations, world leaders, and artists have signed the Accord, including Mary Robinson, former President of Ireland; Larry Summers, former U.S. Secretary of the Treasury; and Dr. Phumzile Mlambo-Ngcuka, former Executive Director of UN Women and Deputy President of South Africa, along with leading businesses such as Intel and Cisco. Artist signatories include Ariel Wayz, Berla Mundi, Davy-Carmel Ingabire, Falana, Femi Kuti, Gyakie, Jeune Lio, Made Kuti, Nomzamo Mbatha, Sophy Aiida and Stonebwoy.
New Commitments for Africa
New commitments to fight extreme poverty emerged from the Assembly, furthering Africa’s potential for sustainable development and long-term economic growth.
Several announcements were made in support of Gavi, the Vaccine Alliance. By August 31, 2024, 39 African countries contributed more than $100 million in co-financing to Gavi as part of their efforts to address their own populations’ health needs. Gavi’s financial model hinges on contributions from its member countries based on how much they’re able to pay. Over 73% of African countries have at least partially or completely fulfilled their co-financing commitments, which highlights the continent’s dedication to sustaining life-saving immunization programs. EDA host country Côte d’Ivoire fully paid $9.9M to Gavi for 2024. To further help extend vaccine delivery to rural communities throughout Côte d’Ivoire, drone delivery service company Zipline extended its partnership with Gavi, valued at $500K. These investments are particularly noteworthy because they come at a time when wealthier nations are scaling back their international aid budgets; in a show of leadership, African countries are now stepping up to take ownership of their regional and global health futures.
Mélina Makissi and Marie-Ange Saraka-Yao, Gavi’s Chief Resource Mobilisation & Growth Officer, speak on a panel discussing African leaders’ commitment to supporting global vaccine initiatives. Image: Getty for Global Citizen
Another critical component of long-term development includes nurturing Africa’s nascent industries — including harnessing its incredible creative and musical potential. To that end, Global Citizen and the Center for Music Ecosystems will collaborate on the newly launched The Music Builds initiative to position Global Citizen’s Move Afrika concert series as the premiere music and cultural development platform for countries with limited entertainment infrastructure. This initiative will drive investment in the creative economies in places like Africa by encouraging policies that recognize music’s potential as a powerful economic asset, such as by publishing research on global music copyright, a project supported by Universal Music Group. The underlying principles at the heart of this initiative is that music is an integral part of sustainable economic development, as outlined in a Joint Declaration on Music and Development released at the Assembly, co-signed by Global Citizen, the Center for Music Ecosystems, Universal Music Group, and the United Nations Development Programme.
Business leaders also announced investments in Africa’s future, including Energea and Hecate Energy, who are teaming up to build utility-scale solar installations in Africa. Energea will provide investment funding, while Hecate will bring their expertise and expand on the success of current projects under development in South Africa, Mozambique, Sierra Leone and Algeria with the aim to power millions of African homes and businesses.
Leading Voices at the Assembly
The high-level decision makers who spoke at the Assembly engaged in a diverse program of sessions and panels that focused on key areas requiring urgent action on the continent.
Specifically, speakers honed in on the critical importance of improving access to sustainable energy and climate adaptation; developing high-quality, efficient infrastructure projects; strengthening healthcare systems; supporting agriculture, food and nutrition security; and the importance of reforming multilateral development banks and development finance institutions.
Actress Sophy Aiida, host of the Economic Development Assembly, and Global Citizen Ambassador Nomzamo Mbatha speak on stage together on the second day of the Assembly. Image: Getty for Global Citizen
Panels included:
- Sunrise of the African Century — exploring Africa’s potential for global leadership in economic growth and innovation.
- Beyond the World Bank: Catalyzing Private Investment in Africa — examining the critical role of private investment as a complement to IDA.
- Responsible Business: Powering the Future — fostering private investment hand-in-hand with ethical, social, and environmental responsibility in Africa.
- Creative Economy: How the Entertainment and Music Industries Can Drive Growth — highlighting the transformative potential of Africa’s fast-growing cultural economies.
- Rethinking Debt — discussing innovative strategies and solutions to reform debt.
- Changing Sub-Saharan Africa’s Growth Trajectory: Insights from Bridgewater Associates — showcasing new research on sustainable growth in Sub-Saharan Africa.
- Unified for Health — emphasizing the urgency of scaling up investments in immunization and committing to Gavi, the Vaccine Alliance.
- Transforming Lives: IDA’s Impact on Energy, Infrastructure, and Employment — illustrating how IDA-funded projects enhance access to sustainable energy and quality infrastructure across Africa.
More than 350 people participated in the Assembly, and speakers included Heads of State H.E Alassane Ouattara, President of Côte d’Ivoire; H.E Robert Beugré Mambé, Prime Minister of Côte d’Ivoire; H.E. Mohamed Ould Ghazouani, President of Mauritania and current Chairperson of the African Union; H.E. Julius Maada Bio, President of Sierra Leone; H.E Faure Essozimna Gnassingbé, President of Togo; H.E Umaro Sissoco Embaló, President of Guinea Bissau; and H.E Édouard Ngirente, Prime Minister of Rwanda.
Legendary singer Yvonne Chaka Chaka performs with guests during the closing half of the last day of the Economic Development Assembly. Image: Getty for Global Citizen
Other world leaders in attendance included Ajay Banga, President of the World Bank; Hugh Evans, Co-Founder & CEO, Global Citizen; Alain-Richard Donwahi, COP15 President; Marie-Ange Saraka-Yao, Chief Resource Mobilisation & Growth Officer, Gavi; Neal Rijkenberg, Minister of Finance of Eswatini; Nialé Kaba, Minister of Planning and Development, President of the Board of Governors, African Development Bank; Sherwin Charles, Co-Founder and Chief Executive Officer of Goodbye Malaria; Matsi Modise, Africa Lead for the World Climate Foundation; Ousmane Diagana, Vice-President of the World Bank for West and Central Africa; and Nat Kwabena Adisi (aka Bola Ray), CEO of EIB Network and Empire Group, among others.
Co-chairs of the Assembly included Nir Bar Dea, CEO, Bridgewater Associates and Tshepo Mahloele, Founder & Chairman, Harith General Partners.
The event was hosted by Cameroonian actress, international host, television presenter, and philanthropist Sophy Aiida, and included performances by Falana, Jeune Lio, and Yvonne Chaka Chaka. Other artists and performers who attended the Assembly included Nomzamo Mbatha, actress, humanitarian, and Global Citizen Ambassador, and Gbenga Akinnagbe, actor and writer.
What’s Next
Over 70% of African countries currently receive aid from IDA, which is why fully funding the program at their 21st replenishment in December is critical to the continent’s future and ending extreme poverty globally. If Africa’s population surge is accompanied by an investment in productivity and development, it could become the next major, and much-needed, engine of global growth.
The Economic Development Assembly and the signatories of the Abidjan Accord recognize this importance of IDA to sub-Saharan Africa, and will continue calling on the G20 and other donor countries to step up and make major commitments to IDA, now.
Take action now with us to help make this a reality.
You can find the full list of panelists and extended information on the event — including how you can watch the former proceedings — here on the Economic Development Assembly website.