Five urgent priorities for African countries, according to the World Economic Forum

ADVERTISEMENT

Prior to Davos 2022, the World Economic Forum (WEF) published a brief report detailing five priorities that Africa should focus on.

According to major international lobbying organizations, African countries are essential to the economic development of the continent and need to work with the rest of the world to achieve these priorities.

Priority areas are highlighted and described below.

Ensuring the fairness of African vaccines

COVID-19 continues to pose a significant threat to humankind, but Africa lags behind efforts to vaccinate most of its population. According to available statistics, only 77 million Africans (about 6% of the continent’s population) are fully immunized.

This is very low compared to other parts of the world. And, as the World Economic Forum points out, very low vaccination levels in Africa are likely to increase multiple variants and infectious diseases, which inevitably leads to the well-being of many and the African economy. Has an adverse effect on.

ADVERTISEMENT

To help African countries better manage their pandemics, the World Economic Forum has developed a plan for global policy makers to “ensure a fair distribution of limited doses until the world’s supply is sufficient.” I urged you to do it.

Africa’s preparation for a global role

According to the WEF, Africa is ready to play a major role on the world stage. This is partly due to the demographics of the continent, which are of great importance to the world as the world’s working-age population continues to decline.

It should be noted that half of the 2 billion people expected to grow in the next 30 years are in sub-Saharan Africa. And the workforce on the continent will continue to outpace the workforce in other parts of the world. And African human resources will continue to be useful all over the world. And this, along with Africa’s projected economic growth, will give the African Continent a louder voice in world affairs.

Meanwhile, African countries will need to undertake certain reforms to take advantage of these trends. Specifically, the WEF said, “Africa needs to provide the education and skills training needed for future jobs more desperately than many other regions.”

African countries need to take advantage of the opportunities offered by the African Continental Free Trade Area (AfCFTA)

According to the World Economic Forum, the African Continental Free Trade Area (AfCFTA) has great economic expectations for African countries, especially when the African continent is still suffering from the economic impact of pandemics. As you may know, AfCFTA makes Africa the world’s largest free trade area in terms of coverage and number of countries. Approximately 55 countries are signatories to the agreement, with a total population and GDP of $ 1.3 billion and $ 3.4 trillion, respectively.

However, some aspects of the contract must be negotiated and approved before they are fully valid. Therefore, the WEF recommends that it is time to negotiate these negotiations so that African countries can fully enjoy the many benefits of AfCFTA.

The need to accelerate digital transformation in Africa

The report predicts that the digital transformation of goods and services markets and general supply chains will continue to accelerate in 2022, but is the “fourth industrial revolution.”

Need to fund Africa’s green transition

This is another major priority for African countries. And this is a priority. Because the continent is currently the least vulnerable to the effects of climate change, even if it is the least contributor to global warming. Therefore, we need to market to provide “more support for adapting and mitigating climate change”.