In Abidjan, the capital of Côte d’Ivoire, the United Nations Conference on Trade and Development (UNCTAD) unveiled its 2024 Economic Development in Africa Report, which outlined plans to turn the continent’s problems into opportunities through infrastructure investment, policy changes, and improved regional trade integration.

During the report’s presentation, UNCTAD Secretary-General Rebeca Grynspan and Ivorian Commerce Minister Souleymane Diarrassouba emphasized how Africa’s reliance on commodities and infrastructural deficiencies make it vulnerable to global shocks.

With at least 60% of their export revenue coming from oil, gas, or minerals, more than half of African countries are vulnerable to unstable international markets. Due to inadequate energy, transportation, and digital infrastructure, trade costs in Africa are still 50% higher than the worldwide average.

Grynspan emphasized the importance of the African Continental Free Trade Area (AfCFTA), which has the potential to generate a market worth $3.4 trillion. “By implementing bold reforms, targeted investments, and fully operationalizing AfCFTA, Africa can emerge stronger, more resilient, and competitive,” she said.

The research suggests increasing intra-African trade, diversifying exports, assisting small and medium-sized businesses (SMEs), who account for 80% of employment in Africa, and setting up early warning systems for trade hazards.

Grynspan, who decided to present the study in Côte d’Ivoire, commended the toughness of the nation’s economy. She pointed out that regional stability is defined by Côte d’Ivoire’s performance and development. Currently, the nation “accounts alone for up to 40 percent of GDP growth in West Africa and up to 30 percent of foreign investment stocks.”

She said that the nation now “contributes 40 percent of West Africa’s GDP growth and attracts 30 percent of foreign investments in the region,” and she credited a strong National Development Plan (PND), infrastructure development, and public-private partnerships for its success.

The private sector is the “engine” of the economy, accounting for 75% of investments and 26% of GDP, according to Ivorian Prime Minister Robert Beugre Mambe, who received the data during a high-level discussion on national resilience. According to the Xinhua news agency, he described government initiatives to assist companies, such as improved internet connection, expedited logistics, and special financial channels.

“What we must remember about our resilience is our ability to plan development, to control it and to constantly question ourselves,” said the prime minister.

The research emphasizes how urgent it is to overcome Africa’s yearly infrastructure deficit of $194 billion. Important suggestions include trade financing channels for businesses impacted by the crisis, regional investment funds, and tax incentives for industrialization.

Asserting that “Africa’s future lies in regional integration,” Grynspan called for the expedited implementation of the AfCFTA. The continent might stabilize income sources, promote equitable development, and lessen its reliance on outside sources with smart reforms.

In light of ongoing global challenges, UNCTAD’s blueprint provides African countries with a roadmap for maximizing their combined potential while taking inspiration from successful countries such as Côte d’Ivoire.

“The experience of Côte d’Ivoire is an inspiration for many other countries that are developing in the world,” said Grynspan.