Africa‘s growth agenda: Harnessing Opportunity and Curbing Illicit Flows – Insights from the Foresight Africa Podcast
A recent episode of the Foresight africa podcast, featuring United States Under-Secretary-General (USG) Duarte, highlighted critical perspectives on Africa’s development trajectory and the importance of maximizing opportunities presented by the shifting global landscape. the conversation, hosted by Professor landry Signé, centered on the need for African nations to prioritize their own development agendas, notably in light of the evolving geopolitical climate.
Duarte emphasized the importance of the African union and other regional organizations in navigating this period, noting that opportunities of this magnitude arise infrequently – roughly every 150 years. However, realizing these opportunities requires strengthening governance and addressing notable financial losses. Duarte specifically cited staggering figures: $70 billion lost through inefficient public spending, $65 billion due to trade mispricing, and a total of $500 billion lost annually.
Signé affirmed the connection between strong national states and effective continental organizations, stating that multilateral institutions are only as powerful as their member states.Duarte’s core advice to African and global policymakers was direct: “Stop losing money.” He urged a focus on controlling financial flows and breaking what he termed the “finance paradox” – the contradiction of relying on Official Development Assistance (ODA) while together losing substantial funds through illicit channels. he argued that Africa cannot sustain its development relying on this model and must prioritize channeling its own resources into human capital development to build resilient societies.Looking towards the future,Duarte offered advice to African youth,particularly young women,emphasizing the importance of embracing Information and Communication Technology (ICT) and innovation. He encouraged them to proactively acquire skills through technology, rather than waiting for state-led initiatives, and to prioritize education in Science, Technology, Engineering, and Mathematics (STEM) fields.
The podcast episode underscores a critical message: Africa’s future success hinges on strengthening internal governance,curbing illicit financial flows,and empowering its youth with the skills needed to thrive in a rapidly changing technological world.