Africa‘sโ growth agenda: Harnessing Opportunity and Curbingโข Illicit โฃFlows – Insights from the Foresight Africa Podcast
A recent episodeโ of the Foresight africa podcast, featuring United States โUnder-Secretary-General (USG) Duarte, โhighlighted 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 Signรฉ, 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, โnoting that opportunities of this magnitude arise infrequently – roughly every 150 years. However, realizing these opportunities requires strengthening governance and โขaddressing notable financial losses. Duarte specifically cited staggering figures: $70 billion lost through inefficient โฃpublic โspending, $65 billion due toโ trade mispricing, and aโฃ total of $500โฃ billion lost annually.
Signรฉ 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 urgedโ a focus on controlling โfinancial flows and breaking what he termed the “finance paradox” – the contradiction of relying on Official Development Assistance (ODA) while together losing substantial fundsโ through illicit channels. he โฃargued that Africa cannot sustain its development relying on this model and must prioritize โคchanneling its own resources into human capital development to build resilient societies.Looking towards the future,Duarte โคoffered advice to African youth,particularly young women,emphasizing the importance ofโ embracing Information and Communication Technology (ICT)โ and innovation. He encouraged them to proactivelyโ acquire skills throughโฃ technology, rather than waiting for state-led initiatives, and to prioritize education in Science,โ Technology, Engineering, and Mathematics (STEM) fields.
The podcast episode underscores a critical message: Africa’s future success hinges onโข strengthening internal governance,curbing illicit financial flows,and empowering its youth with the skills needed to thriveโข in a rapidly changing technological world.