#FTAFRICA

Governance Reform: A Crucial Step for Unlocking Africa’s Economic Potential #FTAFRICA

Introduction

Governance reform is the linchpin for Africa’s economic growth and sustainable development, emphasized Mo Ibrahim, Founder and Chairman of the Mo Ibrahim Foundation, at the Financial Times Africa Summit in London. 

In his call to action, Ibrahim urged African leaders to prioritize governance improvements, arguing that effective governance is foundational to unlocking the continent’s vast economic potential and achieving meaningful progress. “Africa offers huge potential as its population is young and vibrant and endowed with all resources,” Ibrahim stated. “All these assets will not be able to manifest themselves without good governance.”

Ibrahim underscored that good governance must be the first step, laying a stable foundation for infrastructure investments and economic development. He highlighted that strong governance attracts both domestic and international investments, transforming Africa’s youthful demographic and natural resources into drivers of local industrialization and manufacturing. Without governance reform, Ibrahim argued, Africa’s unique assets cannot reach their full economic and social impact.

Governance as the Pillar of Development

Ibrahim highlighted for the urgency for African nations to establish governance frameworks that foster transparency and accountability, creating an attractive business environment. Improved governance, he stressed, enables African leaders to harness the demographic dividend offered by a youthful population and abundant natural resources, which are crucial for fostering homegrown industrialization and manufacturing. This focus on governance reform, he noted, would enhance Africa’s business environment, making it more appealing to both local and international investors.

Establishing Foundations for Sustainable Progress

For Ibrahim, governance reform should precede investments in infrastructure, as only a solid governance structure can support long-term economic stability and growth. 

African governments, he noted, have a unique opportunity to reshape the continent’s economic landscape by prioritizing governance. “Improving governance,” Ibrahim emphasized, creates an environment where investment and economic development can thrive, setting the stage for sustainable progress.

Editor: Dessalegn Masrie, Ethiopia

Chief Editor: Marian Gloria Gyamfi, Ghana

Please contact us at seminar@rightforeducation.org/ marian@rightforeducation.org , if you want to get involved.

Moustapha Cisse

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