Following are UN Secretary-General António Guterres’ remarks to the Global Africa Business Initiative (Unstoppable Africa), in New York today:
It is my pleasure to join you for the fifth annual gathering of Unstoppable Africa. We come together inspired by a simple truth: that Africa’s future must be shaped by Africans, for Africans.
That vision is rapidly gaining momentum. Africa has the world’s fastest-growing labour force. 30 per cent of its global mineral resources. 60 per cent of the solar potential. And is home to a growing cohort of thought leaders and youth entrepreneurs. Africa represents a $3 trillion market opportunity.
And the world is finally recognizing it as a gamechanger for global business. In short, the shift you long envisioned is taking place: from doing business in Africa, to doing business with Africa.
That is why today’s event is not about potential. It is about progress. We are here to deepen investments, empower dealmakers, and build genuine partnerships. And the signals of growth are strong.
In the all-important field of renewable energy, Africa is booming. Kenya now generates more than 90 per cent of its electricity from renewable sources. Morocco is developing plans for the Pont de la Méditerranée, a submarine cable to supply green electricity to Europe.
Technology is moving just as fast. With Tunisia competing globally in AI [artificial intelligence] and computer vision software, and Rwanda pioneering nationwide drone delivery.
Africa’s star is also rising in the entertainment sector. As Nigeria, South Africa and Senegal create music and film for audiences across the globe.
All this has financial markets taking notice. Africa’s fintech sector is now the continent’s largest draw for investment capital. And trade under the African Continental Free Trade Area is on track to reach $230 billion this year.
All in all, despite global turbulence, despite all the wars and problems we face in the world, Africa’s economy grew 4.4 per cent last year.
But, the headwinds are intensifying. Tariffs are less predictable. Competition over critical minerals is rising. And the conflicts in Ukraine and the Middle East are reverberating through supply chains for fertilizers, food and fuel. Costs are increasing, interest rates are increasing.
Yet, these disruptions also create an opportunity: to move from economies that depend on exports, to value that stays and grows at home. With swift action, the continent can seize this moment to consolidate its clean energy transition and diversify local industries.
The world must stand with Africa as it strives to achieve the Sustainable Development Goals and build inclusive prosperity. I have spoken this message throughout my tenure, at every forum where I could make it heard.
We must reform the international financial architecture, that was created by the rich, for the rich, and we must make it more representative of the needs of developing countries — especially in Africa — and also make it more in line with the realities of today’s global economy.
We must make multilateral development banks bigger, bolder and better. Able to mobilize a much higher level of consensual funding to Africa, and changing their business model in order to massively mobilize private finance, and private investment to the African continent.
We must ensure that Africa’s vast natural resources — particularly critical minerals — create local value and decent jobs, rather than simply being shipped overseas. No more plundering.
We must unleash the power of youth, and of women, who represent over half the business owners on the continent, but receive just a tiny fraction of the investment. And we must match climate promises with climate finance — for mitigation and particularly adaptation.
At the same time, there can be no prosperity without political stability, and no sustainable development without peace.
In the continent’s conflicts, it is vital that Africa takes ownership and bring local mediation to bear, as it has in Ethiopia and the Democratic Republic of the Congo.
And Africa also needs permanent seats on the United Nations Security Council, where it can contribute to dialogue and action for the whole globe.
I usually say that Africa was a double victim of colonialism. First, because of what colonialism did in itself, and second because when the international multilateral institutions were created, most of the African countries were under colonial domination and were not present at the table.
And so, the international financial institutions and the Security Council of the United Nations do not reflect the Africa presence and the Africa vital interests.
Africa commands an ever-greater influence in world markets — and speaks with ever-greater authority on the world stage. We must ensure that its growth serves Africa’s people first and foremost and secures the future they deserve. A rising Africa is a rising world. I urge you all: to play your part. For justice, for opportunity and for peace. For Africa.