GABI 2024: Africa at the Heart of Global Economy

The Unstoppable Africa Forum 2024 Will Focus on Innovation, Trade, and Business
On September 25–26, 2024, New York hosted the Global Africa Business Initiative (GABI) 2024 and the United Nations General Assembly. The event focused on Africa's economic potential, investment prospects, and role in creating a sustainable global future.

With more than 4,000 people, the event included issues like energy, trade, digital transformation, the creative industries, and sports and was attended by heads of state, business executives, investors, and others. The event aimed to strengthen Africa's position as a significant player in the global economy by promoting investment, policy reforms, and collaboration across all industries.

Crucial Subjects and Discussions
Energy Access and Transition
One of the primary subjects was expanding renewable energy options to meet Africa's growing demand. The discussion focused on Mission 300, an initiative by the World Bank, African Development Bank (AfDB), and Rockefeller Foundation to provide renewable energy to 300 million Africans by 2030. Funding arrangements, public-private partnerships, and legislative changes were also discussed as ways to boost the usage of renewable energy throughout the continent.

Trade and Growth That Is Inclusive
Discussions focused on removing obstacles to intra-African trade, increasing investment, and enhancing financial models, with the African Continental Free Trade Area (AfCFTA) serving as a focal point. To speed up economic development, the event underlined the necessity of improved financing choices, risk-reduction strategies, and policy alignment.

Transformation to Digital
Digital transformation is still a top priority because of Africa's youthful and tech-savvy populace. Topics including infrastructure development, digital inclusiveness, and AI governance were discussed at the event. In order to provide young Africans with digital skills, Google and the African Development Bank announced plans to open a coding centre. In order to establish a hub for tech entrepreneurs in Africa, the Itana Digital Economic Zone was also established, supported by a $100 million investment.

Creative Industries
The creative sector is emerging as a major economic driver in Africa. Increasing African cultural exports, intellectual property rights, and artist funding were among the subjects of debate. International entertainment outlets and funding from the African diaspora were among the strategies taken into consideration to boost Africa's creative influence.

The Role of Sports in Economic Development
Sports investment was stressed as a means of promoting economic growth, tourism, and youth development. The Basketball Africa League (BAL) and NBA Africa have shown their support for expanding opportunities for African sportsmen and businesses. Infrastructure spending and sponsorships were also identified as crucial elements to the sports economy.

Crucial Investments and Disclosures
Ghana's $550 billion Energy Transition and Investment Plan aims to achieve net-zero carbon emissions by 2060 and create 400,000 jobs.
The Timbuktoo Africa Innovation Fund, supported by the UNDP, will award $22 million to 26 university-based innovation clusters throughout Africa.
Afreximbank launched a financial initiative to lower investment risk and expand loan availability for African businesses.
The SheTrades Network continues to promote women-led businesses with the aim of increasing their access to global markets under the AfCFTA.

Africa's Growing Global Influence
The conference reinforced Africa's expanding role in global governance with discussions on the continent's permanent seat at the G20 and its increasing importance in BRICS Plus with the accession of Ethiopia and Egypt. Africa's wealth of resources, innovative potential, and strategic partnerships position it as a major player in global economic and climate solutions.

Looking Ahead: GABI 2025 The key areas of focus for GABI will continue to include energy, commerce, digital transformation, food systems, health, education, and the creative industries. The 2025 event will ensure further investment, sustained policy reforms, and long-term business growth, building on the momentum from this year.