Johannesburg – Africa’s economic outlook for 2024 is marked by resilience and growth, driven by the strategic implementation of the “High 5s” initiative from the African Development Bank (AfDB). With a focus on five key pillars—energy access, agriculture, industrialization, trade integration, and improving quality of life—the initiative continues to shape sustainable economic transformation across the continent. Major economies like Nigeria, South Africa, Egypt, Angola, and Ghana are at the forefront of these efforts, leveraging their GDP strength and strategic sectors to spearhead progress.
The AfDB has invested significantly in renewable energy, mobilizing $12 billion to enhance electricity access. As a result, countries like Nigeria and South Africa have scaled up their capacity, aiming for 40% renewable energy by 2030. Egypt’s Benban Solar Park, generating 1,650 MW, is a landmark in North Africa’s green transition. Angola continues its rural electrification efforts, integrating with the Lobito Corridor to strengthen regional energy cooperation.
Agriculture remains a priority. Nigeria increased rice production by 30%, while Ethiopia achieved self-sufficiency in wheat, exporting to neighboring countries. The AfDB’s $72 billion investment in food systems has empowered 20 million farmers. In Angola, the focus on diversifying agriculture, especially in maize and cassava production, boosted family farming by 25%, reinforcing food security across rural areas.
Africa’s largest economies are advancing industrialization to reduce reliance on raw commodity exports. South Africa, producing a quarter of Africa’s industrial output, leads in manufacturing. Angola, through the Lobito Corridor, integrates mining and logistics, boosting its industrial base. Morocco’s automotive and aerospace sectors, now employing over 80,000 people, exemplify the continent’s shift toward value-added industries.
The AfCFTA continues to reshape intra-African trade, with projections of a 52% increase by 2030. Ghana plays a central role as the AfCFTA secretariat, while Angola’s Lobito Corridor has improved trade flows by 40% in two years. South Africa’s leadership in the Southern African Development Community (SADC) further facilitates regional integration.
AfDB’s investments in healthcare and education are delivering tangible results. Ghana has created over 51,000 jobs through entrepreneurship programs, and Rwanda continues to set the standard in inclusive healthcare. Morocco’s efforts in affordable housing and healthcare contribute to reducing inequalities, while Botswana maintains high living standards and healthcare outcomes.
With an average growth rate projected at 3.8% for 2024—outpacing the global average—Africa is on track to remain the world’s second-fastest-growing region after Asia. However, challenges remain, including climate shocks, geopolitical tensions, and poverty reduction efforts. The “High 5s” initiative, backed by focused policy measures and continued investments, will be critical in achieving 90% of the Sustainable Development Goals (SDGs) by 2030, solidifying Africa’s place in the global economy.
The outlook remains, with Angola and other leading economies driving the transformation needed to foster a prosperous, integrated, and resilient continent.