The Global Africa Business Initiative (GABI) has released its Unstoppable Africa 2024 Executive Summary, outlining transformative strategies to reshape Africa’s financial landscape and accelerate economic growth.
The report underscores the need for an inclusive financing model to address Africa’s unique economic challenges. It highlights concessional financing, private sector investment, and domestic resource mobilization as key mechanisms to unlock the continent’s vast potential. Additionally, it emphasizes the role of African institutions in shifting global risk perceptions and pioneering innovative financial solutions to de-risk projects and secure long-term investments.
Now in its third year, Unstoppable Africa has become the premier Africa-focused event in New York during the United Nations General Assembly high-level opening week. The event continues to attract global leaders, fostering collaboration and economic advancement.
Sanda Ojiambo, United Nations assistant secretary-general and CEO of the UN global compact, stated:
“The GABI 2024 Executive Summary captures the transformative outcomes of the highly successful Unstoppable Africa event. It reflects groundbreaking solutions and impactful discussions that took place, bringing together key stakeholders to align on strategies that will drive Africa’s development.
By highlighting key initiatives and partnerships, this report reaffirms our commitment to positioning Africa at the center of global economic transformation. It is not just a reflection of our progress but a call to action for continued collaboration and ambition. By aligning with the aspirations of the 17 Sustainable Development Goals and Agenda 2063, we can unlock Africa’s full potential and contribute to a prosperous future for all.”
A landmark event
The Unstoppable Africa event took place on September 25-26, 2024, alongside the United Nations General Assembly.
With over 4,000 participants, including 1,545 in person and 2,531 online, the event featured six Heads of State and Government from Barbados, Côte D’Ivoire, the Democratic Republic of the Congo, Eswatini, the Netherlands, and Poland. It also welcomed 14 Government Ministers from 13 countries, key figures from the private sector, top business leaders, and prominent personalities from sports, music, and creative industries.
Key findings of the GABI 2024 executive summary
The report highlights major achievements across various sectors:
- Energy: The Mission 300 initiative aims to provide clean energy access to 300 million Africans by 2030. Successful renewable energy solutions, such as mini-grids in Togo, Mauritania, and Ghana, are expanding access to rural and underserved communities. The report underscores the critical role of small and medium-sized enterprises (SMEs) in the energy transition and stresses the importance of bridging finance and knowledge gaps.
- Digital Transformation: Africa’s rapid technological adoption and youthful population are key drivers of economic growth. The report showcases comprehensive digital upskilling programs and the launch of Itana, Africa’s first Digital Economic Zone, enabling global and Pan-African companies to incorporate online, operate remotely, and access Africa’s talent and market.
- Creative Industries: Africa’s vibrant fashion, film, music, and entertainment sectors are identified as significant economic drivers, creating jobs, boosting tourism, and elevating the African brand.
- Sports: The report highlights the need for modern infrastructure and continental leagues to drive economic growth, social cohesion, and cultural diplomacy. Initiatives such as the Queens of the Continent Foundation and the NBA Africa Startup Accelerator Award are creating opportunities for young athletes and entrepreneurs.
Core themes
The Unstoppable Africa forum focused on five key themes:
- Energy Access and Transition: Emphasizing public-private partnerships, policy frameworks, and blended finance as essential to clean energy solutions.
- Inclusive Growth and Trade: Stressing the need for private investment and advancing the African Continental Free Trade Area (AfCFTA).
- Digital Transformation: Addressing the digital divide and equipping youth with the skills needed for a digital economy, including progress on the UNDP Timbuktoo Initiative.
- Creative Industries: Recognizing Africa’s cultural sectors as vital to economic growth and global influence.
- Sports: Calling for modern sports infrastructure and continental leagues to drive economic and social impact.
Looking ahead to GABI 2025
GABI will convene the 4th edition of Unstoppable Africa on September 21-22, 2025, at the Marriott Marquis Hotel in New York City. The event will once again bring together private sector leaders, governments, policymakers, and regional stakeholders to develop actionable frameworks for Africa’s development.
Additionally, GABI will host several GABI Bridges events throughout the year, including a side event at the Africa CEO Forum on May 12-13 in Abidjan, Côte d’Ivoire. These engagements will provide targeted discussions on key topics, leading up to the flagship forum in September.
