Economic growth in Sub-Saharan Africa is a hot topic that has generated much debate and questioning in economic and policy circles. According to recent projections by the International Monetary Fund (IMF), the region is expected to grow by a modest 3.6% in 2024, similar to the previous year.
However, behind this seemingly stable figure lie deep challenges and imbalances that are hampering the region’s economic development. Indeed, economies dependent on natural resources such as oil are growing at a lower rate than the rest of the region, highlighting the urgent need to diversify economies to ensure more robust and inclusive growth.
At the same time, adverse climatic conditions, such as recurring droughts in countries such as Malawi, Zambia and Zimbabwe, are putting additional pressure on the agricultural and energy sectors, limiting growth prospects. Similarly, persistent electricity shortages in countries such as Guinea, Madagascar, Mali, and the Central African Republic are a major obstacle to economic prosperity and competitiveness.
On the financial front, the challenges are equally worrying. High yields on Eurobond issuances in 2024 make access to financing more difficult for many countries, compromising their ability to invest in key sectors and boost growth. Moreover, geopolitical fragmentation is hampering external assistance and regional cooperation, particularly in crisis regions such as the Sahel, where stability and economic development are undermined by conflict and political tensions.
In this complex context, China’s announcement of a $51 billion financing plan for Africa at the Forum on China-Africa Cooperation in 2024 could provide a glimmer of hope. This financial support could play a crucial role in stimulating economic growth and strengthening the capacities of African economies to overcome their structural challenges and seize new development opportunities.
In conclusion, economic growth in sub-Saharan Africa in 2024 is marked by significant challenges that require concerted responses and actions from national and international actors. The path to sustainable and inclusive growth in the region requires structural reforms, strategic investments and enhanced cooperation, in order to promote harmonious and resilient economic development for all African countries.