African’s bleak views of economies

One significant issue is the tightening of global financial conditions, mainly due to rising interest rates in the United States and other countries. This situation has made borrowing more expensive for African nations, thereby limiting their fiscal space for development and investment.

Inflationary pressures further complicate the economic landscape, leading to greater hardship for many individuals and families across the continent.

According to the report, which interviewed 53,444 people, about 40 percent of the African population lives below the poverty line. It further indicates that 31 of the 39 countries surveyed are affected, and a moderate-to-high number of people experiencing poverty exists.

Specifically, countries with poverty levels above 80 percent include Congo-Brazzaville (86 percent), Mauritania (84 perecnt), and Niger (84 percent). This statistic highlights challenges many individuals and families face in achieving economic stability and well-being.

Climate change also poses a major threat to economic stability in Africa. The continent is experiencing the adverse effects of climate-related challenges, such as droughts and floods, which have severely impacted agricultural productivity and food security.

This, in turn, has strained economies that rely heavily on agriculture. Additionally, supply-chain disruptions were exacerbated by the Covid-19 pandemic. And the ongoing geopolitical tensions have also negatively impacted on trade and access to essential goods.

These disruptions have made it more difficult for countries to maintain stable economies and meet the needs of their populations.

Many African countries are also grappling with long-standing structural issues, including inadequate infrastructure, high unemployment rates—especially among the youth—and growing insecurity.

These challenges hinder economic growth and stability, making it increasingly difficult for nations to navigate today's turbulent economic environment. Health-related issues are emerging as concerns, reflecting the need for better access to healthcare services.

Poverty remains a pressing issue in Africa, with around 13 percent of respondents emphasising it as a priority for government action. Wages are another concern, with about six percent of citizens calling for improvements.

These problems collectively underscore the broader economic and social challenges that many African countries face, including high unemployment rates, economic mismanagement, and inadequate health services, all of which contribute to the struggles of the population in achieving stability and well-being.

The report highlights several problems that Africans urge their governments to address. Among these concerns is unemployment, which consistently ranks as the top issue, with approximately 33 percent of respondents identifying it as a critical challenge.

Closely tied to this is the management of the economy, cited by 29 percent of citizens, indicating widespread dissatisfaction with how economic governance is handled across the continent.

However, the projected average growth rate for Africa in 2023-2024 is estimated to stabilise at 4.1 percent.

Read: Economic Survey 2024 a mixed bag

The problems facing the continent of Africa are not insurmountable. Issues of governance have been raised a million times.

African governments must strengthen economic governance and accountability by improving public financial management, enhancing transparency and anti-corruption measures, and ensuring inclusive and participatory decision-making processes.

They must also invest in human capital development by expanding access to quality education and health care, especially for women and children, and supporting skills development and innovation for the youth.

By addressing governance, health, poverty, and wages, the African Union can foster a more prosperous, peaceful, and inclusive future for all Africans. It can also build mechanisms for resolving conflicts peacefully and diplomatically.

It can enhance social protection and welfare by providing adequate and sustainable social safety nets, addressing inequality and discrimination, and promoting human rights and justice for all.

The writer is Kenya’s Ambassador to Belgium, Mission to the European Union, Organization of African Caribbean and Pacific States and World Customs Organisation.