Africa must strengthen accountability, governance to prosper – Botswana president

Africa’s economic success and sustainability are intrinsically linked to accountable governance, Botswana’s president, Duma Boko, has said.

He spoke at the opening of the 2024 African Economic Conference in Gaborone, Botswana. 

“Peace and stability in Africa must be anchored on accountable and responsive governance,” the president said, adding, “This is a fundamental human right for every African citizen. It sets the requisite bedrock for any measure for our economic development and its sustainability.” 

He also called on African countries to strengthen democracy and uphold the rule of law.

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The three-day conference, with the theme, “Securing Africa’s Economic Future Amidst Rising Uncertainty,” has brought together leaders, policymakers, and experts to address the continent’s economic challenges and opportunities. 

Organised by the Government of Botswana, the African Development Bank, the United Nations Economic Commission for Africa (ECA), and the United Nations Development Programme (UNDP), the event seeks actionable solutions for Africa’s economic growth.

President Boko underscored that transparency, accountability, and respect for the rule of law are critical in attracting foreign investment and fostering sustainable growth. 

“Africa is at a crossroads,” he said. “We must confront the obstacles facing our citizens and leverage our collective strengths to secure a prosperous future amidst a volatile global economic environment characterized by rising inflation, supply chain disruptions, and tightening monetary policies.”

“Global uncertainties challenge us to rise above prevailing circumstances and invest in the Africa we want – which is the Africa the world needs: a continent characterized by shared prosperity, productive regional integration, vibrant and entrepreneurial youth, and freedom from fear, disease and deprivation,” said UN Assistant-Secretary General and UNDP Africa Director Ahunna Eziakonwa.

Eziakonwa also called for innovative and sustainable financial solutions to reduce borrowing costs and address credit rating biases, which cost the continent $76 billion annually. 

“We must stem illegal flows where $90 billion is lost. Tens of billions of pension funds, sovereign wealth funds, and insurance funds must work for the continent rather than elsewhere,” Eziakonwa added.