In a speech delivered at the Timbuktoo: Unleashing Africa’s Startup Revolution event in Davos, Switzerland, President Nana Addo Dankwa Akufo-Addo highlighted the impressive recovery and resilience displayed by African economies including Ghana since 2023, after a challenging start to the decade.
President Akufo-Addo specifically discussed the economic growth experienced in Ghana, stating that the country’s GDP had rebounded with an average of 3.2% for the first nine months of 2023, compared to 2.9% during the same period in 2022.
He also noted the stability of the exchange rate and the softening of interest rates, indicating that Ghana has turned the corner and can anticipate a more resilient and transformed economy.
The President emphasized that Ghana’s success is reflective of the broader African continent, with an average growth rate of 4.1% in 2023 and a forecasted growth rate of 4.3% in 2024.
He highlighted the potential for further growth and innovation presented by Africa’s youthful demography, attracting entrepreneurs and investors to the continent.
President Akufo-Addo acknowledged the challenges that still need to be overcome to unlock Africa’s full potential but expressed optimism that many African countries are moving in the right direction.
He emphasized the importance of creating the right structures to enable young Africans to create innovative businesses that contribute to job creation and sustainable economic growth.
With a focus on job creation driven by Africa’s expected population of 2.5 billion by 2050, President Akufo-Addo highlighted the need for financial investment.
He noted that Sub-Saharan Africa alone requires around US$574 billion annually until 2030 to finance the Sustainable Development Goals (SDGs).
However, he expressed hope that initiatives like Timbuktoo would support the pan-African startup ecosystem by providing the necessary legal frameworks, systems, and deal pipelines to address critical problems and harness the continent’s potential.
In conclusion, President Akufo-Addo’s remarks shed light on Africa’s economic recovery, resilience, and potential for further growth.
By showcasing Ghana’s positive economic performance and identifying the challenges and opportunities across the continent, the President reinforced the need for continued support and investment in Africa’s startup ecosystem.
