Johannesburg – 14 November 2024: There are numerous high-level delegates and speakers in attendance at the 11th edition of the European House TEHA CEO Dialogue in Johannesburg today, who are all there in an effort to create meaningful discussions regarding the economical development on the African Continent.
The key issues being explored are:
- Political stability and governance challenges
- Exploring opportunities for Economic diversification and growth
- Addressing issues in implementing infrastructure improvements
- Analysis of the progress and impact of the African Continental Free Trade area
- The Macroeconomic outlook for SADC countries
African Development Needs Unique Approach
Mevlut Cavusoglu, Member of the Turkish Grand National Assembly, discussed how a one-size-fits-all approach in Africa must be avoided, but rather an approach of understanding that Africa’s challenges and environment is unique and that each country has its own legal and economic framework needs to be adopted by international countries looking to assist and invest.
“Our approach should not be patronising or a lecturing approach” he said, Africa needs to be approached as an equal partner”.
Mevlut believes that there is great opportunity, particularly from and education and technology sharing perspective, where Turkey has committed to support Africa through private and government initiatives that they are working on currently.
The Governor of Maryland, Kathleen Kennedy Townsend raised the key issue of corruption, that she said impacts not only Africa but the global economic development. “Maryland’s two previous Governors were indicted for fraud”, she said, “the risk of corruption is that it prevents the likelihood of further investment”, she contended.
Building Capacity for Growth
Mevlut Cavusoglu, spoke of the economic development programs that Turkey is developing with the goal of capacity building. “This”, he said, “is a central requirement for economic growth. Africa’s key growth opportunity and key industry is agriculture today, and yet Africa still imports most of its agricultural equipment, and this needs to change” he comments
Africa needs to start developing its own equipment, machinery and other supporting technology in order to ensure better economic and infrastructure foundations for growth.
Agriculture Holds Great Potential for Growth
Former South African Finance Minister Nhlanhla Nene, added to the agricultural growth potential discussion with a view of the Agri-landscape and particularly the continents lack of meat production volume challenges that he listed as:
- Low existing production
- Failure to achieve global Sanitary or SPS standards for export
- Informal as apposed to formal cross-border trade
- Lack of access to technology
Nene indicated that currently South Africa is the only country in Africa that exports more beef product than it imports, indicating the massive scope of possible Agri-trade possible between African states themselves. In his presentation he stated that African Urban consumer demand for meat may triple by 2050.
Asia is currently the largest meat production area globally and so also represents a huge export opportunity for the African Agri sector, alongside other large meat consumption areas such as Europe and the US, if they can get their production issues solved effectively.
Future Population Growth in Africa a Challenge
Africa’s primary sector currently accounts for around 30% of Africa’s GDP and provides more than 50% of the continent’s population. Livestock production in Africa, accounts for 35% of the primary economic sector making it a key development sector for growth and economic progress.
The rapidly growing population in Africa that is set to grow to 24% of the total global population by 2050, not only presents a major challenge but also presents a major development opportunity for the continent.
