Economic Report on Africa – serie

The 2023 Economic Report on Africa focuses on the impact of multiple and recurring global shocks on African economies and the extent to which these shocks impede Africa's prospects for achieving the targets set in the Sustainable Development Goals. The principal lessons are that shocks of various magnitude, duration and recurrence have played a major part in shaping economic performance in the last several decades, undermining Africa's aspirations for sustained growth and rapid economic transformation that could benefit from demographic (youth bulge) and geographic (urbanization) trends. In addition, successive shocks have had scarring effects that have made it difficult for African economies to recover fully even after a short-lived shock such as the Global Financial Crisis. More important, the damages caused by shocks could morph into other domains such as political instability and conflict, undermining recovery and resilience to future shocks. The report also emphasizes the opportunities presented by the shocks to implement long overdue structural and public finance reforms that take full advantage of such regional initiatives as the African Continental Free Trade Area.

The Economic Report on Africa 2024 lays out the case for investing in a just and sustainable transition to meet the aspirations of the 2030 Agenda and Agenda 2063 for building a prosperous Africa. Building on country case studies and the findings and recommendations of previous Reports touching on structural transformations and sustainability transitions, the 2024 Report assesses the conditions for pursuing that transition in Africa and for catalysing the needed investments. African countries can leverage the global boom in "green" minerals and their large renewable-energy resources, tropical forests, and marine ecosystems to export premium carbon credits, generating finance for sustainable investments. International financing through multilateral development banks and other mechanisms for climate action could leverage additional funding from other sources.

The Economic Report on Africa 2025 (ERA 2025) examines AfCFTA’s implementation, highlighting achievements, challenges, and its potential to reshape Africa’s economic landscape. The report underscores AfCFTA’s role in addressing key challenges such as energy access, food security, industrialization, and digital trade. By fostering intra-African trade, the agreement can reduce commodity dependence, boost manufacturing, and strengthen Africa’s position in global value chains. Additionally, AfCFTA enhances Africa’s resilience amid global economic fragmentation by deepening regional integration and strengthening trade ties with emerging markets. To fully realize AfCFTA’s potential, Africa must undertake strategic investments, implement well-coordinated policies, and pursue structural reforms. If effectively executed, AfCFTA could significantly enhance trade, drive economic diversification, and position Africa as a global growth hub, contributing to the vision of Agenda 2063: The Africa We Want.

The 2016 edition of the Economic Report on Africa (ERA 2016) focuses on greening industrialization and highlights sustainable and people-centred industrialization. Given the impacts of climate change, resource scarcities and environmental degradation, measures for de-risking Africa’s development are critical. The form and pattern of Africa’s industrialization, shaped by its abundant natural resources especially water and renewable energy sources, are discussed within the scale and scope that tackles inequality and promotes inclusivity. The report employs a value chain approach in analyzing the decoupling needs of key economic sectors towards low carbon intensive economic growth in Africa. Country case studies are used in demonstrating ongoing greening activities across key sectors. This is supported with modelling of future development scenarios under ‘Business-as Usual’ and “Greening” to demonstrate the additionality of greening policies and investments in making a business case to support the industrialization and transformation momentum in the continent’s development agenda. The report therefore provides evidence-based information to policymakers and other stakeholders on greening Africa’s industrialization to achieve inclusive and sustainable structural transformation and growth on the continent.

The 2019 edition of the Economic Report on Africa explores the intricate terrain of revenue collection on the continent and makes salient recommendations to help African countries attain the SDGs and the aspirations of Agenda 2063 by expanding their fiscal space and how. It identifies several quick wins in Africa’s pursuit of additional fiscal space to finance achievement of the SDGs and the aspirations of Agenda 2063. The Report calls on African countries to stabilize the macroeconomic environment, it advises against using competitive tax breaks for attracting international companies, and calls on African countries and their global partners to muster external public and private resources, at the same time, urges countries to pay attention to debt sustainability issues.