African Transformation Masterclass – Introduction

ACET, in collaboration with African Business Magazine, developed this series to share knowledge on the concept of economic transformation.

What will Africa look like in another generation?

There will be more people, but that’s about all we know for certain. The continent is currently facing several momentous changes that will define its future—changes that come with a wealth of uncertainties and questions but a common thread.

Africa’s economic growth rate, while still encouraging, is beginning to slow as demand decreases for oil, gas, and other commodities. How will such a shift affect the internal political, economic, and social dynamics of countries, particularly those in which commodities primarily drive growth?

The number of African youth continues to increase, as does the urban density in growing city centers. What kind of jobs and wages will await this emerging labor force?

With climate change already altering economic landscapes, African leaders fashioned a bold, common approach ahead of December’s month’s climate conference in Paris. But how smoothly will pledges turn into action that enables the continent both to cope with climate change and maintain its momentum?

China has announced $60bn in support of African development but what form will this financing take? How will it be invested, and to what extent will it impact the approaches of Africa’s traditional development partners?

The common thread running through these and other changes is the need for African economies to transform their structures or risk going under in the wake of so many shifting pressures.

The good news? All the continent’s major organisations and an increasing number of countries see economic transformation as the way forward.

But what is economic transformation and how to go about making it happen? To shed light on some of these issues, African Business, in conjunction with the African Center for Economic Transformation (ACET), is proud to present this series of Economic Transformation MasterClasses.

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