Economic Report on Africa 2024: Investing in a Just and Sustainable Transition in Africa

Abstract

The Economic Report on Africa (ERA) 2024 presents the case for investing in a just and sustainable transition (JST) while achieving energy access for all. Using country case studies, macro, sectoral and firm evidence, and the findings and recommendations of previous ERA editions, the 2024 report assesses the necessary conditions for a JST in Africa and how to catalyze the needed investment. The 2024 ERA proposes defining the JST from an African perspective and highlights the opportunities and policy imperatives for African countries to achieve it. The report aims to: Contextualize and conceptualize the imperative for JSTs for Africa to achieve its economic, social, and environmental priorities; Highlight opportunities and assessing the state of JSTs in Africa in terms of the three pillars of sustainability: environmental, social, and economic; Evaluate the opportunities for financing the JSTs in Africa based on country case studies; Recommend policies and frameworks for Africa to successfully undertake the JSTs. The report underlines the leapfrogging opportunities stemming from Africa’s early stage of development and generous endowment in natural resources. The latter is key for sustainability transition. The report underscores Africa’s other strengths such as arable land and youthful populations. Making the most of them will require not only a fundamental shift in countries’ policy and planning processes, but also much greater and more effective involvement of the private sector and development partners. This report also highlights the policy and institutional mindset shifts required to catalyze JSTs in Africa.