Patrick Njoroge, Former Governor of the Central Bank of Kenya, has said that population dynamics, continuous innovation, globalisation, and urgent policies on climate change will dominate Africa and being prepared will help build sustainable development in Africa by 2050.
He said this at BusinessDay’s CEO Forum 2024 themed, ‘Leadership in the Economic Times,’ on Thursday. The following are the four megatrends:
Projected population dynamics to favour Africa
He noted that a projected population rise would favour the content. In the words of the New York Times, the world is becoming more African today.
Continuous innovation
Njoroge said the second megatrend is continuous innovation driven by new technologies: “Technology has been and will continue to be a significant driver of economic outcomes and opportunities.”
Globalisation will remain relevant in the period ahead
The third megatrend, globalisation, will remain relevant in the period as it is a key driver of the global economy.
Njoroge said that the African Continental Free Trade Area is expected to create an Africa-wide market that will result in wide benefits from economies of scale.
“Over the last three years, integrating local investment in local supply chains has upheld the traditional manufacturing and production processes with efficiency gains,” he said.
Urgent need to support policies and actions to deal with climate change
According to him, the global situation regarding climate change is urgent and requires all hands-on deck by citizens, corporations, and government.
The state of climate report in 2020 showed that climate indicators in Africa were characterised by extreme weather events such as floods, droughts, increasing temperatures, and an accelerated rise in sea levels, which had devastating impacts on millions of people.
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