By Opiyo Dancan
The current situation in Africa is urgent and demands immediate action. Scaling up development financing is crucial to fulfilling its sustainable development objectives, as outlined in its 2030 Agenda.
Consider the transformative potential of a significant annual investment, ranging from $118.2 billion to $145.5 billion, in Africa’s future. This investment is a financial necessity and a moral imperative to fulfill the continent’s climate action commitments and Nationally Determined Contributions.
The Africa Sustainable Development Report (ASDR) highlights pivotal recommendations that, if implemented, could significantly impact the continent’s sustainable development.
These include scaled-up access to concessional development financing, fortified climate information, early warning systems, and economic reforms.
The report was launched on the sidelines of the UN High-Level Political Forum for Sustainable Development in New York in June 2024.
The report offers a comprehensive examination of the progress made by African nations towards achieving five sustainable development goals (SDGs) and their 32 corresponding targets, which are crucial to fulfilling the 2030 Agenda and the African Union 2063 Agenda.
The five SDGs under scrutiny include eradicating poverty (Goal 1), erasing hunger (Goal 2), combating climate change (Goal 13), fostering peaceful societies (Goal 16), and fortifying global partnerships (Goal 17).
While the research indicates that Africa is projected to achieve less than three of the 32 targets evaluated in the ASDR-2024 report, with setbacks observed in 8, there is still significant potential for progress. At the same time, progress remains sluggish or at a standstill for the remaining targets, but with concerted efforts, these can be overcome.
Despite challenges such as the COVID-19 crisis, Africa has made significant progress in alleviating poverty (goal 1). This progress, though encouraging, is not without its setbacks. The COVID-19 crisis substantially escalated poverty rates, with Africa accounting for over half (54.8 percent) of the global population living in poverty by 2022.
Initiatives are underway to strengthen social protection systems. These systems currently encompass 17.4 percent of the populace, which is considerably below the international average. These initiatives hold the potential to improve this situation significantly.
Access to potable water has shown improvement, rising from 68.7 percent in 2015 to 72.9 percent on average. Moreover, essential sanitation services now extend to 52% of the population, with ongoing endeavors to align with global benchmarks.
Efforts to combat hunger, undernourishment, and stunting (goal 2) in Africa are imperative. Despite challenges such as the escalation of hunger impacting 281.6 million individuals in 2022, an increase of 11 million from the previous year, endeavors are being undertaken to address these pressing issues and require immediate assistance. Strategies encompass enhancing agricultural investments and aid to bolster food security.
Africa has also exhibited remarkable resilience and dedication to addressing climate change (goal 13), and endeavors to enhance disaster risk reduction persist. However, the number of countries with established national and local disaster risk reduction strategies has remained 29 out of 54 since 2015.
Securing financing for climate action in Africa is of the utmost importance. Yet, only $29.5 billion has been mobilized from the $2.8 trillion required between 2020 and 2030 for African nations to fulfill their NDCs under the Paris Agreement.
In governance (goal 16), certain nations, like Malawi, have implemented substantial measures to combat corruption. However, it remains a formidable challenge in numerous African countries, characterized by stagnant progress and a surge in instances of bribery.
Furthermore, significant illicit financial flows, amounting to approximately $1.3 trillion in outflows and $1.1 trillion in inflows in 2020, persist in impeding the financing of crucial agendas, resulting in Africa losing an estimated $88.6 billion annually.
The ASDR has also emphasized the existence of crucial data deficiencies in numerous countries across the continent, advising policymakers and scholars to prioritize skills enhancement and capacity building to obtain a more precise understanding of countries’ accomplishments and requirements in the realm of comprehensive and sustainable development.
The report also urges an augmentation of Official Development Assistance (ODA) to Africa by two percent in 2023. However, the total ODA remains stagnant at 0.37 percent of donors’ collective Gross National Income, significantly below the 0.7 percent threshold established by UN Member States.
With the 2030 SDG deadline fast approaching, numerous nations are poised to fail to generate ample financial resources to bridge their funding deficit. Furthermore, the SDG advocates exploring innovative strategies such as debt-for-nature swaps and impact investing.
However, for African nations to cultivate sustainable development, they must enact the following strategies: prioritize investment in human capital by focusing on education, particularly in Science, Technology, Engineering, and Mathematics (STEM) fields, to equip the workforce with the essential skills required for a contemporary economy.
Additionally, they should enhance accessibility to affordable and high-quality healthcare to bolster productivity and overall well-being.
In the agricultural domain, African nations should advocate for sustainable farming practices by promoting diversification away from monoculture to mitigate susceptibility to climate change and market fluctuations.
Furthermore, they should bolster the advancement of agribusiness to foster job creation and amplify agricultural productivity.
African nations ought to strengthen governance to advance transparency, accountability, and citizen participation. They must also uphold the rule of law to safeguard property rights and cultivate a favorable business environment.
