UNCTAD Secretary-General Rebeca Grynspan and Ivorian Minister of Commerce Souleymane Diarrassouba highlighted Africa’s vulnerability to global economic shocks, mainly due to heavy reliance on commodities and infrastructure deficits.

More than half of African nations depend on oil, gas, or minerals for over 60% of their export earnings, leaving them exposed to global market fluctuations. Additionally, trade costs across the continent are 50% higher than the global average, owing to underdeveloped transport, energy, and digital infrastructure.

Grynspan emphasized the potential of the African Continental Free Trade Area (AfCFTA), which could create a market worth $3.4 trillion. She urged African countries to implement bold reforms, make strategic investments, and fully realize AfCFTA’s potential to enhance economic resilience and global competitiveness.

Key recommendations from the report include diversifying exports, boosting intra-African trade, supporting small and medium-sized enterprises (SMEs), which are responsible for 80% of Africa’s jobs ,and establishing early warning systems for trade risks.

Grynspan also lauded Côte d’Ivoire’s economic resilience, noting the country contributes 40% of West Africa’s GDP growth and attracts 30% of the region’s foreign investments.

Prime Minister Robert Beugre Mambe underscored the role of the private sector as the economy’s engine, accounting for 75% of investments and 26% of GDP.

He outlined government efforts to improve business conditions, such as improving logistics, expanding digital connectivity, and providing targeted funding.

The report highlights Africa’s $194 billion annual infrastructure deficit and proposes solutions like tax incentives for industrialization, regional investment funds, and trade finance mechanisms to support businesses affected by crises.

Grynspan reiterated that Africa’s future lies in regional integration, urging faster implementation of AfCFTA. By adopting strategic reforms, the continent could reduce external dependency, stabilize revenue, and achieve more inclusive growth.

Key recommendations from the report include diversifying exports, boosting intra-African trade, supporting small and medium-sized enterprises (SMEs) , which are responsible for 80% of Africa’s jobs and establishing early warning systems for trade risks.