Many achievements, but with numerous setbacks. In our quest for a prosperous Africa, which is a dynamic force in the Global arena we need to take note of three things; First, the World is now different from what it was in the last fifty years and that economic power is no longer concentrated in Western Europe and North America.

Second there is unfortunately a very large flux in the Global Governance Organs and Institutions with global mandates, supposed to provide multilateral solutions, say on trade or climate are constrained by global politics.

Thirdly, a number of key megatrends will influence the trajectory of Africa’s economies in the next half a century which we need to be aware of. Africa entered the new Millennium in 2000 with a stride of Confidence. With the exception of countries at war, or emerging from war, economic performance has remained very strong.

Indeed Africa’s Economic performance is now back to the level it was in 2008 before the near collapse of the Western banking system. At the turn of the Millennium Africa’s GDP was $600 billion. Today it is $2.2 trillion. Adjusted for inflation, we find that Africa’s GDP has doubled in 10 years.

Our continent now offers the highest risk adjusted return on investment. And our economic managers are doing a reasonably good job navigating the difficult global economic slowdown.

Even on human development indicators such as infant mortality, the outcomes continue to be encouraging. At this moment the Global economy still shows no signs of recovery. Some regions are in recession and the world needs growth. But where will it come from? It will be Africa and the emerging markets.

China, in particular, is pulling no stops to stimulate the internal consumption. Africa too cannot do otherwise, unlocking domestic demand; this market of a billion people must be a primary objective.

As we look to the next half a century, I cannot imagine a more important agenda for Africa, unlocking its internal market. That is what will lay a basis for industrialisation, and for jobs. That is what will enable the economies of scale for some of the large infrastructure projects Africa needs.

50 years is of course quite a long way, and predictions are not very helpful. But what is important is to identify big trends that will have large impact and build scenarios around them. With one billion people, we are now closer to India and China.

Africa’s population grows at 2.2%, compare to Asia which is 0.9%, there will be around 2.2 billion Africans in 2050. Not only have more people, but younger. The median age in Sub Sahara Africa is 18.5 years.

Provided the right investments are made in education, this is the basis of the so called demographic dividend – more people in the labour force than dependents, a wider consumer base for almost everything from food, housing and infrastructure.

Over and above our existing mineral wealth, precious and base metals, oil and gas, there are now new findings almost everywhere, sometimes a multiple of the country’s economic size.

The key will be pursuit of sound management, including negotiating contracts that ensure Africa gets what it deserves for her wealth. The next is Africa’s ability to leapfrog technology.

We are all familiar with what the mobile revolution has done in terms of lowering the costs of doing business, delivering services and financial inclusion.

The last 50 years have been a remarkable, eventful journey for Africa. The continent faces, in the next 50 years, a complex landscape, but she also has many opportunities. Provided we do the right thing, this could truly be Africa’s hour.

{Author is the president of the African Development Bank Group.}