This archive report was first published on 21 April 2020.
Africa: The 'New World Order' – A Chance for Africa? ¶
As the world grapples with the COVID-19 pandemic, Africa finds itself at a crossroads. The continent has long struggled with the effects of globalization, with widening inequalities and a growing wealth gap between the rich and the poor.
According to the World Bank and OXFAM, Sub-Saharan Africa is facing its first recession in 25 years, with growth expected to retract between 2019 and 2020. The contraction of agricultural production will be between 2.6% and 7%, resulting in losses of between $37 and $79 billion in 2020.
President Emmanuel Macron's call for solidarity and cooperation is a welcome step, but it is up to African leaders to take charge and speak with one voice. The continent must think quickly and well, leveraging its means, skills, and support from friendly countries to address the challenges ahead.
One of the key issues facing Africa is the place of the continent in the new global socio-economic governance. The current model has shown its limits, and it is time for a new approach that prioritizes human development over individual interests.
On April 13, 2020, the IMF Board of Directors took an important step by approving debt relief for 25 countries, including 6 WAEMU countries. However, the exclusion of Côte d'Ivoire and Senegal from this initiative raises questions about the relevance of this decision.
Africa needs a massive injection of liquidity to support its economies and address the challenges posed by the pandemic. Canceling debt is the only alternative to restarting the African economy in conditions of true resilience.
As the world looks to the G20 for a bold and unequivocal response, Africa must seize the opportunity to play a leading role in the new world order. The continent has a chance to shape its own destiny and create a brighter future for its people.
