The 2024 Africa Economic Outlook report by the African Development Bank (AfDB) should serve as a wake-up call for every African who genuinely cares about the continent’s future. According to the report, it could take Africa a staggering 108 years to catch up with the rest of the world at its current growth trajectory. This stark prediction underscores the gravity of the economic challenges Africa faces and highlights the need for immediate and coordinated action.
While the continent is expected to grow at 3.7% in 2024, with a projected growth of 4.2% in 2025, this progress is undermined by an alarming trend: Africa is losing an estimated $587 billion annually due to what the AfDB terms “leakages.” In reality, these leakages represent the external extraction of wealth from the continent. This figure accounts for 17% of Africa’s total GDP, a devastating loss that hampers the continent’s ability to develop sustainably.
What this means is that, despite modest economic growth, the continent is effectively moving backwards. If we subtract the 3.7% growth rate from the 17% outflow of wealth, Africa is, in essence, regressing by -13.3% every single year. This negative trajectory is not merely an economic setback but a fundamental threat to the continent’s long-term development and survival.
External Exploitation and the Wealth Drain
The ongoing extraction of wealth from Africa is not a new phenomenon. As highlighted by the 2021 UN report on illicit financial flows, external forces continue to plunder the continent’s resources, enriching Western nations at the expense of Africa’s people. A complex web of tools is used to perpetuate this exploitation, including illicit financial transfers, unfair trade practices, and the repatriation of profits by multinational corporations. This systematic theft contributes to the alarming levels of capital flight, leaving African economies hollow and unable to invest adequately in infrastructure, healthcare, education, or job creation.
Where Lies the Solution?
The solution lies in a Pan-African response, led by progressive forces that are deeply committed to reversing this crisis. It demands nothing less than a deliberate reorganization of African society and a determined effort to wrest control from the neocolonial puppet governments that have long been complicit in Africa’s subjugation. The current political and economic structures, maintained by external powers and internal collaborators, have failed the continent. If Africa is to thrive, it must break free from these chains and chart a new course that prioritizes the interests of its people.
The challenge before us is enormous, but it is not insurmountable. The African Continental Unity Party (ACUP) has already begun to lay the groundwork for such a transformation. Recognizing that words alone will not suffice, ACUP has initiated efforts to mobilize revolutionaries and concerned citizens across the continent. This fight requires more than sympathy or passive support; it demands coordinated action, innovation, and the willingness to confront the deeply entrenched forces of neocolonialism.
A Multi-Pronged Strategy for Revolution
The task ahead is daunting, requiring a fluid, multi-pronged strategy to dismantle the existing power structures. Pan-African revolutionaries must organize at every level—politically, economically, and socially—to reclaim Africa’s resources and sovereignty. The pursuit of political power by Pan-Africanists is not simply an ideological goal; it is a necessity for the reconstruction of the continent. Without control over the political apparatus, no meaningful change can be enacted.
The solution lies in uniting Africa’s progressive forces under a common agenda. The ACUP is committed to this mission, calling for revolutionaries across the continent to join in this cause. The work ahead will be difficult, but it is crucial to secure Africa’s future and break the cycle of exploitation that has kept the continent in a state of perpetual crisis.
The Way Forward
The AfDB’s report makes it clear that Africa cannot continue on its current path. The status quo is unsustainable, and the stakes could not be higher. The leakage of $587 billion annually from Africa’s economy is not just a statistic; it represents schools not built, hospitals not equipped, jobs not created, and futures stolen. The time for action is now.
As Dr. Kwame Nkrumah famously said, “Seek ye first the political kingdom.” Only by taking control of the political and economic levers of power can Africa truly begin its journey towards self-reliance and prosperity. The Pan-African movement must be reignited, and the ACUP stands ready to lead the charge.
The revolution is not a distant dream. It is a pressing reality that demands our immediate attention and unwavering commitment. Let us not wait another 108 years. Africa’s future depends on the actions we take today.
Kwame Gonza
Rotating Chairperson
ACUP – African Continental Unity Party Global
kwamegonza@africanacup.org
www.africanacup.org
