Leveraging the Diaspora: Mobilizing African Cultural Movements on the Global Stage

The former Prime Minister will give special remarks on accelerating economic growth and sustainable development in Africa.

The past few years has seen a renewed focus on African arts on the global stage: Afrobeats, Nollywood on global streaming platforms, African fashion being shown at various global fashion weeks and carried by global retailers. How can African brands leverage this momentum to build sustainable (economically and ethically) business models that enable their products to be accessible to local and global clientele and withstand the test of time? What are the opportunities to innovate across the value chain and what unique competitive advantages do we have on the continent? This panel will dive into these questions through the lens of various ecosystem stakeholders - designers, retailers, investors, manufacturers - at the forefront of innovating African fashion and bringing it to the global stage

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In 2022, public debt in Africa reached USD 1.8 trillion. While this is a fraction of the overall outstanding debt of developing countries, Africa’s sovereign debt has increased by 183% since 2010, a rate roughly four times higher than its growth rate of GDP in dollar terms. Today, 60% of African countries spend more on repaying their debts than on healthcare, a trend that has been exacerbated by the COVID-19 pandemic, the war on Ukraine and the overall economic slowdown in the past few years. While international organizations have stepped in to support (for example, the G20 assisted 31 out of 36 eligible African countries with its Debt Service Suspension Initiative (DSSI)), the question remains: Why has Africa not been able to break out of this debt trap? And what role does the public and private sector play in moving past this dynamic?

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