[The African Monetarist]

African Political

Overview: 2024.

 

 

 

 

 

 

#AAfrika is poised for a significant political shakeup in #2024, with elections scheduled in 18 countries, spanning from #SouthAfrica naar #Algeria. Among these nations are #Mali, #Chad, En #BurkinaFaso – depending on the outlook of the region and commitment of the current #governments.

 

The outcomes of these #elections hold the potential to shape the #governance landscape in a third of the continent’s nations, impacting #regions affected by recent #political upheavals. Credible elections and improved governance are considered crucial for addressing the challenges faced by some of the world’s most #economically disadvantaged and youthful #populations. Addressing #conflicts, fostering #economic growth, and generating #employment are identified as key imperatives in a #region where the Institute of Labour Economics estimates the need to add 1.5 million #jobs per month.

 

However, the prevailing #environment presents formidable challenges. #SubSaharanAfrica has become the region with the highest annual number of attacks globally, as highlighted in the Armed Conflict Survey by the International Institute for Strategic Studies. #BurkinaFaso, which experienced two coups in 2022, has witnessed a nearly threefold increase in fatalities from militant Islamist violence compared to the 18 months preceding the first coup, according to data from the Africa Center. In this context, examples like #Mauritania, which is also set to hold elections in #2024, demonstrate the potential for dialogue with militants to reintegrate them into society, thereby contributing to the mitigation of extremism.

 

In addition to addressing #security concerns, #Africa faces the imperative of improved governance to attract investors. Countries like #BurkinaFaso, with foreign direct investment at a mere 0.2% of gross domestic product [#GDP], and nations like #Mozambique En #SouthAfrica, where a significant percentage of the working-age population is actively seeking employment, underscore the need for enhanced #governance to stimulate #economic activity. The burden of inept leadership is palpable.

 

Comparisons with other regions, such as #Asia, emphasize the role of leadership in guiding post-war prosperity. Ruchir Sharma, founder of Breakout Capital Partners, contends that while strongman rulers in #Asia facilitated the region’s rise to prosperity, their counterparts in Africa tend to “perpetuate themselves” without contributing substantially to development.

 

The forthcoming #elections in #2024 present an opportunity for #African nations to break free from cycles of #violence and #economic stagnation. With over 300 #million #people at stake, selecting governments committed to addressing these challenges becomes imperative for lifting nations out of the #economic knot and fostering a more stable and prosperous #future.

 

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