The continent’s real gross domestic product (GDP) growth is forecasted to average 3.8% in 2024 and 4.2% in 2025, surpassing the projected global averages of 2.9% and 3.2%, respectively.

Africa is poised to maintain its position as the second-fastest-growing region after Asia.

The 11 fastest growing economies and their projected growth rate for 2024 are;

1. Niger – 11.2%
2. Senegal – 8.2%
3. Libya – 7.9%
4. Rwanda – 7.2%
5. Cote d’Ivoire – 6.8%
6. Ethiopia – 6.7%
7. Benin – 6.4%
8. Djibouti – 6.2%
9. Tanzania – 6.1%
10. Togo – 6% and
11. Uganda – 6%.

Speaking on the report, Dr. Akinwunmi Adesina, the president of the African Development Bank (AfDB) called for more financing in the face of the positive outlook noting that 15 African countries already posted a growth rate above 5%.

He stated, “Despite the challenging global and regional economic environment, 15 African countries have posted output expansions of more than 5%,”

Across the five regions in Africa, the bank projected East Africa to experience the fastest economic growth in 2024 at 5.1% followed by West Africa at 4.0%.

On the other hand, North and Central Africa are expected to grow at 3.9% and 3.5% respectively while Southern Africa will see the weakest growth at 2.2% in 2024.

While the report cast a bright light on Africa, the continent still grapples with several risks such as inflation, currency depreciation, elevated debt levels, and political risks with the rise of coups across the Sahel.

Inflation continues to pose a threat to Africa’s population owing to monetary policy tightening across Europe and the United States, geopolitical tensions in Europe and the Middle east leading to stress in supply chains of energy and agricultural products.

By the end of 2022, around 19 African countries posted double-digit inflation rates leading to reduction in consumer spending thereby plunging vulnerable populations deep into poverty. The figure remained unchanged in 2023. The continent averaged around 17.3% inflation in 2023.

In the previous year, many African countries experienced severe currency depreciation with commodity exporters the most vulnerable. This was primarily due to hawkish inflation targeting monetary policies in the United States.

Political risks due to internal conflicts and coups also threaten the economic growth across the continent. Last year, the continent saw coups in Niger and Gabon.

However, since 2020 putschist have struck 9 times with varying degrees of success mainly across the Sahel region.

[Featured Photo Credit]

Of course, international wars have moved from the ground borders to the territorial space, with the support of satellite technology hence African countries, which already have over 48 satellites in space, cannot afford to play in silos. There is urgent need to collaborate to grow local content in satellite technology and to protect the African territorial space.

The UN-affiliated regional centres in Morocco and Nigeria have trained several hundred Africans in these areas.

In addition, some African countries have procured small satellites, mostly through the help of academic or commercial institutions abroad. But, technology transfer must happen for the benefits to become more obvious.

Similarly, panelists at the just concluded Africa Tech Festival in South Africa agreed that ‘satellite technology should be viewed as complementary rather than competitive in addressing Africa’s demands’.

Tinuade Oguntuyi, the head of Network and Solutions, Information Connectivity Solutions Limited (ICSL) moderated the session that discussed “Satellite Redefined – Africa is forging its path into space”.

The panelists are:

• Abymbola Alale, Nigerian Communications Satellite (NIGCOMSAT) Limited
• Rakesh Kukreja, founder I-SAT group
• Abdallah Nassar, Chief Engineering and Network Officer (Orange Cameroun )
• Sophia Farrar, Lead Partnership GIGA (UNICEF and ITU initiative)

Important takeaways from the panel discussion as enumerated by Tinuade:

1. Every player in the space economy—operators, providers, regulators, and the government—should consider their role in the value chain as distinct yet collaborative

2. Adopting a communal consumption culture will reduce the Total Cost of Ownership (TCO) and Capital Expenditure (CAPEX) for satellite communications.

3. Satellite technology should be viewed as complementary rather than competitive in addressing Africa’s demands

4. To facilitate the deployment and upkeep of satellite communications, the right laws and rules should exist

5. Satellite is crucial for connecting schools globally and in Africa.

6. All other communication platform, including fiber optics, microwave technology, and SIM, can be used to ensure that satellite deployment is successful.

7. Satellite will play a vital role where other forms of communication can’t, particularly in hard to reach communities.

8. Africa should intentionally focus on applicability and adaptation rather than copying and pasting solutions.

In her concluding remarks, Tinuade said, “True, LEO Satellite is here; let’s start approaching the adoption of cutting-edge technology through the prism of its commercial viability, applicability, and safety”.