It's not just a movie, it's a message to Africa.
Bank Of Africa presents the manifesto
21 resources for the future
Africa is a promise for the 21st century, in which BANK OF AFRICA believes unequivocally. Our vision of the continent is that of a dynamic Africa, confident in its potential and fully anchored in its time.
We share this conviction with the world today, and decided to unveil the potential of Africa and Africans.
#21resourcesforthefuture demonstrates all the richness of Africa which consolidates our conviction that Africa is the land of today’s and tomorrow’s opportunities.
" This new page in the bank's history follows in the footsteps of HM King Mohammed VI's enlightened vision and numerous actions for the development and economic integration of Africa as well as for the prosperity of its citizens."
Mr. Othman Benjelloun
Chairman & CEO
BANK OF AFRICA
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The Rise of Technology in Africa
On the road to an economic boom
The societal, a mirror of the on-going changes
Multiple opportunities for the future
The challenges for a collectively better life
1 - The Rise of Technology in Africa
ICT : a remarkable acceleration
Driven by mobile phones and information and communication technologies, the digital revolution is shaking up Africa. By 2020, 20 % of the African population were connected to the internet, compared to only 10 % in 2010. Africa is now the continent with one of the highest rates of mobile use. Agriculture, trade, services, industry, health, education... all sectors of activity are concerned by the spread of ICT use, which constitutes a development opportunity for the continent.
Africa, world champion in mobile payments
Mobile money has spread in Africa, making it the leading continent in this field. According to the GSMA report, 80 % of the continent is covered by this type of service. Mobile money enables financial inclusion and therefore social development of the region's unbanked populations, particularly rural people, women, entrepreneurs and traders in the informal sector.
Africa invents tomorrow’s educational e-solutions
Faced with the many educational challenges in Africa, a dynamic entrepreneurial movement is emerging offering innovative solutions. In the coming years, digital technology will enable millions of young Africans to pursue higher education using very little bandwidth and equipment.
2 - On the road to an economic boom
Economic Free Trade Unions : hope for Africa’s development
Effective since January, 1st 2021, the African Continental Free Trade Area (AfCFTA) represents a market of 1.2 billion people for a combined GDP of 2.5 trillion dollars. The AfCFTA is expected to be the largest free trade area in the world and a real driver towards economic integration and self-sufficiency, promoting local production.
Africa : an economic boom
The African continent is the second fastest growing economic region, after Asia. According to the World Bank, GDP in sub-Saharan Africa grew by an average of about 4 % per year between 2000 and 2019.
In 2020, the health crisis led to the region's first recession in 25 years, with a 3.7 % drop in GDP.
For 2021, Africa is expected to experience a modest but encouraging rebound, with a growth forecast of 2.7 % according to the Bretton Woods institution.
African women on the front line of development
Women have always played a central role in the development and history of Africa and play a primary role in the future of the continent.
Throughout history, women have distinguished themselves in the continent in fields as diverse as politics, diplomacy and resistance to colonisation, the defence of women's rights, and environmental protection.
African unicorns of the future ?
In Africa, the entrepreneurial ecosystem is seen as a key springboard for economic growth on the continent, but also as a sustainable tool for job creation as well as an attractive device for the young population. In several African countries, companies and start-ups are emerging and gradually growing. In 2019, African startups raised $2.02 billion, 74 % more than in 2018*.
3 - The societal, a mirror of the on-going changes
African creativity at the forefront of the global contemporary art scene
Since 2017, demand has soared, as have the artists’ ratings and the proceeds from specialized sales. Between 2017 and 2018, the cumulative income from sales in London and Paris, the two main centers of the Western market in the promotion and valorization of an exclusively African art scene, rose to $27.8 million, versus $5.9 million over the two previous years.
In 2100, one third of Earth’s population will be African
Demography is, without a doubt, Africa’s major challenge in the 21st century. The continent has the fastest growing population. Estimated at 140 million in 1900, it reached one billion inhabitants in 2010. By 2050, It will reach 2.5 billion and more than 4 billion in 2100, according to the United Nations forecasts. Today, 1 out of 6 people live in Africa and by 2100, one third of the population will be African*.
How to make African sports triumph ?
Sport currently represents only 0.5 % of Africa's GDP, compared to 2 % of the world's GDP. Sport is at the heart of Africa's economic and societal development and places youth at the heart of its dynamics. It improves the development prospects of young people in the areas of education, employment and health and promotes gender equality and peaceful coexistence.
4 - Multiple opportunities for the future
Mining resources in Africa : an invaluable asset
Africa conceals more than 60 different types of minerals, accounting for 1/3 of the world's mineral reserves, including resources essential for technological development (rare earths). For example, it has 90 % of the world's reserves of platinum; 80 % of coltan; 60 % of cobalt; 70 % of tantalum,...
Africa, a prototype for tomorrow's agriculture
As a vector of sustainable and inclusive growth, agriculture is the foundation of a system that is essential to ensure nutritious, safe and accessible food for all. This sector is also a driver of job creation: 60 % of jobs in sub-Saharan Africa are in land use and livestock. This share could be much higher if the entire agri-food system is taken into account.
Africa : the world’s leading industrial producer by 2050
Over the next decade, 20 million new workers will enter the African labor market every year. By 2035, Africa’s working population will outnumber that of India and China with a growing workforce. Current growth models based on the development of primary resources are not sustainable. A new strategic ambition is emerging for Africa. Several countries are already following new industrialization pathways. By 2050, Africa could become the world’s new factory.
A fast-growing middle class, driving progress with optimism
In the years to come, the African middle class will be one of the fastest growing segment worldwide. Making up 350 million Africans today, the middle class is full of ambition driving education and development and fueled by the hope that children will prosper more than their parents.
In-migration, an opportunity for Africa
80 %* of the continent’s residents who leave their country do so to move to another African country. Contrary to popular belief, the majority of migrants therefore do not leave Africa, but simply migrate from one African country to another. If well managed, such intra-African migration can contribute to growth and the structural transformation of economies.
5 - The challenges for a collectively better life
A public health challenge
Africa has not yet completed its epidemiological transition and faces a dual challenge: on the one hand, eradicating endemic diseases such as AIDS, malaria, or tuberculosis and, on the other hand, fighting the development of chronic diseases (diabete, cancer) and diseases linked to the aging of the population, such as Alzheimer’s, which are increasing at an alarming rate. While Africa alone accounts for 25% of the global burden of disease, it is home to only 1.3% of healthcare professionals.
Infrastructure in Africa : tremendous needs, a windfall for investors
In Africa, the lack of infrastructure is a major barrier to development. The needs are tremendous, particularly in sectors such as energy, water and information and communication technologies. Africa’s infrastructure needs for the next twenty years are estimated at about $1 trillion per year.
Access to the banking system, a crucial factor in the development of African societies
The average level of banking in sub-Saharan Africa is 10 %. This very low level of financial inclusion compared to the rest of the world acts as a considerable brake on sustainable growth.
Economic growth cannot be sustained without the establishment of a financial infrastructure to underpin it. The more basic financial services are available, accessible, and affordable to the population, the stronger and more distributed growth will be.
Africa : low emissions, maximum impact
Africa is the continent least responsible for climate change. Yet it is the most heavily impacted. Droughts, floods, migrations, population displacements... What are the solutions?
Africa has many opportunities for building a climate-resilient continent with low CO2 emissions.
The challenges of higher education for the continent
Education is a key driver of economic growth and development. While the efforts of African countries have greatly improved access to basic education, Africa’s higher education system has long been neglected.
This has led to significant mobility of African students, both within and outside the continent. However, the emergence of state-of-the-art African institutions and original initiatives are helping to better cope with the explosive growth in higher education enrollment. To contribute to tomorrow’s growth, African higher education must succeed in adapting its training offerings to the job market.
This list is not exhaustive, we are convinced that Africa has many other resources that make it the continent of the future. We invite you to share other assets on social media by using the #21resourcesforthefuture.