"Unleashing Africa's potential: Empowering youth for economic growth and prosperity"

I plunged into this report by McKinsey, and a deep reflection came over me, like a glimmer of hope in the heart of Africa. I was reminded of this quote from His Excellency Faure Essozimna Gnassingbe, which has been echoing in my mind ever since :

"Nous ne ferons pas de miracles soudains, mais nous ne ferons pas de prodiges éphémères. Nous réussirons par la constance et la perseverance." Faure Essozimna Gnassingbe

I understood that we were not going to achieve either sudden miracles, or ephemeral prodigies. On the contrary, our path to a better future would be made of constant, deliberate effort.

Imagine, if you will, Togo, my country in West Africa that stands at a crossroads, ready to harness its immense potential to make a significant contribution to the economic renewal of our continent.

Drawing on McKinsey's illuminating analysis, I have tried to map out a roadmap for us, policymakers, entrepreneurs and stakeholders, a roadmap that would lead us to sustainable economic growth and well-deserved prosperity.

Look around you, other countries, classified as "recent accelerator", have already achieved remarkable feats. Between 2010 and 2019, Togo saw average annual real GDP growth of 5.1%, a remarkable improvement on the earlier decade, when global growth stagnated at 4.2%. This success is the result of a government policy focused on major infrastructure projects, sustained public investment to stimulate growth, development fostered by an increase in private investment, and an assertive determination to keep inflation under control.

However, as history continues to unfold, our growth did not stop there. It continues with GDP growth of 6% in 2021, 5.8% in 2022 and 6.4% in 2023, despite Covid-19 crisis, driven by rising industrial production, dynamic trade index and flourishing market services. Our current agricultural season has off to a good start, with a satisfactory distribution of rainfall across the country. The business climate index continues to improve.

Coming back to Africa as a whole, over the past two decades we have seen a deep structural transformation, moving from agriculture to services, particularly in our urban areas. Services are now the main engine of the African economy, contributing by 56% in 2019, compared with 50% in 2000. However, to fully exploit the opportunities offered by the services sector, we need to increase our productivity.

That's why, in countries classified as "recent accelerator" like ours, we need to focus on three key areas:

1.????? Creating more opportunities for all

Our success must be both rapid and sustainable. To achieve this, we need to strengthen our productive industries, modernize agriculture, improve rural conditions, and increase productivity. Investment in infrastructure, especially water and sanitation, is crucial to promote balance and create an environment conducive to the growth of productive sectors. Togo is working to achieve this by setting up special agricultural production zones and creating industrial parks for agricultural processing.

We should also work on enhancing intra-African trade by boosting imports and exports within the region. This can be achieved by encouraging local and African consumption. Engaging with initiatives like the African Continental Free Trade Agreement (AfCFTA) can open doors to new markets, stimulate economic growth, and nurture value chain development.

The key sectors to stimulate, according to the report, are agro-processing, pharmaceuticals, automotive, and logistics that have the potential to deliver substantial value, but they require bold interventions and investments to realize their full potential. In the agricultural sector particularly, elevating agricultural productivity through technology adoption, modern farming techniques, water mastering and value chain enhancements can boost yields and farmer incomes.

Finally, enterprises of all sizes must be empowered to seize the opportunities created and create themselves opportunities for individuals. Supporting both large corporations and small and medium-sized enterprises (SMEs) is vital for economic growth. Large corporations contribute significantly to growth and innovation, while SMEs create jobs and drive local innovation.

?2.????? Leveraging Abundant Resources and Human Capital

It is important for us to optimize our resource management while investing in education, skills development, and talent retention. This approach will unleash the full potential of our human capital. To achieve this, it is essential both to empower the workforce through education and skills development, and to unleash the spending potential of consumers.

The report said that Africa’s population is “expected to nearly double to 2.5 billion by 2050”, what constitutes “myriad opportunities to harness its rich natural resources and abundant human potential to increase economic growth and prosperity not only in Africa but around the globe”.

A skilled workforce is pivotal for economic progress. Prioritizing education and skills development programs equips the workforce to drive innovation and adapt to change. Countries like mine can tap into the growing consumer market by ensuring affordable access to goods and services.

One of my country's achievements in this area is the setting up of vocational training institutes (IFAD), which today already supply training in cattle and sheep breeding, fish farming and building trades. Others are still being set up in other sectors. But the advantage is that young men and women are rapidly acquiring skills that will enable them not only to earn a living, but also to seize the employment opportunities that will arise thanks to the country's development strategy. One of those students told me recently that, only in the second year of her three-year training course in Refrigeration and Air Conditioning, she is already able to earn pocket money thanks to the odd jobs she gets in the cold production and cold chain sectors for food preservation (cold rooms, refrigeration units).

Looking at the significant impact that the IFAD are bringing on the training quality, Togo has started a reform to offer practical internships to all technical and Vocational Education and Training (TVET) students thanks to partnerships with private sector.

?3.????? Take advantage of the ongoing dynamics of development

I am quite happy to see this clearly written in the report. It is said that Africa is home to the world’s youngest and fastest-growing population, burgeoning cities, and bold innovations in everything from fintech to clean energy. I would just happily say that we are the future on the move.

We should continue to take advantage of the demographic vitality of our countries by fostering the growth of the services sector while enhancing productivity. Investment in urban infrastructure and digital transformation is also key to success. It is important for us to keep in mind that embracing sustainable development practices and regional collaboration can further accelerate economic growth.

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By aligning ourselves along these lines, we can accelerate Africa's economic renaissance. This approach not only unlocks our individual potential, but also contributes to the overall prosperity of our continent.

So continues our story of determination, perseverance, and a sharp vision for a better future. We may not achieve sudden miracles or ephemeral wonders, but every step we take brings us a little closer to our collective dream.