COVID-19: Driving Africa’s recovery through diversification & industrialization

The United Nations Economic Commission for Africa (UNECA) has emphasized the need for global leaders to take immediate and decisive actions to mitigate the impact of the COVID-19 pandemic on the African continent. In a recent CNBC Africa interview, Dr. Adama Coulibaly, Chief of the Sub-Regional Initiatives at UNECA Central Office, and Victor Aluyi, Head of Portfolio Management at Commercio Partners, discussed the strategies and measures required to drive Africa's recovery through economic diversification and industrialization. They highlighted the importance of comprehensive and timely responses to the crisis and the necessity for collaborative efforts at both regional and continental levels to ensure sustainable development. The conversation delved into key aspects such as the Africa Continental Free Trade Agreement (AfCFTA), regional economic hubs, quick wins for industrialization, and the potential for leveraging value chains in Central Africa. Dr. Coulibaly emphasized the significance of indigenous solutions and the establishment of regional industrial clusters to address critical areas such as pharmaceutical product production. By prioritizing long-term strategies and fostering global competitiveness, Africa can emerge stronger from the current crisis and build a more resilient and diversified economy. The following highlights key insights from the interview and outlines the roadmap for Africa's post-COVID-19 recovery.