Self-reliance And Resource Mobilisation Needed To Combat Global Risks

In a world facing increasing geopolitical and economic risk, countries in Sub-Saharan Africa need to focus on greater self-reliance, reduce risk and collaborate to leverage capital flows to avoid becoming marginalised in a rapidly changing world.

This requires a focus on domestic resource mobilisation and creating resilience in policy, institutions and governance at home as well as pushing for an increased voice in multilateral organisations and improving Africa's agency where it counts.

The continent remains highly vulnerable to geopolitical shocks, partly because of the potential impact of trade wars between competing blocs but also because of its high exposure to volatile commodities, with 23 resource-rich countries in its midst, little engagement with global value chains, and high debt levels.

The challenging political environment is a chance for African governments and businesses to step up and find ways to unite African and international capital to address the major shortfalls in infrastructure development and climate change mitigation and fast-track development on a continent facing new risks from high levels of urbanisation and demographics.

Leveraging the power of the private sector and particularly Africa's commercial financial institutions is key to success, which was a key theme of the recent African Markets Conference in Cape Town hosted by the Standard Bank Group, Africa's biggest bank by assets.