Strategic trading policies key to Africa's economic renaissance

Africa is at a pivotal moment in its economic development, where strategic trade and investment policies can unlock significant growth and development opportunities. The continent has seen a notable increase in greenfield projects and international project finance deals, rising by over 30 percent in the past year, as highlighted in the World Investment Report 2024 by the United Nations Conference on Trade and Development (UNCTAD). Despite this, foreign direct investment (FDI) inflows in East Africa decreased by 3 percent. Overall, Africa attracted $53 billion in FDI in 2023, which is 3.4% less than in 2022. This decline persists despite Africa's vast resources and growing investment appeal.