•Bridgewater CEO Nir Bar Dea, Global Citizen CEO Hugh Evans and World Bank
President Ajay Banga pictured with Heads of State from across Africa in April 2024
Bridgewater Associates, Global Citizen and Harith General Partners have unveiled comprehensive research highlighting the immense economic potential of Sub-Saharan Africa’s burgeoning population.
This partnership, bringing together global economic analysis, international advocacy and Pan-African investment expertise, according to a statement, aims to reshape perceptions and drive action towards harnessing the region’s demographic dividend.
The study, titled “Changing Sub-Saharan Africa’s Growth Trajectory,” comes at a critical juncture as the global economy faces shifting dynamics. With nearly five decades of experience in economic forecasting, Bridgewater Associates lends its formidable analytical prowess to this initiative. Global Citizen, renowned for its advocacy work with world leaders and entertainers, provides a powerful platform for mobilising support. Harith General Partners, a major player in African infrastructure investment, brings invaluable on-the-ground insights to the collaboration.
Key findings from the research paint a compelling picture of Sub-Saharan Africa’s pivotal role in the future global economy:
1. Demographic Transformation: The region is poised to increase its share of the global working-age population from 10% to 25% in the coming decades, presenting both opportunities and challenges.
2. Regional Diversity: The study emphasises the heterogeneity within Sub-Saharan Africa, calling for tailored solutions that address the unique needs of individual countries.
3. Infrastructure and Human Capital: Addressing gaps in these areas is identified as crucial for unlocking the region’s growth potential and creating a virtuous cycle of investment and development.
4. Multilateral Development Banks (MDBs): The research underscores the vital role of MDBs in supporting high-risk projects that are essential for foundational progress but may not attract private investment.
5. Private Sector Engagement: While private investment is crucial for closing the financing gap, the study acknowledges current challenges such as high perceived risks and underdeveloped capital markets.
The collaboration seeks to inspire collective action from global powers, the private sector, and local governments. By highlighting the region’s potential to become an engine of global economic growth, the research also warns of the risks of stagnation and its far-reaching consequences.
In response to these findings, the partners are organising the Economic Development Assembly in Abidjan, Côte d’Ivoire, on October 9-10. This high-level gathering aims to galvanise support for increased contributions to the International Development Association (IDA) and other multilateral development banks focused on Sub-Saharan Africa.
Nir Bar Dea, CEO of Bridgewater Associates, emphasised the significance of the research: “Our analysis reveals a critical juncture for Sub-Saharan Africa. The decisions made now by policymakers, investors, and the private sector will determine whether we can harness this demographic boom for global prosperity.”
Hugh Evans, CEO of Global Citizen, added, “This collaboration exemplifies the power of partnership in addressing global challenges. By combining economic expertise with advocacy, we can mobilize the resources and political will needed to unlock Africa’s potential.”
The research and subsequent assembly underscore a growing recognition of Sub-Saharan Africa’s importance in shaping the future global economy. As the world grapples with changing demographic patterns, the spotlight on this region’s potential could mark a turning point in global economic development strategies.
As this initiative unfolds, it promises to spark crucial conversations and potentially reshape investment flows and policy priorities towards Sub-Saharan Africa.