I recently had the opportunity to attend the World Bank Group and IMF Annual Meetings in Washington, D.C., held from October 21-25, 2024. This remarkable week was filled with high-level discussions on global economic stability, the future of growth in Africa, and the necessary steps to address the continent’s developmental needs. The sessions I attended, the conversations I engaged in, and the insights I gained have profoundly shaped my perspective and equipped me with new ways to contribute meaningfully to Africa’s economic progress and resilience.
Day 1 — Opening Dialogues and Vision for Growth
The event kicked off with a powerful Inauguration Ceremony that set the tone for a week focused on economic recovery and resilience. I joined sessions focused on Creating Jobs for Young People and Agriculture and Food as Engines of Sustainable Growth”, where the dialogue centred on building robust job markets and ensuring food security in Africa. These discussions resonated deeply, emphasising the critical need for systems that provide sustainable livelihoods and address food insecurities across the continent. Networking at the Civil Society Policy Forum Reception allowed me to connect with leaders focused on economic empowerment, sparking conversations that I’m eager to translate into actionable strategies.
Day 2 — Investing in Youth and Climate Action
Day two’s focus was on youth development and climate adaptation, two areas central to sustainable development. Attending sessions on Prioritising Children for Sustainable Development and Climate Voices: Green Jobs and the Future of Work highlighted the essential role of youth in shaping Africa’s future. Creating climate-resilient job opportunities for young Africans, particularly within green sectors, is critical for the continent’s growth. The evening’s World Bank Accountability Mechanism Happy Hour provided a unique space to exchange ideas about transparency and accountability, both of which are vital as we advocate for Africa’s sustainable future.
Day 3 — Empowering Women Economically
Gender equality took centre stage on day three with discussions on “Empowering Women Through Health Access” and “Accelerating Impact: Private Sector Partnerships for Gender Equality.” The significance of accessible healthcare in empowering women to participate fully in the economy was reinforced here, as well as the critical role that partnerships play in accelerating gender equality. A standout moment for me was attending the Women Transforming the World event, co-hosted by World Bank President Ajay Banga and Nigeria’s Minister of Finance, Wale Edun. Their speeches underscored the importance of inclusive policies and the essential role of women in driving economic growth—a message that hit home and underscored my commitment to supporting gender-focused initiatives.
Day 4 — A Key Dialogue with Nigeria’s Finance Minister
One of the highlights of the week was meeting with Wale Edun, Nigeria’s Minister of Finance, and Chair of the African Caucus. We discussed Africa’s evolving economic landscape and the role of financial wellness in strengthening workplace inclusivity and health. Mr. Edun shared a keen interest in the impact of wellness initiatives on productivity and hinted at the possibility of presenting new tools in upcoming international forums. This conversation opened a pathway to potentially collaborate with the Nigerian Ministry of Finance, marking a promising step for workplace health initiatives and financial security programs in Africa.
I also engaged with Nigeria’s Ken Okwor from the IMF and Adesola Oluwamayowa Sunmoni from the World Bank, both of whom are strong advocates for wellness and economic inclusion. Their support has strengthened my resolve to push for meaningful partnerships with influential financial institutions that prioritise Africa’s wellness and inclusivity goals.
Day 5 — Networking with Strategic Industry Leaders
The final day was dedicated to forming partnerships with industry leaders and furthering connections that could bolster Africa’s role in the global economy. Meeting with Juliana Olayinka of Channels TV and representatives from Afrexim Bank, Oando, and Argentil Capital Partners underscored the importance of private-sector partnerships in driving impactful initiatives. These discussions have paved the way for potential alliances that can contribute to transformative change in African industries, from fintech to wellness and beyond.
Key Takeaways and Path Forward
Reflecting on the week, several powerful themes emerged that will inform my ongoing efforts. At the meetings, IMF Managing Director Kristalina Georgieva emphasised the urgency of addressing a global economy plagued by heightened risks for vulnerable nations. While developed economies may approach a soft landing, avoiding recession while reducing inflation, emerging economies are bracing for far more severe challenges. As Georgieva noted, “The world now faces a low-growth, high-debt trajectory,” with developing countries facing a trilemma — the critical need to increase spending, often by as much as 14%, amidst depleted fiscal resources due to COVID-19’s lingering impact. She acknowledged a “severe, but plausible scenario” in which global public debt could rise by 20% above projections.
These pressures weigh heavily on sub-Saharan Africa, where growth is expected to hover around 4.2% in 2025, well below historical levels of 6-7% growth. Abebe Selassie, the IMF’s Africa Director, expressed concern that this pace is insufficient to reduce poverty and address the developmental challenges ahead.
World Bank President, Ajay Banga, in his closing remarks, advocated a clear approach to development. “Development delayed is development denied,” he asserted, emphasising the importance of speeding up project approvals to create impact. Efforts to reduce approval timelines from 19 months to 12 reflect the institution’s commitment to faster, more effective action. As Banga put it, “simplify, simplify, simplify,” as the path forward for more timely and impactful global development.
The Path Ahead — Realising Africa’s Potential
The insights I gained from attending these sessions are invaluable, and I am eager to apply them to initiatives that can drive sustainable growth and improve community well-being. The 2024 World Bank/IMF Annual Meetings highlighted Africa’s potential as a global economic powerhouse, provided that strategic partnerships, inclusive policies, and a commitment to sustainable practices are prioritized. This journey has strengthened my resolve to pursue impactful collaborations, and I look forward to translating these connections into meaningful results that will enhance Africa’s economic resilience and prosperity. This experience has left me both humbled and inspired, as the future of Africa’s development relies on collaborative efforts, innovative approaches, and a steadfast commitment to equity and growth for all.
