The EU is an economic and political force to reckon with and its combined gross domestic product (GDP) stood at $16.6 trillion in 2022, after the US. ($26 trillion), and China ($19 trillion.).

AFRICA’s GDP (55 countries) stands at $2.7 trillion.

What you should know about Africa’s economy: The African economy, comprising 55 countries with a population of over 1.4 billion and combined GDP of about $2.7 trillion in 2022, $296 billion more than 2020, calculated on figures from the IMF. This is less than FRANCE’s GDP, the 7th largest economy in the world. Africa accounts for 2.84% of the world GDP in nominal terms. Africa is the 2nd smallest continental economy in the world after Oceania. In ppp methods, It is 3rd smallest continental economy after Oceania and South America, accounting for 4.97% of global wealth.

The Northern Africa region has the highest economy ($792 bn) on the continent, closely followed by Western Africa ($777 bn). These two regions together share about 58% of the African economy. 16.79% of the African gdp distributed in Southern Africa, 16.44% in Eastern Africa, and 8.04% in Central Africa.

As per UN data, Africa’s share of the world economy was at a maximum (4.93%) in 1980 and minimum (1.88%) in 1995. In constant 2015 prices, which gives a better idea about expansion over the years, the African economy has expanded from $506 bn in 1970 to $2.6 tn in 2019 or 5x.

Africa is full of potential, and the African Continental Free Trade Area a GAME CHANGER is an important key to unlock it. Unleashing continental opportunities requires prioritizing issues, channelling interventions in the right direction and removing barriers in vital sectors.

Africa’s footprint in the international market is still small. Africa accounts for just 2.3% of global exports – with an export basket heavy on primary commodities and natural resources. While only 14% of the continent’s exports are destined for other African countries, much of this trade is in semi-processed and processed goods. Strengthening regional trade is therefore crucial to support greater value addition, diversify supply chains, boost resilience to crises and to industrialize – ultimately contributing to job creation) and better livelihoods on the continent.

Credit: Mark-Anthony Johnson

One of the organisations I brought to the meeting came with the sustainability agenda ready to plug into Zambia’s march in that regard. In fact, the proposition was to make Zambia the sustainability hub of Africa. The organisation was the World Sustainability Organisation (WSO). Essentially, the WSO would provide third party certification for Zambian and other African products which would add value and make them more visible and preferred in premium paying markets of the international scene. Of course, to attain certification, products are expected to have been arrived at through processes that would qualify them for such certification.

Fast forward to September, 2022, Zambia Development Agency (ZDA) in conjunction with the Zambia Export Development Fund (ZEDF)chalk the MoU with the WSO that has now given effect to that aspiration being realised. Thanks to government support from the Ministry of Foreign Affairs and International Cooperation through its Embassy in Rome, the Ministry of Commerce, Trade and Industry through the ZDA and ZEDF, the Ministry of Green Economy and Environment and the Ministry of Small and Medium Scale Enterprises.

Today, as the WSO prepares to set up its office in Zambia, industry in Zambia is already demonstrating its thirst for certification. A case in point is Country Millers Ltd, which has broken ground by being the first Zambian company to apply and pay for certification of its Mongu Rice. Its proprietor, Mr. Mukumbuta Mukumbuta, has taken heed of the clarion call made by President Hichilema in a sign that it is indeed no longer business as usual for Zambia as small and medium scale companies venture out into another dimension where they want to stand up and be counted on the international scene. Hearty congratulations go to Mr. Mukumbuta for leading the way for Zambian industry to delve into what is expected to be a future of bliss! Mukumbuta has already been making the right noises in the business circles after having his milling plant commissioned by the President as well as commissioning of His Country Lodge extension by the Litunga of Western Province.

The creation of a sustainability hub in Zambia will no doubt bring more attention to Zambia and the spin off effects are unimaginable. We at WSO are happy to be part of the transformational change that Zambia and Africa at large, so desperately need.

Story by: Silas J. Odiero