LUTHANDO VUBA: Historic opportunity to reshape Africa’s place in the global economy

SA’s Group of 20 (G20) presidency marks a historic opportunity to reshape Africa’s position in the global economy. At a time when trade, investment and economic policy are undergoing fundamental shifts, Africa must take a more assertive role in defining its own growth trajectory.

The African Continental Free Trade Area (AfCFTA) is central to this ambition, offering a blueprint for accelerating intra-African trade, strengthening regional supply chains and unlocking the continent’s industrial potential. The challenge now is execution at scale and speed.

For too long, Africa has been seen through the lens of potential rather than impact. A decade ago, the continent was projected to grow at 5.4%, with increasing urbanisation and expanding regional trade. In reality, growth has averaged just 3%, intra-African trade remains low at 15% and infrastructure investment falls short by more than $100bn annually.

These gaps highlight the urgent need for a new approach, one that prioritises delivery over discussion. SA’s G20 leadership must be used as a platform to drive meaningful action that moves AfCFTA from ambition to tangible economic transformation.

Africa’s economic strength lies in its ability to innovate and adapt. The continent holds 90% of the world’s cobalt, 60% of its manganese and 70% of its platinum, critical minerals that make Africa indispensable to the global energy transition. With 60% of the world’s uncultivated arable land, Africa can drive food security for the next century. By 2050, one in four people globally will be African, with the continent contributing 800-million new workers to the global workforce. However, these advantages will only translate into real economic power if Africa invests in industrialisation, education, and digital transformation at scale.

The AfCFTA is the vehicle through which Africa can achieve greater economic independence, reduce external dependencies, and create new regional value chains. But trade liberalisation alone is not enough. Addressing the continent’s infrastructure and logistics challenges, improving policy co-ordination, and securing financing for large-scale industrial projects are critical to AfCFTA’s success. This is where SA’s G20 leadership can make an impact, by ensuring that Africa’s trade and investment priorities are embedded in the global economic agenda.

The world can no longer afford to overlook Africa’s economic potential. The continent’s business leaders, policymakers and global investors must move beyond rhetoric and commit to pragmatic, outcome-driven solutions.

SA’s G20 presidency, combined with AfCFTA’s transformative potential, presents a rare opportunity to drive this agenda forward. The decisions made today will shape Africa’s economic trajectory for decades to come. This is not just a moment of leadership, it is a moment of collective responsibility.

• Vuba is executive head of international trade at Business & Commercial Banking: Standard Bank Group