AFRICAN ECONOMIES FACE CASCADING CRISES AS GOVERNANCE CHALLENGES THREATEN DEVELOPMENT

The UN Conference on Trade and Development's 2024 Economic Development in Africa Report reveals that African nations remain vulnerable to interconnected global shocks, with cascading crises from COVID-19 and the Ukraine war exposing structural weaknesses. High debt levels, volatile commodity exports, weak infrastructure, and governance challenges have intensified economic pressures across the continent. The report emphasizes urgent need for economic diversification, integration into high-value supply chains, and improved business conditions to build resilience. Regional conflicts in Sudan and the Horn of Africa, exacerbated by external powers competing for influence, further undermine stability and economic prospects.