There can no longer be any doubt that Africa matters. As the world’s second-largest and second-most-populous continent, Africa is growing so fast that it is predicted that one

 in four people on the planet will be African

 by 2050. The African Continental Free Trade Area (AfCFTA), which has been ratified by at least 46 countries and began trading in January 2021, is on the precipice of being 

. It connects 55 countries and eight regional trading blocs with a combined GDP of $3.4 trillion, which is proximate to Europe and the Middle East. And the African Union recently became the second regional bloc—after the European Union—to be ushered into the Group of 20, linking the world’s biggest economies.

Yes, Africa matters. Now the continent’s leaders and the world must act on these realities for their mutual benefit. The AU’s success in pushing for entry into the G20, and the unprecedentedly large African contingent at the 2023 BRICS Summit of Brazil, Russia, India, China, and South Africa, are but two of the many signs that African leaders are more prepared to unify towards common goals. Even as they seek ways to leverage—and respect—the diversity of their people.

With each passing day, Africa grows more critical for the United States and the world—and vice versa—not only in terms of national security or economics, but in terms of thriving as humans in an inevitably interconnected world.

At the same time, the United States is demonstrating that it recognizes Africa’s criticality to the world’s future far beyond the security, governance, and health collaborations that have dominated the relationship in the past. With multiple visits from Secretary of State Antony Blinken, as well as Vice President Kamala Harris, Treasury Secretary Janet Yellin, and Defense Secretary Lloyd Austin, the continent is attracting increased high-level attention from the United States. President Joe Biden also 

This activity is promising, but for the partnerships to expand and benefit both sides, it will need to be based on common values, shared priorities, and mutual respect.

In terms of values, it’s notable that despite the hit of the COVID-19 pandemic and the backsliding that too many African countries have experienced in recent years on democracy, effective governance, corruption, and security, polls show Africans still 

. Public protests across the continent repeatedly insist on accountable government. Young Africans also share an entrepreneurial spirit: the 

 showed 78% intend to start a business in the next five years. The tech sector, in particular, has boundless room to grow, with mobile penetration at more than 90% and internet connectivity reaching 88%, and “

” of the best ideas in tech emerging from Africa. 

Another shared value with the United States is diversity. Africa is global, not only because of its strategic importance, but because the pulse of the world can be felt across the continent. Far from the conventional image of a land of emigration, it has long been a land of immigrants, with all the influences and flavors that follow. I was born in the United States and raised in Nigeria, and I grew up watching Bollywood movies and Mexican telenovelas. Today, entertainment television in Africa is flooded with Korean dramas—popularly called K-dramas both there and in the US—and Indian soap operas. A young woman I met in Nigeria on a recent visit was such a fan of K-dramas that she used the shows to learn Korean. Indeed, it’s not unusual to meet Africans who speak more than one language.

Africa exports its own mega entertainment too, not only the great literature that has long emanated from authors like Chinua Achebe and his landmark novel 

. US streaming services offer entire collections of films from Africa, and musical genres such as Afrobeat, Afropop, and Amapiano have taken the world by their clef notes.

American sports are catching the wave: In the last couple of years, the National Basketball Association 

 to oversee its business there, including  plans to expand the Basketball Africa League and add more academies. The NBA has at least 55 players who either were born in Africa or have a parent from there. The National Football League has more than 100 such players and in 2022, hosted its 

, running its first NFL Africa camp with 40 players from across the continent.

Yes, Africa matters. Now the continent’s leaders and the world must act on these realities for their mutual benefit.

The common values are strong between Africa and the United States. So are the shared interests. In addition to the mutual need to shore up democracy, there’s the issue of unemployment, which is cited as the chief concern in the United States by every administration; it also rises to the top 

. In just a few years, Africa is expected to be the only region where the working population is still increasing. In the United States, there is already concern that artificial intelligence may end up taking jobs. That makes job creation and innovation shared priorities—and opportunities—for both sides in trade and investment. There are a few ways to address that. The African Growth and Opportunity Act (AGOA), the core of the US-Africa commercial relationship for nearly a quarter century, is set to expire in 2025. It must be renewed and updated to account for today’s realities and changes such as the AfCFTA. The US government’s “Prosper Africa” initiative to increase two-way trade and investment also could be more focused on comparative advantages, and enhanced to address coordination challenges.

The United States and Africa also will need to work more closely on climate change issues. While Africa contributes the least to the emissions that cause climate change (and the United States the most), it has 

60% of the world’s renewable energy assets 

(like water, wind, solar, and geothermal sources), and in excess of 30% of the minerals that are vital for renewable and low-carbon technologies. Africa is trying to unify around this, holding its 

 for the world’s polluting countries to pay their share toward a global climate fund that would finance mitigation and adaptation.

That brings us back to the issue of respect. Both Africa and the United States, with their respective power and authority, will benefit most from this relationship by viewing it as a 

. This means acknowledging what each brings to the table—and making sure that Africa is at that table and is heard. Africa is not homogenous, it is as diverse as any continent—with its complexities and its strengths—so it will be important to balance representation, understand the gaps, and draw on the strengths. Patronizing narratives that depict Africa wholly in negative terms or as a “hopeless continent,” as 

notoriously noted in 2000, are defeating for everyone. By the same token, we shouldn’t romanticize Africa either—it’s important to confront those gaps forthrightly and fill them.

Oge Onubogu is director of the Wilson Center’s Africa Program. She is

a governance and democracy professional with nearly two decades of experience working on Africa and US-Africa relations, including with African governments, international partners, civil society, academia, and the private sector.

Cover photo: The Africa Union headquarters building in Addis Ababa, Ethiopia. Nick Fox/Shutterstock.

Africa Union building. Nick Fox/Shutterstock.

Drawing on nearly two decades of experience working on Africa and US-Africa relations—which includes collaborating with African governments, international partners, civil society, academia, and the private sector—Onubogu provides important context as to why Africa is increasingly consequential beyond its borders.

Introduction: Africa Matters, Period

When we decided to embark on this special Africa-focused issue of the 

, we knew that it would be important to explore the topic of governance—both to assess where Africa has been, and where it is going. Who better to turn to than Sudanese-born billionaire philanthropist Mo Ibrahim, who established the Mo Ibrahim Foundation in 2006 to strengthen governance across the continent? Among other vital initiatives, every two years the foundation produces an Ibrahim Index of African Governance, or IIAG, which assesses the level and trends of public governance across all 54 African countries. The Wilson Center's Africa Program Director Oge Onubogu, whose experience studying governance and democracy in Africa spans nearly two decades, interviewed Ibrahim. Their conversation focuses on the expansion of Africa’s role as a powerful player on the global stage.

Oge Onubogu, director of the Wilson Center’s Africa Program: 

, you said that we should no longer underestimate Africa or take Africa for granted. Can you expand upon that for our readers?

Mo Ibrahim, founder of the Mo Ibrahim Foundation:

We are talking about a whole continent where potential is huge, even if still too often untapped.

Africa’s population first: it is the youngest and fastest growing in the world. Then, with a potential market of more than 1.4 billion people, the African Continental Free Trade Area, or AfCFTA, surpasses the European Union single market, the United States-Mexico-Canada Agreement, and the Southern Common Market combined.

Last, but not least, Africa’s natural assets are crucial for any global green transition. Africa now hosts the world’s main primary tropical carbon sink, with the net carbon sequestration in the Congo Basin rainforests outpacing the Amazon and Southeast Asia combined. Africa's renewable energy potential—be it solar, thermal, or wind—is huge and rather well-spread. On top of that, the continent holds 30% of the world’s mineral reserves, many of which are critical to renewable and low-carbon technologies such as electric vehicles, battery storage, solar, green hydrogen, and geothermal.

Africa is often viewed through the lens of the US competition with China—and increasingly with Russia—given their investments on the continent. What would you say to policymakers in the US and around the world to help them see Africa’s value on its own terms?

This goes much further than a US/Russia/China competition. You can also name India, Indonesia, Turkey, Iran, the Gulf states, etc. We are looking at multiple, diverse, varying partnerships, depending on the potential deal on the table. Indeed, adequately assessing Africa’s potential is key to understanding the growing competition between historic, new, and potential partners; they are not there on behalf of history, friendship, or moral duty—they are there out of interest, be it economic or geostrategic. So yes, the competition is growing, and African countries are looking at multiple partnerships.

We had a lot of challenging discussions about this at our 2023 Ibrahim Governance Weekend. One of our main takeaways was that “partnership” be meaningful if it is a relationship of equals, based on shared interests and win-win deals. Do not confuse partnership with alliance and limit it to a “friend or foe” approach: Africa cannot and will not be a battleground for any new cold war. We have entered a world of varying coalitions, depending on the issues and interests at stake.

A lot of the work of the Mo Ibrahim Foundation has been focused on governance within and between African countries, but I’ve noticed an increasing focus on Africa’s position within the global governance structure. Why is that important, especially now?

Built in the wake of World War II two generations ago, the current multilateral system has become obsolete. It needs modernizing and democratizing if it intends to reflect and serve the world today. It must be responsive to everyone’s needs—not just a handful of people's interests and values. Most of all, it must be representative of the current world. We all know that legitimacy and democracy are only grounded and sustainable in fair representation.

The world is changing deeply and quickly, if not smoothly, around us. All previous assumptions—and let us face it, the previous global order, too are being trampled on. Climate change, pandemics, and terrorism know of no borders. We must call for shared solutions. Different powers arise and geostrategic balances are deeply shifting. While Africa‘s assets will be needed by the whole world to find solutions to a variety of crises, especially climate change, the current multilateral decision-making system needs a full reset—if only because participation in decision-making processes entails ownership, and hence responsibility and accountability. I really hope that the momentum currently building behind the case for a 

reform of the multilateral financial system

 will foster a real transformation. For this reason, I want to commend the recent invitation for the African Union to join the G20 grouping as a full, permanent member, granting the continent with the same status as the European Union, which is its only close international counterpart. However, this should only be seen as a first step – reform is fundamental across all multilateral financial institutions. If we miss this window of opportunity between now and the end of the year, we will have lost a huge opportunity.

You’ve often said that shifts in global power balance are not represented in current multilateral institutions. Can you elaborate on that and explain why it’s important for Africa’s progress?

More than two generations ago, the establishment of the United Nations and the 

 set the diplomatic arena and economic order of today’s global system. Still mostly colonized at that time, Africa had no say in the establishment of this system. This means that today, a sovereign Africa remains devoid of its relevant voice in the current multilateral architecture. The continent’s weight and assets are not translated into adequate representation in the global decision-making system. Just consider the following: In 2023, Africa’s share of global population is 18%—almost double that of the G7 group. With 54 members and 28% of votes at the UN General Assembly, Africa still has no permanent seat at the UN Security Council. Meanwhile, both the UK and France, each with less than 1% of the world population, and smaller populations and smaller economies than Japan or Germany, occupy over one third of the UN Security Council permanent seats.

Both the IMF and the World Bank lack any meaningful representation from the Global South. The boards of both institutions share some unique and astonishing features: no independent directors and board members are residing in-house full-time, at great cost for both institutions and unnecessary interference.

Africa’s place in the world is rapidly shifting—politically, socially, culturally, and economically. How can African voices, governments, and institutions leverage this changing landscape to build partnerships that drive local and global progress?

That was a main discussion point during the 2023 Ibrahim Governance Weekend. Africa’s potential needs to be leveraged: youth through education and training; natural resources through local value transformation; entrepreneurship through local venture capital and incubating systems; soft power (sport, creative industries, etc.) through public support, infrastructure and relevant credit; and African domestic financial resources through improving taxation capacity, tackling illicit financial flows, and leveraging sovereign wealth and pension funds. Then, Africa’s voice in the international arena needs to be articulated in a united and coherent way: common positions could be outlined in pan-African summits and meetings prior to global events, as was brilliantly done by the first 

 hosted in Nairobi by Kenyan President William Ruto prior to COP28.

But Africa also needs to put its house in order. If we want to act and interact as a continent on par with others, we need to empower the African Union; more sovereign power, more financial resources. The continental trade agreement needs to develop quickly into a functioning common market, and we need to stop the meddling of military in governance. The ongoing destabilization in the Sahel region must be tackled. Nothing can justify the overthrowing of democratically elected governments by military [forces] that should rather turn their weapons against the spreading terrorist threat.

Let’s talk a bit about BRICS, which stands for Brazil, Russia, India, China, and South Africa, and is an increasingly influential coalition of emerging economies. We’ve seen a record number of countries apply to join BRICS—and not just emerging economies. What are your thoughts about the future of BRICS and this growing interest?

As the current multilateral system is more and more challenged, the attraction and relevance of the BRICS grouping cannot be underestimated, as an organization more representative of the current world balances, as well as more tuned to the needs and expectations of the Global South. As of July 2023, more than 40 countries expressed interest in joining the BRICS group, according to South Africa’s top diplomat in charge of relations with the bloc. In the 15th BRICS Summit, which took place in Johannesburg in August this year, an initial six new countries were invited to join the BRICS group: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates. With these six new members, the group now accounts for 29% of the global GDP, and 46% of the global population. It also covers more than 44% of global oil production, and more than one third of natural gas production.

As many as 23 countries in the Global South, and at least seven in Africa (Algeria, Egypt, Nigeria, Senegal, Sudan, Tunisia, and Zimbabwe), have expressed interest in joining the BRICS. If all were to be admitted, the BRICS bloc could represent more than one third of global GDP, and over 60% of the global population.

It is too early, of course, to see how such a large group would function, or what it would look like. But it has already begun to set up a variety of tools that, even if unlikely to materialize soon, are signs to consider. Established almost 10 years ago in 2015, the New Development Bank, headquartered in China, was launched with $50 billion in capital and a $100 billion reserve currency pool. The BRICS has also engaged [in] discussions about the creation of an alternative reserve currency to counter dollar dominance in trade and finance, and is working on an integrated BRICS payment system.

What makes you most optimistic about Africa’s future?

Africa’s youth. This means drive for change, innovation capacities, vitality, and dynamism. Provided relevant prospects and adequate environment are available. Otherwise…

Africa is already, by far, the youngest continent: at 18.8, Africa’s median age is by far the youngest in the world—12.2 years younger than Latin America and the Caribbean, the region with the second lowest median age. By 2100, Africa’s youth will represent almost half of the world’s youth, and more than 40% of the global working age population.

issue is to show a different side of Africa that isn’t always portrayed in mainstream media. Is there something you’d most like our readers to know about Africa?

Since its inception in 2006, the Mo Ibrahim Foundation aims to provide a frank, factual analysis of Africa’s situation and challenges, to feed an adequate narrative, and hence lead to relevant decision and policymaking about the African continent.

We need to move away from a mainstream narrative that depicts Africa as a basket case to be sorted out and highlight the continent’s assets and potential without, of course, masking its challenges and responsibilities. Current crises, from climate change to pandemics, terrorism and civil wars, are global and shared. They call for global solutions. Africa is necessary to craft and implement these solutions. Provided we put an end to the historic model by which Africa’s natural resources are extracted in raw form and exported to countries where the manufacturing dramatically increases their value without Africa’s people seeing a return.

We need to break the cycle that repeatedly sees African countries and businesses borrowing at exorbitant rates, leading to default and crippling IMF programs. The biggest impediment to development in Africa is the excessive cost of capital. Much of it is also linked to the inadequate assessment of African risk.

We need to leverage Africa’s domestic financial resources to put an end to illicit financial flows out of the continent, close to $100 billion per year, according to UN and US academic research. Mispricing and profit-shifting are costing Africa too much, and we need the cooperation of our international partners to stop this bleeding.

Last but not least, we need to stop reducing a country to its president. Relationships with Africa cannot be limited to presidential summits followed by rosy final declarations [that are] never implemented. We need to liaise and work with civil societies, local governments and communities, the private sector, and—above all—youth, who are the growing bulk of the continent.

Oge Onubogu is director of the Wilson Center’s Africa Program. Ms. Oge Onubogu is a governance and democracy professional with nearly two decades of experience on Africa and US-Africa relations, including working with African governments, international partners, civil society, academia, and the private sector.

Dr. Mo Ibrahim, PhD is the founder and chair of the Mo Ibrahim Foundation, which he established in 2006 to support good governance and exceptional leadership on the African continent. Ibrahim is a widely recognized entrepreneur. In 1989, he founded Mobile Systems International, a global cellular consulting and software provider, and in 1998, he established Celtel International, one of Africa’s leading mobile telephone companies, which pioneered mobile services in Africa.

Cover photo: Participants of the Ibrahim Governance Weekend at the Kenyatta International Convention Center in Nairobi, Kenya, Friday, April 28, 2023. Photo courtesy Mo Ibrahim Foundation.

Participants in the Mo Ibrahim Foundation's Global Governance Weekend.

In this Q&A, Wilson Center Africa Program Director Oge Onubogu talks with philanthropist Mo Ibrahim about his optimism surrounding Africa’s future in global politics. He also shares his thoughts about how other world powers can effectively partner with African states without taking advantage of their growth and influence.

Africa Should Not be Underestimated

In this multimedia feature the Director General of the World Trade Organization, H.E. Dr. Ngozi Okonjo-Iweala, engages in a candid conversation about Africa's growing trade opportunities, with Oge Onubogu, director of the Wilson Center's Africa Program. 

Hello from the Wilson Center in Washington DC. I'm Oge Onubogu, the director of the Wilson Center's Africa program. It's a great pleasure to welcome you to this multimedia future as part of the 

’s special issue titled Africa Matters. With a focus on six key themes, it examines Africa's increasing consequence to the world. To provide a closer look at Africa's role in global trade and the economy, I am pleased to welcome the Director General of the World Trade Organization, Dr. Ngozi Okonjo-Iwaela. Thank you for being part of this important conversation and welcome.

We're going to dive right into the conversation. Currently Africa's share of global trade is quite low compared to its potential. Some data points put it at about 3%. How is the World Trade Organization supporting African governments and businesses to meet their own aspirations around global trade?

You're absolutely right that Africa's share of global trade is very small, and it has not been changing much over time. It was about 3% before the pandemic, then dipped slightly below that during the pandemic and immediately after. Whether it is 2 point something, or 3%, it is still small. The other piece of information is that intra-Africa trade, Africa's trade with itself, is also not that large. Different figures are put out, but it’s anywhere between 15 to 20%. So that tells you that Africa needs to trade more with itself, and also trade with the outside. This requires action, both within Africa, and externally.

You asked what the WTO is trying to do—one of the things that we have to think about is how Africa can add value to its products? Africa exports, and has been exporting commodities and raw materials, for quite a long time. I think it's about time we started adding value. When we add value to our products, I think we're likely to be able to increase our share, and then to create more jobs at home, as well as earn more abroad. If we have a market of $1.4 billion, it also makes it easier to increase trade if we can improve infrastructure and reduce trade costs. So here comes one of the big things, trade costs in Africa are very high. It's equivalent to adding a 300% tariff on goods. So you can imagine how can you really trade more or compete if you have an additional 300% tariff.

At the WTO, we are urging African countries to implement an agreement we have called the trade facilitation agreement. It's designed to cut down on customs procedures to digitize trade, and to make it easier and less costly. I think this will remove some of the obstacles that are in the way of trading, because if people know that they're going to have this extra tax, then you can't really compete with such a heavy cost.

We think the countries themselves need to make themselves hospitable. Investment will not fall into our laps. We need to invite it. -H.E. Dr. Ngozi Okonjo-Iwaela

The other thing we're doing is that we are negotiating—right now—an Investment Facilitation Agreement. And this brings me to the point of what the continent needs to do. The continent needs more investment, so it can add value. We are very good at agriculture, we can be even better. But why can't we add value to the products that we sell like coffee, cocoa, and the rest. We are now a home for critical minerals, which are very much in demand as we try to decarbonize the world. But are we going to allow these to be exported as raw material? Are we going to add value? So what we can try to do at the WTO is to encourage African countries to join the Investment Facilitation Agreement and many of them are part of it. We hope to have this completed by the time of our next ministerial in Abu Dhabi. Those are two of the big things that I have to say. We're also looking at other measures within agreements that can be helpful.

Finally, we have supply side interventions through the International Trade Center, one of our offshoots, to try to help businesses, especially micro small and medium enterprises, and women owned businesses, that want to export more. They encounter so many problems and challenges from finance, to lack of knowledge, to quality of products to export that they want to export. And we can intervene from the ITC and the WTO to help them bring their products up to standard, to the quality that is being demanded outside so they can export more. And then also to try and clear some of the other challenges in their way.

When you have a market of 1.4 billion people, it makes a lot of sense to see whether you can invest within this market. -H.E. Dr. Ngozi Okojo-Iwaela

These are some of the ways we're helping. We're spending about 3 million euros to help build country's capacity to implement the agreements reached through the African Continental Free Trade Area.

Thank you very much Dr. Iwaela for those wonderful points that you've laid out. And I think you mentioned the African Continental Free Trade Area. Over 40 African countries have already signed up to that. And when it finally becomes effective, it will be one of the largest trading areas in the world and would allow African countries to trade with each other without tariffs. What should the US and other countries be doing to position themselves effectively, and their businesses, to partner with African countries to be part of these new opportunities?

First of all, I think there's a trial now of eight countries to try and see how implementing this agreement would work. I hope that will succeed, and then we can begin to spread it. We still have the challenges I spoke about, we need to tackle infrastructure challenges and this requires investment in some parts. The others just being doing away with bureaucracy, which we talked about. But some of the infrastructural investments will be needed, and this is where the US and others can be helpful, as well as positioning themselves for a win-win.

The risk perception of American businesses is very high. Yes, there's some risk, but I think it's completely overblown and I would ask them to take another look before passing judgment. -H.E. Dr. Ngozi Okonjo-Iwaela

When you have a market of 1.4 billion people, it makes a lot of sense to see whether you can invest within this market. It's like dealing with the market of China, India—1.4 billion people is a lot of consumers to think about. US companies, I would urge them to take another look at Africa and see how they can position themselves to invest on the continent, and add value to products there, to make products there which they can sell within the continent, and also export outside.

The advice I would have is that it's about more investment. And that is the reason why at the WTO, we are absolutely pushing this Investment Facilitation Agreement because we think the countries themselves need to make themselves hospitable. Investment will not fall into our laps. We need to invite it. At the same time, I would also urge that the risk perception of American businesses is very high. They view the African continent as very risky for investment. Yes, there's some risk, but I think it's completely overblown and I would ask them to take another look before passing judgment. There's no reason why we have such a high risk premium.

And finally, the US can also help by blending finance to help cushion or manage some of this risk that the private sector perceives. Public-private blending of finance can help leverage and cushion the so-called risk that the private sector perceives.

Finally, investment in infrastructure is really key, especially as we go green. I think the US should look at green investments that can be competitive on the continent. Critical minerals, adding value to those rather than exporting them outside. This is something that could be a win-win for the US as it seeks to diversify its sources of these kinds of materials that will be needed for decarbonization.

Thank you so much for that. I want to stick with the US as we continue this conversation. The African Growth and Opportunities Act, AGOA, has been the cornerstone, really the backbone of US Africa trade relations since the year 2000, about a quarter of a century. And it's set to expire in 2025. What are your thoughts about how the US might reimagine AGOA, given the current realities and changes on the continent, as well as ongoing global trade discussions?

There's first the debate about whether AGOA should be continued or not, and then how should it be? Should it be the older AGOA? Should it be reimagined? What I hear from trade ministers and the AU is that they would like to make sure that AGOA is continued, and they want some certainty because that is also good for investment. Even our domestic investors on the continent would want to know. So they're looking for a 10-to-20 year agreement when it's renewed.

I think we need to re-look at the agreement from the investment perspective. I come back to my old point, in the AGOA of old, there were thousands of lines that could be exported to the US but if you look, you see that only a few lines of exports were actually used. And most of these were raw materials and commodities and things like that. I know from my own country, mostly petroleum, but there's so much more that can come from the continent. As we have this large market, that makes it even more possible to have economies of scale so that we can bulk our exports through AGOA.

We are trying to reform at all levels and embrace new ways of doing things. One is digital trade. -H.E. Dr. Ngozi Okonjo-Iwaela

So I think we need to reimagine a new AGOA that looks at more value added. How can we make it easier for Africa to export more value added products? How does the US need to work with us on the continent to make this possible? I think AGOA, the way it was before, really with the changing times, as you said, I don't think we should repeat that, but look at the new opportunities that we can possibly seize, and reimagine the agreement in that way. We need to make better use of it. If you look at what we're exporting now from the continent, really it's nothing to write on about.

In August this year with the recent edition of Egypt and Ethiopia, there are now three African countries in the BRICS Economic Alliance. This is the Brazil, Russia, India, China, and South Africa economic alliance. What does an expanded BRICS mean for Africa? Does it mean anything for Africa? I'd love to hear your thoughts on this.

Well, I hope it'll mean something otherwise I don't know why countries are signing on. When we look at it, we need to get more out of all the trading agreements and investment agreements we have. For the BRICS, one of the trends we are seeing is that South-South investment is becoming very important. We are all used to looking at North-South investment, we look at the US, we look at Europe. China, as you know, is very big in investment on the continent. So that's a country "from the south." But you now see many BRICS countries where investment from those to Africa is becoming far more important than investment from the north.

Hopefully, African countries joining the BRICS will mean that the larger emerging markets among the BRICS will see these countries as good investment destinations. And I hope it encourages South-South investment and South-South trade. This is a trend we have already seen, and I think it should be encouraged. If we don't get that out of it, then why are the countries joining the BRICS?

You talk about South-South investments and South-South trade, and there are ongoing discussions about reforming multilateral institutions. You are one of just a handful of Africans who currently leads a major multilateral agency. Can you share your thoughts about some of the ongoing reform proposals and discussions?

I think the multilateral institutions are key, multilateral institutions have delivered. Let me speak about the Bretton Woods institutions, of which the WTO is part. There were three institutions created to help govern the world's economy. The IMF, the World Bank, and the WTO. The WTO started as the GATT, General Agreement on Tariffs and Trade and then morphed into the World Trade Organization in 1994. These organizations have delivered, the WTO, in particular was created with the idea that interdependence and trade would help bring peace. And I think that that idea has delivered for 75 years. It's been largely war free, and it's only now we have the one in Ukraine. I think the IMF and World Bank have also delivered on their own part, but there's absolutely no doubt that we are now living in a different world with different needs.

Climate change was not the existential threat years ago that it is today. So we have to ask ourselves, the world is changing, we are going digital, there's AI, there's climate change, there are so many new things happening. Are the organizations fit for purpose or should they be reformed in order to be able to meet today's challenges? And the answer to that squarely is yes. And I think the WTO is part of the organizations that need reform. That is why WTO reform is so big on the agenda of what we are doing here.

We are trying to reform at all levels and embrace new ways of doing things. One is digital trade. Let me just speak about the WTO. What we see is that the trend of trade for the future is digital trade, especially digitally delivered services trade—anything from streaming music to videos to education online to selling other services online. This is growing at about 8% per annum and as far as stripping goods trade at 5.6%.

So when we see that, we know that the WTO has to be up to speed in trying to support countries to go digital. And you know why I'm excited about digital trade? Because micro, medium, and small enterprises and women, they're the ones trading digitally. So any actions that we can take, benefit them. What do we have to do at the WTO? Two things, first we need to ask, do we have the rules on such trade? Are we able to create a level playing field so that all can benefit from this equally? The WTO makes agreements and rules about trade. At this time we are negotiating an e-commerce agreement, which 90 of our countries are involved in doing. This is a plurilateral agreement that will underpin the rules for digital trade. We hope that by the end of next year, 2024, we'll be in a position to have that agreement wrapped up. It's going into things like cross-border data flows, e-signatures, all the things that we need to deal with digital trade.

That's one of the reforms we're looking at: How do we modernize ourselves so that we can cope? I've just given that as long example. The other one we need to be up to speed on is climate change. How does the WTO, its rules, and the multilateral trading system work to help solve this global challenge? Here we are looking at modernizing our approach so that trade can be part of the solution to climate change. We strongly believe it can. From looking at trade policies that could be made more friendly to renewables, and renewables as compared to fossil fuel driven goods. We're looking at such policies. We have a government procurement agreement. Government procurement is a $13 trillion endeavor, $13 trillion, 13% of global GDP. That is a powerful instrument to use to move countries to green.

Whenever I run into young Africans, they seem to be doing exciting things that are right. They're with the digital revolution. Most African young people are with it. They're the ones creating FinTech that are being invested in by others, from outside. They're creating digital businesses. They're far ahead of the crowd. -H.E. Dr. Ngozi Okonjo-Iwaela

I could go on and on. There are many ways in which the instruments we have, and the ones we're developing are making us more modern, changing. We're also reforming our dispute settlement system to be up to the times. It's the only type of its kind in the world, where all members can come and settle trade disputes with each other, but it needs to be modernized, and we're working on it.

The WTO is an example of a multilateral that is embracing reform because we know we cannot deliver for people unless we reform and keep up with the times.

Thank you so much. You've definitely given us a lot of food for thought here. I have one final question for you. You are the first woman and the first African to lead the World Trade Organization. As you look across the African continent today, what really makes you most hopeful about Africa and its people?

Someday I hope this first woman and first African will be a thing of the past. Because that's when you know that we have arrived as women and Africans, when there are many more. But people know I'm an eternal optimist about Africa and one of those who is excited. Does that mean I have rose-colored glasses and I don't see all the challenges on the continent? Absolutely not. I see the challenges and I see what we ourselves are to blame for, and what we should take responsibility for. We need better governance on the continent. Things are changing for the better in that direction, but we need much more change.

But what makes me most hopeful are the young people on the continent. Whenever I run into young Africans, they seem to be doing exciting things that are right. They're with the digital revolution. Most African young people are with it. They're the ones creating FinTech that are being invested in by others, from outside. They're creating digital businesses. They're far ahead of the crowd. So they give me hope that they know which direction the world is going, and they're going in that direction. I think what they need is better governance in their countries and better authorizing environments that can support them. Young people need to be given the space to really put their ideas in place to help govern, implement.

I think the continent will move in the right direction. Young people, young women and men, I see so many and I have full confidence that they can move us eventually in the right direction. That's what makes me excited.

Well, thank you so much. And from one eternal optimist about Africa's future to another, I thank you for being with us, Dr. Okonjo-Iwaela. And to our audience, I also thank you for joining us for this conversation. I hope you take some time to explore the rest of this special edition of the 

Cover photo: US President Joe Biden, center, speaks with World Trade Organization Director-General Ngozi Okonjo-Iweala after a group photo of G7 leaders and Outreach guests at Castle Elmau in Kruen, near Garmisch-Partenkirchen, Germany, on June 27, 2022.  (AP Photo/Matthias Schrader).

The Director General of the World Trade Organization, H.E. Dr. Ngozi Okonjo-Iweala, with US President Joe Biden. (AP)

In this timely interview we hear directly from the head of the World Trade Organization about Afica’s growing trade across the continent, and around the world.

In this timely interview we hear directly from the head of the World Trade Organization about Africa’s growing trade across the continent, and around the world.