African Economic Outlook 2023

The theme of the 2023 African Economic Outlook is Mobilizing Private Sector Financing for Climate and Green Growth in Africa. The report underscores the urgency to fast-track climate action and green transitions to drive the continent’s inclusive and sustainable development.  Africa is a continent of abundant natural resources such as oil and gas, minerals, land, sunshine, wind, and biodiversity, although its actual value is poorly measured and remains largely untapped.  International multilateral agreements such as the Paris Agreement and the Convention on Biological Diversity provide new opportunities for African countries to tap into climate resources and carbon markets as well as those for genetic materials and biodiversity. Harnessing African’s enormous natural resources requires concrete policies and actions by different stakeholders.