The World Economic Forum logo on a window in the Congress Center on the opening day of the World Economic Forum (WEF) in Davos, Switzerland, on Tuesday, Jan. 16, 2024. The annual Davos gathering of political leaders, top executives and celebrities runs from January 15 to 19. Photographer: Hollie Adams/Bloomberg via Getty Images
The 54th Annual Meeting of the World Economic Forum provides a great opportunity for global leaders to contribute to building trust, accountability, transparency, and consistency in action delivery across the world. Over 100 world governments, chief international institutions, 1000 development partner organizations, experienced experts, young leaders, social enterprise leaders, and civil society professionals.
African leaders who participated in the World Economic Forum Annual Conference 2024 include President Paul Kagame of Rwanda, President Nana Akufo-Addo of Ghana, Wamkele Mene of the African Continental Free Trade Area (AfCFTA) Secretariat, Ngozi Okonjo-Iweala of the World Trade Organization (WTO), South Africa’s Minister of Finance Enoch Godongwana, Vice-President of Nigeria Kashim Shettima, CEO-Designate of FirstRand Ltd Mary Vilakazi, Deputy Prime Minister and Minister of Foreign Affairs of Ethiopia Demeke Mekonnen Hassen, South African Reserve Bank Governor Lesetja Kganyago
and many more.
The question that runs through the continent is simple: What Should Africa Expect from DAVOS 2024?
Who attends Davos 2024?
In 2024, the annual meeting welcomed over 100 governments from around the world, all major international organizations, WEF’s 1,000 partner companies, as well as civil society leaders, up-and-coming leaders, the foremost experts in a range of areas, social entrepreneurs, and members of the media. Leaders attending are expected to include Antony Blinken, António Guterres, Emmanuel Macron, Jens Stoltenberg, Ursula von der Leyen, and others. Approximately 1,000 corporations hold membership in WEF, and members send a small number of key delegates to the meeting in Davos based on their membership tier. Official attendance is by invitation only.
Past participants have included John Kerry, Christine Lagarde, Olaf Scholz, and several other world executive leaders.
The WEF in DAVOS, Switzerland, just hosted over 2,800 delegates from 118 representing countries across the world. Every January, Davos hosts the annual meeting of the World Economic Forum (WEF)
South Africa’s Interest was well is represented.
The 2024 World Economic Forum (WEF) in Davos was a pivotal event, bringing together global leaders from government, business, and civil society.
Among African participating countries, South Africa was the only country that truly advanced its interests in the panel discussions and conferences.
This year’s themes underscored the critical role of building trust, accountability, transparency, and consistency in action delivery across the world. According to Sim Tshabalala, Standard Bank CEO, Rebuilding Trust, the central theme of the WEF Annual Conference 2024, is fundamental to the banking and business sectors, artificial intelligence, financial inclusion, and climate change in Africa.
Commanding interest in Davos was South Africa’s Trade and Industry Minister, Ibrahim Patel who has drawn high acclaim from many quarters in the business sector in Africa and abroad. In an interview with CNBC Africa Editor–in–Chief Godfrey Mutizwa, he declared that business sectors in South Africa are looking for stable investment ecosystems and environments. According to Patel, South Africa can be a great facilitator for inter-African trade and investments in Africa via regional value chains.
South African Reserve Bank Governor Lesetja Kganyago also elaborated on growth plans, inflation, economic outlook, and banking system vulnerabilities in a wide-ranging interview with CNBC Africa’s Fifi Peters.
However, the World Economic Forum and the African Continental Free Trade Area (AfCFTA) Secretariat launched the Private Sector Action Plan. The project is made up of over 140 global companies.
Beyond South Africa, President Paul Kagame of Rwanda, President Nana Akufo-Addo of Ghana, and the United Nations Development Fund made big headlines. Indeed, they launched Timbuktoo, a start-up fund with an initial $1 billion target to leverage Africa’s youth and dynamism.
The Face of the New World Order
The World Economic Forum is the shining face of the new world order, led and ruled by multinational corporations, especially those in the US-led liberal international order. That world order sometimes referred to as the “Washington Consensus,” is led by big Chief Executives Officers of the world’s large private companies. The notion of nation-state is being replaced by terms such as business models, investments in global brands, and international innovations.
The next global order, like past orders, will basically be made of institutions and organizations. According to Professor John Mearsheimer, the R. Wendell Harrison Distinguished Service Professor of Political Science at the University of Chicago, institutions are basically composed of rules, norms, and principles. When they are international, they apply to every individual, business, and government worldwide including those in Africa. In other words, the next world order will also run through the African continent.
Conclusion
African leaders must expect a big amount of business influence everywhere on the continent. Africa faces different challenges than what the World Economic Forum proposes actually. Decisions made at this Forum directly impact the conduct of business in Africa, especially how governments transact in the global economy, trading system, and international financial markets.
While it is good to attend the World Economic Forum Annual Conference every year, it is also good that participants from Africa really voice their needs and those of their constituents.
Africa must expect nothing from DAVOS 2024.
Author The Author
Jean Narcisse Djaha, Ph.D., is the Founding President and Chairman of the African Council on Foreign Relations. He is guided by Romans 8:30” And those he predestined, he also called; those he called, he also justified; those he justified, he also glorified”.
