The imperative to support Africa’s transformation into the fastest-growing continent after Asia

This year has started at an unrelenting pace. We have already seen numerous developments across global markets, international trade, and technology, driven by emerging artificial intelligence companies. These shifts signal the continuation of a busy and transformative 2025.

What has become increasingly evident in these uncertain times is that Africa’s growth story, built on resilience and immense potential, is more relevant than ever. With GDP nearing US$3 trillion and real growth projected to outpace global averages through 2025, Africa is increasingly being viewed as a future economic powerhouse. This trajectory is underpinned by its youthful demographics, digital innovation, global partnerships and abundant natural resources.

Africa’s demographic advantage

One of Africa’s greatest economic drivers is its burgeoning population. With over 60% of people under the age of 25, it has the youngest population in the world, representing a critical growth engine. This demographic not only provides a dynamic and expansive labour force but is also key to the continued rise of innovation and steadily growing consumer demand.

These attributes are particularly notable because 2025 marks the start of South Africa’s G20 Presidency, which also brings leadership of the Business 20 (B20). The B20 connects the business community with G20 governments. This group includes approximately 900 international business representatives and proposes policy recommendations prepared by eight task forces over the course of a country’s presidential term. The roles of the G20 and B20 present opportunities to both promote South Africa and advance Africa’s economic interests.

Infrastructure as a catalyst for growth

Infrastructure development is fundamental to Africa’s global economic ambitions. In regions like East Africa, which have demonstrated remarkable resilience, infrastructure investment is transforming local economies. From toll roads in Kenya to energy projects across Tanzania, public and private investments are laying the groundwork for higher productivity and improved living standards. This growth is reflected in Standard Bank’s projection that the value of its business in the region will increase from the US$37 billion projected for the end of 2024 to around US$54 billion in the coming years.

This underpins the value of South Africa’s involvement in the B20 task force, the success of which we need to be absolutely committed to ensuring as part of the broader G20 effort. While South Africa is at the forefront of meetings and hosting, we must remain cognisant of our continental obligations and role. The G20 provides a chance to profile Africa’s untapped and often-underappreciated potential.

Unlocking trade and investment through AfCFTA

The African Continental Free Trade Area (AfCFTA) is a pioneering initiative unlocking Africa’s unrealised potential. With 48 member countries ratifying the agreement, it has created the world’s largest free trade zone.

AfCFTA is now helping to reduce trade barriers, enhance regional integration, and expand intra-African trade. For investors and policymakers, harnessing this demographic advantage will be essential to sustaining growth.

Beyond trade, Africa is rapidly adopting mobile technology that is reshaping the continent’s economic landscape. Many parts of Africa have leapfrogged traditional banking systems, leading to the rise of mobile money markets and digital financial services, which are driving long-overdue financial inclusion. According to the World Bank, 49% of adults in sub-Saharan Africa now own a bank account, signalling an adoption rate that has more than doubled since 2011. The potential for further digital-driven growth is massive.

Mobilising global capital for sustainable growth

While the opportunities presented by the G20/B20 are significant, we remain realistic about Africa’s challenges, including infrastructure deficits and high debt burdens. We have consistently advocated for Public-Private Partnerships (PPPs) as a viable solution that shares risks and rewards between the public and private sectors. By mobilising international capital, PPPs are enabling the development of critical infrastructure projects that stimulate economic and social progress.

Standard Bank has positioned itself as a key enabler in this process. With 75% of its earnings currently coming from East and West Africa - a figure projected to remain above 70% for the next five years - the group understands where Africa’s growth opportunities lie. We are in the process of establishing a representative office in Egypt which will strengthen our trade corridors with the UAE and Qatar, reinforcing our role in unlocking global capital to fund infrastructure and energy projects in key African regions.

Africa’s future as a global economic leader

Africa’s opportunities far outweigh its challenges. By leveraging global platforms such as the G20/B20 to accelerate infrastructure development, foster innovation, and attract international capital, Africa can maintain its trajectory as the fastest-growing continent after Asia.

However, this growth story is not just about numbers or economic projections. It is about the people, businesses, and partnerships shaping Africa’s future. With institutions like Standard Bank playing a pivotal role in enabling trade, investment and financial inclusion, Africa will be well-positioned to fulfil its promise as a global economic leader in the 21st century.