Meet Acha Leke, senior partner and chairman of McKinsey Africa and co-founder of the African Leadership Academy. Leke has been analyzing the economic prospects of the continent for decades, so he’s the perfect person to share insights on its future, from productivity and digital transformation to the impact of Africa’s youth boom and how to plan proactively for job growth.
The economic landscape in Africa has shifted dramatically in recent years. In 2010, McKinsey's "Lions on the Move" report, co-authored by Leke, showcased the continent's incredible growth potential. But now in 2024, the story has changed, and the outlook is a bit more pessimistic. Still, Leke notes that there is no “one Africa” or one “sub-Saharan Africa,” so economic growth trajectories can vary widely between countries.
“The reality is the last 10 years have been tougher. There's some bright spots, but growth has slowed down considerably from 5.1 percent in the 2000s to more like 3.4 percent in the last 10 years, in a continent that, on average, population grows at 2. 7 percent. So net-net, we're not seeing much per capita growth,” Leke says.
Leke believes digital technology is the single most important lever to transform productivity in Africa across public, private, and social sectors. But he advises that more needs to be done to achieve widespread impact, emphasizing the role of political leadership and regulations.
Key Insights:
With the right focus on productivity, skills development, infrastructure, and leadership, Africa stands on the cusp of rewriting its economic story for 2024 and beyond. Listen to Leke’s honest assessment of Africa’s economic challenges as well as an optimistic take on the path forward.
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