African officials spoke of realignment and alliance amid global trade and tariff upheaval, and Botswana put itself forward as the nation that could stand as a new model for economic development and cooperation at the “Future of Finance and Trade in Africa 2.0” conference hosted by the George Washington University.
“We gather this evening at a time of tectonic shifts in the global economic order. Trade blocs are fracturing, nationalism is resurgent. Many countries are returning and retreating from long held alliances and multilateral pacts, turning inward as though the walls we build might protect us from the winds of change,” said Botswana’s Vice President Ndaba Nkosinathi Gaolathe, who is also the country’s finance minister and a GW alumnus. “Yet in Africa a different rhythm echoes. At this precise moment as others pull apart, we are coming together as Africa.”
Gaolathe and others speaking at the April 23 conference, which came in tandem with the spring meetings of the World Bank and the International Monetary Fund, touched on a sweeping range of issues, from urbanization and infrastructure strategies to access to financing. Panelists called for changes in the old guard, innovation and the opening of more doors to women business leaders and young entrepreneurs.
In championing a new vision of economic development, Gaolathe said the countries of Africa are positioned to reimagine the region’s future. He painted a picture that included tech trade corridors, ecological sustainability, biotech expertise and greater use of artificial intelligence. He described the 5-year-old African Continental Free Trade Area—designed to connect 1.3 billion people across 55 countries—as the boldest expression of African Unity since the founding of the African Union 23 years ago.
He spoke of markets built for resilience and trade used as a tool “for justice, for dignity, for development.” He also talked of an Africa that is youth powered, job creating and includes the talents of women and discussed the importance of climate-smart support for farmers on a continent challenged by food instability.
Although Botswana is the world’s second-largest producer of natural diamonds, which account for about 90 percent of its GDP, the new government led by President Duma Boko wants to shift to a more diversified knowledge-based economy. Gaolathe put Botswana forward as the continent’s model for change, saying it aspired to be the best-managed country on the African continent.
“We are reforming capital markets to ensure that our system speak the language of tomorrow,” said Gaolathe. He said Botswana had the potential to be a logistics hub for the continent and championed his country as a collaborator, rather than an “over-regulator.”
GW launched the annual Africa Trade and Finance Conference in 2024, focusing the inaugural gathering on the role of African banks in driving emerging financial technologies. Both last year’s and this year’s conferences built on GW’s expertise in bringing together global leaders, policymakers, experts and visionaries to transform ideas into action and impact.
“The conference underscores GW’s ability to be the convener that connects sectors and their players, in this case people operating in the private sector in Africa with the bankers and finance people,” said Danny Leipziger, managing director of The Growth Dialogue.
The GW School of Business, The Growth Dialogue, the Institute for International Economic Policy at the GW Elliott School of International Affairs, the Center for Cyber Diplomacy and Leadership and the GW Institute for African Studies sponsored the conference, along with GSI Fulbright, Global Impact Industries, NGSER and Africa House.
In a midday fireside chat, Leipziger, who is also a GW professor of practice of international business, spoke with Doudou Fwamba Likunde, minister of finance for the Democratic Republic of Congo, and Morlai Bangura, director of research in the Governor’s Office of the Central Bank of Sierra Leone.
Likunde and Bangura acknowledged that countries in the region are working in a difficult environment marked by the threat of new tariffs, contracted GDP growth, high interest rates, inflation and persistent poverty. They said it is important to think in new ways and build more collaborative relationships.
“We’re coming from multiple shocks. We had a period of recovery and then came more shocks in terms of geopolitical shifts. They are creating a lot of headwinds in the international space,” Bangura said. He said Sierra Leone’s Ministry of Finance and Central Bank are working cooperatively in an effort to hold down inflation, which hit 15.4 percent in December before starting a notable decline under the new government.
Likunde also discussed debt, noting that tight money policy in the United States has raised the cost of financing. He said it is important to attract private investment to generate much-needed revenue. He also said it is vital that countries find “innovative ways” to address the debt crisis.
“What we are looking at is financing through development pacts. This is important for small nations that don’t have enough resources,” Bangura said. “We have to recalibrate to see how we navigate this path.”
He added that at a time of multiple shocks, “there should also be a lot of levers to handle those shocks. We have to think outside the box.”
Leipziger noted that some central banks are moving away from U.S. bond markets. He asked if these shifts reflect a short-term trend or a permanent shift.
“I think it is important to divest my holdings to reflect my trading partners,” Likunde said. “Developing countries should not shy away from the fact that we have to deal with other players. This is the best opportunity we have to see how we can free ourselves from the traditional ways of financing.
“You have to see where the maximum returns come from. If we are doing most of our trade with China, why do we need to talk about dollars?” he added.
In addition to Gaolathe, who received his undergraduate degree in economics and mathematics at GW, other alumni were prominent among the nearly 400 participants at the conference.
Gaolathe said the gathering could not have come at a more opportune time.
“As the global order bends under the weight of uncertainty, there is an urgent need to rethink the architecture of economic systems and to place Africa not on the margins, but at the center of what comes next,” he said.
