Aminata Toure, former Prime Minister of Senegal, delivered a compelling address at the inaugural session of the Global Growth Conference 2025 in Rabat on Tuesday, advocating for a fundamental redesign of African economic models.
Toure argued that paradigms inherited from colonial history and classical Western economics are ill-suited to the continent’s structural realities, urging leaders to rethink the very foundations of African economies.
Speaking at the international conference, organized under the theme “Financing Growth and Shaping the Energy Transition: Stimulating Investment, Strengthening Attractiveness, and Ensuring Stability,” Toure criticized the persistent marginalization of the informal economy in African public policies. She asserted that this sector constitutes “the living heart of real wealth creation on the continent.”
“We must move beyond the logic of Adam Smith, blindly applied to contexts that have nothing to do with those of our societies. It is time for Africa to create its own school of economic thought,” declared Toure, who serves as an advisor to the Senegalese president. She urged African researchers and decision-makers to develop homegrown economic frameworks.
Toure emphasized the urgent need to integrate microenterprises and community structures into national development strategies, lamenting that “80 percent of the Nigerian economy, for example, remains informal and escapes national accounting.” She warned that this exclusion compromises any genuine attempt at inclusive growth.
Beyond policy, Toure also highlighted the necessity of accelerated industrialization and agricultural modernization, tailored to contemporary challenges and aimed at creating jobs for Africa’s rapidly growing youth population. She cautioned against the hasty adoption of artificial intelligence in African countries, fearing it could further undermine local job markets.
On the critical issue of monetary policy, the former Senegalese head of government reiterated her call for the establishment of a West African currency, asserting it as the only viable path to true fiscal sovereignty. She vehemently described the CFA franc as a “rented currency,” urging a clear break from this system.
Addressing the energy transition, Toure advocated for a balanced approach, emphasizing the right of African countries to utilize their fossil fuel resources for development while gradually transitioning to renewable energies. “We cannot prohibit African countries from using their gas and oil, even though they are barely beginning their economic takeoff,” she insisted.
Finally, Toure delivered a stark warning about the devastating impact of corruption on development efforts, citing instances in Senegal where trillions of CFA francs have allegedly vanished. “There will be no equitable growth without a relentless fight against corruption and impunity,” she concluded.
The Global Growth Conference, organized by the Amadeus Institute, is hosting senior government officials, experts, diplomats, and investors in Rabat on May 20 and 21 to deliberate on the major economic and energy challenges facing the African continent.
MK/ac/Sf/fss/abj/APA