Africa Needs Its Own Davos – Ethiopia Is Ready to Lead

The recent resignation of Klaus Schwab as Chairman of the World Economic Forum (WEF) marks the closure of a significant chapter in global governance. For more than fifty years, Schwab has presided over the WEF, positioning it as a gathering of elites committed to shaping a more cohesive global economic order. Under Schwab’s stewardship, the Forum championed the concept of “stakeholder capitalism,” advocating for a system that integrates social responsibility within market dynamics. Yet, as the world faces increasing fragmentation, and as the legitimacy of top-down, technocratic solutions wanes, the departure of Schwab opens a new chapter in the global economic landscape. The question now arises: What will replace the WEF in this new era, and how will Africa, long on the periphery of these discussions, assert its voice on the global stage?

Africa’s consistent marginalization from key global economic discussions underscores the pressing need for the continent to establish its own forum for dialogue, one that speaks directly to its unique challenges, opportunities, and aspirations. The absence of a robust African voice in platforms like Davos has long been a source of frustration, as Africa’s concerns are often addressed from an external perspective rather than within the context of the continent’s lived realities. With Schwab’s resignation and the evolving global order, Africa now stands at a crossroads, poised to create a space where its interests are not only acknowledged but actively shaped by its own leadership.

At the forefront of this transformation stands Ethiopia, a nation with both historical significance and contemporary momentum that uniquely positions it to lead such an initiative. As the host of the African Union (AU) headquarters, Ethiopia has long played a central role in African diplomacy and regional cooperation. This diplomatic capital, coupled with Ethiopia’s active facilitation of peace and development initiatives across the continent, positions the country as an ideal candidate to spearhead an African Economic Forum. Ethiopia’s leadership is grounded in its commitment to African unity, its growing economic influence, and its strategic importance in global affairs.

Economically, Ethiopia’s rise over the past two decades has been nothing short of remarkable. With an average growth rate of 10.5% since 2004, Ethiopia has emerged as one of Africa’s fastest-growing economies, driven by investments in infrastructure, manufacturing, and agriculture. This rapid growth has not only bolstered Ethiopia’s domestic economy but has also positioned the country as a model of development for the continent. However, Ethiopia’s vision extends beyond mere economic expansion, it seeks to integrate sustainable growth into its development strategy, emphasizing the need for climate resilience and environmental responsibility alongside economic progress.

Ethiopia’s commitment to sustainability is particularly noteworthy. The nation has prioritized renewable energy, sustainable agriculture, and large-scale reforestation, establishing itself as a leader in green growth initiatives. These efforts align with Africa’s broader goals of combating climate change and ensuring food security, positioning Ethiopia as a key player in the continent’s quest for both economic growth and environmental stewardship. Ethiopia’s model of growth is one that balances economic ambition with ecological consciousness, an approach that could serve as a blueprint for other African nations navigating the twin challenges of development and sustainability.

In this context, an African Economic Forum, led by Ethiopia, would provide a much-needed platform to address the continent’s specific challenges in a way that global forums like Davos have failed to do. While the WEF has historically brought together global elites to discuss issues ranging from trade to innovation, it has often been criticized for its lack of focus on the realities faced by the Global South. An African-led forum would allow African leaders, policymakers, and entrepreneurs to engage directly with one another and with the broader international community on issues such as industrialization, regional integration, job creation, and climate resilience. This forum would not only amplify Africa’s voice but would provide a tangible space for collaborative solutions to the continent’s pressing challenges.

Ethiopia’s recent accession to the BRICS grouping of emerging economies further strengthens its position to lead such a forum. BRICS, representing a coalition of nations that are challenging the traditional global economic order, provides Ethiopia with an opportunity to connect African concerns with broader global debates on economic governance. As part of this bloc, Ethiopia can foster deeper cooperation with other emerging economies, advocating for an economic model that reflects the needs and aspirations of the Global South. The inclusion of Ethiopia in BRICS is not just a diplomatic achievement, it is a strategic platform for influencing the future direction of global economic governance.

The time is ripe for Africa to establish its own economic forum. Schwab’s departure marks the end of an era, and the world is now at a juncture where new models of multilateralism and cooperation are needed. The WEF, once the definitive platform for global economic dialogue, now faces questions of relevance in a rapidly changing world. As the global landscape becomes increasingly fragmented, the need for a more inclusive, decentralized approach to economic governance has never been clearer. In this environment, Ethiopia has the opportunity to lead the creation of a forum that is reflective of Africa’s diverse realities, priorities, and potential.

An African Economic Forum would serve as a space where Africa’s economic future is determined by Africans themselves, where the continent can assert its agency and play a central role in shaping the global economic narrative. This initiative would not only allow Africa to define its own development path but would also provide a forum for African countries to collaborate on solutions that are both sustainable and equitable. By creating a platform for intra-continental dialogue and cooperation, Ethiopia can foster stronger economic integration across Africa, driving the continent toward greater regional unity and prosperity.