Senegal’s former Prime Minister Aminata Toure has called for a fundamental transformation of Africa’s economic systems, arguing that current models fail to reflect the continent’s structural realities. Her remarks came during the opening session of the Global Growth Conference 2025 in Rabat on Tuesday.
Toure criticized the continued reliance on economic frameworks shaped by colonial legacies and Western classical theory, insisting that Africa must break from outdated paradigms. “We must stop applying Adam Smith’s theories to contexts that are entirely different from our societies,” she stated, advocating for the development of a distinctly African school of economic thought.
Speaking under the conference’s theme, “Financing Growth and Shaping the Energy Transition: Stimulating Investment, Strengthening Attractiveness, and Ensuring Stability,” Toure underscored the central role of the informal economy in Africa. She criticized its exclusion from national strategies, noting that it remains the core engine of real wealth creation across the continent. Using Nigeria as an example, she pointed out that 80 percent of its economy operates informally and is largely ignored in official statistics.
Toure, who currently advises the President of Senegal, stressed the importance of integrating microenterprises and community structures into national development plans. She also called for accelerated industrialization and the modernization of agriculture to address the needs of Africa’s expanding youth population. At the same time, she cautioned against the premature deployment of artificial intelligence, warning it could threaten already limited job opportunities.
Turning to monetary policy, Toure reiterated her support for the creation of a West African currency, describing it as essential for genuine fiscal sovereignty. She strongly criticized the CFA franc, calling it a “rented currency” and urging an end to its use.
On energy, she defended the right of African nations to utilize their fossil fuel resources during their development phase, even as they gradually move toward renewable energy. “We cannot prevent African countries from using their gas and oil while they are still in the early stages of economic growth,” she said.
Concluding her address, Toure denounced corruption as a major obstacle to equitable development, referencing alleged financial mismanagement in Senegal involving trillions of CFA francs. “There can be no inclusive growth without a determined fight against corruption and impunity,” she warned.
The Global Growth Conference, organized by the Amadeus Institute, brings together high-level government officials, experts, diplomats, and investors in Rabat from May 20 to 21 to discuss key economic and energy issues affecting Africa.