We are witnessing the birth of a much more multipolar world order. The global structures that have defined the world order since World War 2 are changing profoundly. Economies are grappling with reinvention in the face of technologies like generative AI that promise to redefine work itself. Long-standing hierarchies are being challenged, and the old alliances are fraying under the weight of nationalism and protectionism.
For Africa, this is a moment to claim its place on the world stage and take the lead in shaping the world’s next chapter. If its governments act boldly and decisively, the continent could emerge as one of the defining powers of this new era.
Yet much of the commentary surrounding these rapid geopolitical shifts continues to cast Africa as a mere pawn in a revived East vs West struggle, a tired trope that undersells our agency. What both governments and businesses must instead heed are the words of Ghana’s first president, Kwame Nkrumah, who said: "We face neither East nor West; we face forward."
Facing forward means tackling the structural barriers that stifle innovation, integration and wealth creation across the continent. This week, I am attending the Berlin Global Dialogue, where discussions will centre on multipolarity and how a more distributed global power structure can open new doors for Africa.
While this is a welcome discussion, let’s be clear: we cannot unlock Africa’s wealth potential by looking outward alone. The hard truth is that to leverage this historic shift, where multiple centres of power now influence global affairs, we must first strengthen our governance systems and remove the barriers that continue to hold many back.
That means African leaders and citizens alike must commit to building strong, transparent institutions that serve all citizens. And we must look firmly ahead to a future defined by resilience, integration and innovation. The new global landscape is not about choosing sides; it demands that we face forward, unified by a shared vision of progress.
Multipolarity offers immense opportunity, a wealth of potential partners across diverse economies. At the heart of these opportunities lies the expansion of wealth, but its promise will only be realised if our internal governance and financial systems enable wealth creation and distribution at all levels of society.
We must extend financial inclusion and literacy far beyond the elite to include the millions of households operating within the informal economy. Despite its name, the informal sector generates real value and sustains millions of livelihoods. In South Africa it accounts for nearly 20% of all jobs; in other African countries that figure exceeds 40%, sometimes even 90%. It is the economic lifeblood that fuels villages, cities and cross-border trade.
Research shows that while South Africa’s informal businesses contribute R2.3-trillion to the economy, the sector is dominated by "survivalist" enterprises marked by low and unstable incomes. It is yet to become a major engine of employment.
But with the right kind of innovation, these networks of enterprise can become catalysts for inclusive growth. Those within this economy are active consumers and aspirants, the foundation of Africa’s next middle class. Financial institutions must learn to serve them better.
With its youthful population, digital dynamism and rising entrepreneurship, the real test for Africa now is to turn this demographic dividend into a tangible economic one. By leveraging technology, AI and homegrown innovation, Africa can achieve inclusive growth.
To truly harness this moment, we must stop reacting to external forces and start setting our own agenda. That begins with reforming governance, holding leaders accountable, and taking ownership of our collective rise. Africa’s future will not be determined by the rivalry of great powers but by our ability to govern with integrity, invest in our people, and build institutions that unlock the vast wealth within our borders.
Multipolarity offers us new room to manoeuvre, but it also demands courage. With thoughtful diplomacy and clear purpose, the world’s shifting tides can carry Africa towards shared prosperity. The opportunity is immense, but so is the urgency.
• Montjane is chief executive of personal and private banking at Standard Bank
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