Each year, the World Economic Forum (WEF) in Davos assembles the world’s most powerful leaders—government officials, corporate executives, and influential policymakers—to discuss the future of the global economy. With its elite gatherings and grand rhetoric, Davos projects itself as a platform for shaping a more inclusive and sustainable world. Yet, beneath the surface, a fundamental question remains: how does Davos truly serve the interests of the developing world, especially Africa?
For decades, Davos has been a stage for promoting globalization, technological innovation, and financial integration. However, the interests of the Global South – Africa, Latin America, and much of Asia – often take a back seat to the priorities of developed economies. The agenda is dominated by topics like artificial intelligence, climate change, and financial stability, which, while crucial, are typically framed through the lens of Western economic models and corporate priorities.
Africa and other developing regions rarely set the agenda at Davos; they remain largely passive participants in a conversation that profoundly affects their economic futures. Decisions about debt restructuring, trade policies, and technological investments are made in rooms where African leaders have limited influence. This structural imbalance reflects a deeper issue – the persistence of an economic order that prioritizes Western financial and corporate interests over the developmental aspirations of the Global South.
Despite its claims of global inclusivity, Davos continues to reinforce economic structures that disadvantage developing nations. Three major areas of concern stand out:
- Debt and Financial Dependency
African nations continue to struggle with unsustainable debt, much of it owed to Western financial institutions. While Davos discussions often highlight debt restructuring, they fail to address the fundamental flaws of the global financial system – flaws that keep African economies trapped in cycles of dependency. The absence of genuine structural reforms ensures that the developing world remains financially subordinate to Western creditors.
- Climate Hypocrisy
Developed nations at Davos aggressively push for green transitions, often pressuring African countries to abandon fossil fuels. Yet, they provide little funding or technology transfer to help Africa transition on its own terms. While Western economies continue benefiting from decades of industrial carbon emissions, African nations – rich in natural resources – face restrictions that limit their ability to harness their own energy wealth. This selective environmental advocacy reveals a glaring hypocrisy: Africa is expected to comply with sustainability mandates without receiving adequate support for alternative energy development.
- Trade and Economic Policies Favoring Corporations over Sovereignty
Davos promotes free trade agreements and investment policies that overwhelmingly benefit multinational corporations. African nations, in turn, find their local industries sidelined by powerful Western firms that dictate market terms. The promise of globalization, rather than fostering true economic inclusion, has largely reinforced Africa’s position as an exporter of raw materials and an importer of expensive finished goods—perpetuating economic stagnation.
The dominant economic models promoted at Davos-rooted in neoliberal capitalism – prioritize profit maximization, financial speculation, and corporate interests over ethical governance and social well-being. This is where the Islamic economic paradigm offers a moral and practical alternative.
- Ethical Finance over Speculative Capitalism
Islamic finance promotes risk-sharing and prohibits exploitative financial instruments such as interest (riba). If global economic policies were more aligned with these principles, developing nations could break free from debt dependency and adopt financial models that encourage shared prosperity.
- Sustainable Development over Profit-Driven Growth
Islamic economics emphasizes Maslaha (public interest) and Tawheed (unity of purpose), ensuring that economic policies serve humanity rather than corporate greed. A global economic system built on these principles would prioritize sustainability, ethical trade, and community welfare over sheer GDP growth.
- Economic Justice over Corporate Domination
Islamic economics champions Zakat (wealth redistribution) and Waqf (social endowments), offering an alternative to the exploitative financial models that dominate Davos. If African economies structured their development around these principles, they could foster self-reliance instead of remaining dependent on Western institutions.
Davos, in its current form, does not represent the interests of Africa or the developing world. It remains an exclusive club where global elites set the rules of the economic game—rules that have historically kept developing nations at the margins.
It is time for Africa and the Islamic world to spearhead a new kind of global economic dialogue—one that prioritizes justice, ethical finance, and true economic sovereignty.
The rise of the Islamic economy, along with Africa’s growing economic and demographic strength, presents an opportunity to build a model of economic governance rooted in fairness, sustainability, and self-reliance. Instead of looking to Davos for solutions, African and Islamic economic leaders must chart their own path—one grounded in ethical economics, financial sovereignty, and global equity.
For decades, Davos has positioned itself as the world’s premier economic think tank, but its impact on the developing world remains limited. The Islamic economic model offers a compelling alternative—one that is not only more just and sustainable but also more resilient against the excesses of speculative capitalism.
Rather than waiting for Davos to acknowledge its concerns, the Global South must seize the initiative. It is time to move beyond rhetoric and towards action—creating a new economic order where Africa and the Islamic world lead, rather than follow.
This is the challenge for Islamic economists, policymakers, and visionaries: to build an economic system that serves humanity, not just the financial elite gathered in Davos.