The document discusses several key challenges facing Africa's development:
1. Low economic growth as GDP growth rates are below what is needed to significantly reduce poverty and achieve Millennium Development Goals. Regional integration is also limited.
2. High debt levels pose a significant challenge, with sub-Saharan Africa's total debt exceeding that of other regions in 2003.
3. Weak governance, including corruption, lack of democracy, and inefficient public institutions, has created an inappropriate environment for private sector and civil society involvement.