The purpose of this article is to analyze Africa’s progress along the developmental path in the past few decades, to understand what factors were responsible for such success and to identify the risk factors that may compromise further development in the region in the years to come. We advance three basic claims: that Africa has experienced an almost unprecedented (by its standards) level of economic success in the first 15 years of the new millennium, that this success was made possible by a combination of domestic and supranational conditions, and that some of the enabling conditions that supported Africa’s growth and development in the new millennium may be disappearing. The study also suggests that while African countries may not be able to influence the global conditions on which their economic success depends, they do have the ability to influence the domestic conditions. This is why, we suggest, in addition to ensuring longer and healthier lives for their citizens, African countries should consolidate democracy and promote good governance.