You Can Not Afford to Ignore Africa

Published on 6th July 2010

Two reports in less than a month strongly indicate that Africa is on the move. McKinsey reports that "Africa's potential can no longer be ignored" and Africa Investor reports that "Africa is richer than you think."

According to McKinsey report Africa's agriculture production will increase from $280 billion in 2008 to $880 billion by 2030. The continent's household spending to hit $1.8 trillion in the next 10 years from $860 billion in 2008. The Africa Investor "Africa Wealth Cheque Report" estimates that the continent has $1.671 trillion of potential wealth and an additional production potential of $762.4 bn. These reports should help leverage the momentum of Afro optimists who have all along pushed for the realization of the continent's potential in the global arena. 

What Africa needs is global connectivity, free movement of its people and goods, and no lectures from the developed nations. Africa while not abandoning its Western allies ought to diversify its menu of priorities by exploiting the current push for South-South cooperation. 

If Africa has to join the rising economies of Brazil, Russia, India and China (BRIC group) as recently predicted by the Financial Times, it is imperative that the continent invests in upgrading its physical infrastructure; makes use of the modern scientific knowledge locked up in various research centers on the continent; formulates pro-productivity policies such as tax breaks and tax holidays to entrepreneurs and crafts education syllabi that will enable learners provide creative solutions to challenges facing them.


This article has been read 1,740 times
COMMENTS