While reports of an African economic resurgence commonly referred to as ‘Africa rising’ have dominated global economic reports, the World Bank observes that the average GDP growth in Africa will be 3.3 percent, a revision of their earlier prediction of 4.4 percent. The London-based economic research consultancy Capital Economics further downgrades the prediction by putting it at 2.9 percent, a rate last seen in 1999. This contradiction of economic development begs the question:Is the enthusiasm around Africa’s growing economy hot air? Is it a geostrategic hype?
It is no secret that a majority of the continent’s people remain locked in pockets of poverty. Depending on economic indicators that are merely aligned to the global economy devoid of efforts to improve African citizens’ livelihoods will not yield the sustainable transformation of African economies.
It is important that the continent develops economic models or indicators that ensure growth results in visible improvements in its people’s lives and livelihoods. The models will operate best in an environment of good health, empowering education, diversification, value addition, and political stability.