Africa can still rise
Several narratives support Africa as the place to drive global growth into the next generation. With the OECD countries experiencing economic challenges and China’s slowdown in recent years, all eyes are on Africa to drive the global economy for some 30 years to come.
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In spite of the doom and gloom often painted about the continent, there are equally amazing stories coming out of the continent. This is a clear sign of the optimism that should characterise every conversation about Africa.
Indeed, the Chief Executive Officer of Standard Bank, the parent company of Stanbic Bank Ghana, Mr Sim Tshabalala, believes that even the bearish incidents on the continent are the very building blocks for prospects.
In a keynote address delivered in Zimbabwe, Mr Tshabalala made a case for why it was possible for the continent to rise above its current challenges such as macroeconomic challenges and falling prices of commodities.
While some economies are small and face growth challenges, he believes there are a lot more countries which are either in the middle or ‘rising star’ categories.
“On current evidence, both South Africa and Nigeria are middle-category countries. Nigeria has the potential to shift into rising star mode in the future, if President Buhari’s reforms take hold,” he pointed out.
But Africa cannot just be basking in the ‘verbal glory’ of being the next giant. Leaders in the continent should begin to take serious steps to address the challenges that bedevil their respective economies.
One important issue to deal with is agriculture, modernising it to such an extent that conventional challenges such as droughts which come perennially should not take the continent two steps back, after a step forward. This only jeopardises the gains recorded.
A few young people, such as Richard Nunekpeku, have taken the step to venture into commercial agriculture with resounding success. These actions provide ample evidence that with the right interventions, the country can make it.
On markets, the continent presents a population of about a billion which should make it possible for intra-regional trade. This will enable us to perfect our art before launching into the global market place. China is a perfect example of a country which has been engaged in manufacturing for a long period before taking on the entire world.
Interestingly, the growing population of Africa is developing along with a large middle-class segment which in turn is fuelling growth in many other sectors of African economies. This includes aviation, health care, institutions of higher learning, retail trade, public transportation, tourism, energy and telecommunications.
The GRAPHIC BUSINESS wants to associate itself with calls by Mr Tshabalala that the private sector in Africa should not sit aloof and leave the transformation and rising agenda to the politicians. We need to play a front role in dealing with the challenges on the continent and implement solutions to address them. After all, the private sector solution is the most abiding, especially if supported by reforms by governments.
The reforms should include new infrastructure to create the ecosystem necessary to propel the continent to higher growth. Talk about infrastructure, it is listless: road and transport, port and aviation, energy, health care, education, financial systems, social, and what have you.
These are the building blocks that can help Africa produce more to consume within and then take on the rest of the world as the new global hope carrier. Indeed, Africa can still rise! – GB