gvA Update

Last time I concluded that a more competitive economy is one that is likely to grow faster than most others over time. I then stated that the most critical factor for economic competitiveness and growth is good quality education. Unfortunately many African economies continue to under-perform by a wide margin on human development indicators, and are prone to armed conflict and recurrent food crises due to inappropriate technologies and skill sets. I insist that if Africa is to become globally competitive in trade and foreign direct investment, we will have to ensure that our academic institutions are graduating students that have the skills needed to produce the goods and services that are needed across the world. Today, countries like India, China and South Korea have gained global ascendancy in trade and overall economic progress because of their commitment to achievements in Science and information technology. These countries' educational institutions now produce skill sets that are demanded domestically and internationally. It is the quality and quantity of these skill sets that drive a country's economic competitiveness. Now, because of recent stronger economic growth rates from sustained improvements in commodity and natural resource prices, in addition to increased competence in macroeconomic management, Africa is growing a visible middle class of global consumers, that the world is taking notice of. But to make it to be about production, competitiveness and sustained economic progress, Africa must pay steady and increased attention to the quality of the output of its academic institutions. I am Magnus Kpakol and that's my view.

 

Posted: SEP 5th, 2014 @ 10:23:42 AM