gvA Update

The global conversation on Africa has now pivoted to opportunities, ventures and phenomenal returns on investment. Companies that are already doing business in Africa are well aware of this. Even so, African nations are still lacking in significant accumulation of capital which can increase output, and therefore economic growth and increased competitiveness. Because of this serious deficit in accumulation and technological advancement, Africa continues to lag behind in global competitiveness as no African countries is among the top 44 in the world, using this index. Mauritius, Africaâs best in global competitiveness ranks at number 45 in the world. And sadly, of the bottom 37 countries in ranking, a whopping 27 are from Africa, with Nigeria, ostensibly Africa largest economy in the 125th position out of 137 countries. So is there any hope for the future? I think there is, as the World Economic Forum has also observed that it is in the very youthful African population and itâs rapidly increasing urbanization. In addition, African economies are getting more and more formalized as tax revenues are rising as its being witnessed in Nigeria and other countries. In addition, African leaders rising from their recent meetings in Addis Ababa have shared that they want to have a stronger and better connected Africa, because Africa needs more intra-African trade and therefore more interconnecting road and air traffic. Africa also needs more energy to power production. But how can Africa market itself even as it lags in global competitiveness? The key for now may be in the diaspora. Africa has been complaining about the so-called brain drain which has led to a huge loss of its best engineers and doctors. But the brain drain may be an opportunity to market the continent if African governments can effectively engage the so called drained brains. Some of these people, especially in America and Europe can help in using their host resources to build manufacturing tools in Africa for boosted productivity, output and competitiveness. And this is good as young Africans are embracing networking technology and solutions, needed to bridge intercontinental gaps. Folks, these things wonât happen in a vacuum. We need serious visionary leadership across Africa. Singapore, South Korea and Taiwan are examples of countries that were practically at par with many African nations in the late 1950s. They are now so way ahead it is trivial to make comparisons. Today, of the poorest 20 countries in the world, 18 are African, the other two are Afghanistan and Haiti. So what happened? I am sure Africa can do better. I am sure we can. I am Magnus Kpakol, and that is my view.

 

Posted: Feb 7th, 2018 @ 01:16:34 AM