gvA Update

Recent global economic trends will either confirm Africa's economic resilience or fragility. Resiliency would exist if indeed Africa is rising because its macroeconomic fundamentals are secure and its ability to reduce dependency on natural resource is established. However, it is instructive to note that Sub-Saharan Africa's real GDP growth over the past 5 years is about 5 percent, compared to about 6 percent over the last ten years. Indeed, it is likely that given the recent sharp drop in some commodity prices, especially crude oil prices, many key African countries may experience even slower growth until adjustments are made or significant recovery in prices return. The apparent policy of excess reliance on a narrow base for economic growth is betraying Africa's economic development and competitiveness. So what we need is real economic diversification. But wait, and this is really to policy makers. Diversification is not just about central governments calling the shots from Abuja, Accra, Cairo, Kampala, Lilongwe, Maputo, N'Djamena or Nairobi. But it is about support to provincial and state governments to design local area economic policies that bring diversity and competitiveness to places like Abeche, Gokana, Ho, Ismailia, Lira, Kisii county, Mzuzu, and Tiko. If our communities are not diversifying and growing, African nations are not diversifying and country. Folks it is about community economic growth and development. That's how you effectively build national economic growth. A soccer team of weak players, no matter the wizardry of the coach is a bad team. A soccer team of exceptional players is usually exceptional, even with a coach of modest abilities. So what we need are new ideas, and more capital acquisition and also ways of engaging changing technologies. Communities that cannot employ and engage contemporary technologies will not be able to compete in the global or even national market place. As I said last time, organizations like NOTAP are invaluable for building economically competitive communities in Africa. It is my continued hope that NOTAP and like organizations will receive even stronger support from central and provincial governments to bring research and industry together in order to broaden our technological base and speed economic competitiveness. The achievements will be amazing and the opportunities will be extraordinary when countries with great potential like Nigeria and others across Africa focus on the development of our communities. Let us build our cities and communities to be economically strong and viable and we can build our nations and Africa to become even more globally competitive. I am Magnus Kpakol, and that is my view.

 

Posted: Feb 9th, 2015 @ 10:06:43 AM