5 Must Do to Get Africa in the Right Direction
Africa is a unique continent that’s well endowed with natural resources — its a land of opportunity. However, for us to reap the full potential of the continent, it needs a clarity check. It had been argued over time that Africa needs three key elements to take its place in the world. These three elements are: ambition, coherence, and sophistication.
Ambition is what will drive us to develop a better vision and set higher goals. We can’t be satisfied with the present state and measures.
Coherence is needed to get everyone on board. The government, private sector, and Non Governmental Organizations (NGOs) should work with a common objective.
Lastly, we need sophistication. Development cannot be achieved if we are not learning and competing at the highest level. We need to familiarize ourselves with the right value chains and be able to make the right decisions every step of the way. We have to be laser focused on a specific area and work towards the attainment of our objectives in the correct value chain. The following 5 steps break down how the core aforementioned elements can be achieved:
- Set the Finance System Straight and Build Accountability within that System
Although finance is a significant factor to consider, other factors like education and infrastructure are of the essence if we want to grow Africa. The continent has capacity for strong cash flow, but most of its finances are underutilized. Africa has $800 billion in pension funds, but these financial resources are not invested.
This underutilization of financial resources are due to:
- African leaders and the people have not seen these finances as an economic development tool. When they do, the structure set in place is hugely inadequate.
- Failed tax system – corruption and inefficiency of the system are limiting the government from maximizing the full potential of taxation. People, on the hand, are certain that their governments are not accountable, thus they are lot less reluctant to cooperate. Setting its finance system and building accountability into that system will allow Africa to thrive.
2. Invest in Quality Policy Analysis and Research
There is poor quality analysis, and most times, the figures don’t always add up. When an analysis is carried out by the three primary sources (the national account, civil register, and land register), there’s always low-quality information, and the figures are usually inaccurate. How can you take concrete steps when you’re not sure (and don’t know) what you’re working on?
3. Let African Champions Lead
The actualization of Africa development will be pioneered by her champions. Institutions and Entrepreneurs will have to adopt a regional approach for industrialization to be actualized. Recently, groups like Dangote and others have taken significant steps. But, for more progress to be made, other groups have to get involved.
4. Strengthening Africa Union (AU) for Good Positioning in the Global Economy
Africa has the opportunity of not going through the same developmental routes like other continents. We have the chance of developing a green environment from the ground up. If correctly done, we won’t be battling with issues like climatic changes like other countries. But first, we need to reform the AU if we’re to prepare ourselves for the challenges ahead. AU needs a disruption: young and educated Africans who are pan Africans at heart belong in the AU decision making table.
5. Develop the Right Mindset
The average African youth believes that Africa is a rich continent largely because of its endowment with natural resources like oil, gold and diamond. But this shouldn’t be — National wealth is built when a nation is able to reform and transform her people at a fundamental level. For instance, Cape Verde is a country without natural resources, the nation, however, is able to generate enough wealth by developing her people.
The list above is not exhaustive. It is just the beginning to the path of success. Africa has a lot of opportunities, but it needs self-will to shape and reshape its destiny for better.
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