Leading thinkers, policy-makers,
government officials, development
partners and business leaders across
Africa have unanimously agreed that the
continent has to move beyond creating
growth to accelerating economic
transformation as a strategy of reducing
poverty in Africa.
The leaders have concluded that growing
the economy is not as beneficial to the
over 1 billion people in Africa as creating a
system of economic governance that
widens people’s access to socio-economic
opportunities.
This submission was made yesterday at
the inaugural African Transformation
Forum (ATF), a two-day conference held in
Kigali, Rwanda, and organised by African
Centre for Economic Transformation
(ACET).
Speaking at the conference, the Executive
Secretary for United Nations Economic
Commission for African (ECA), Dr. Carlos
Lopes, said Africa’s growth is yet to
generate enough jobs for its citizens or
reduce poverty.
He blamed this gap on the existence of
weak institutions and the uninspiring role
of the state actors in Africa.
According to him, the present economic
structure in most African states cannot
promote inclusive finance and growth
that is capable of improving the standard
of living of the African huge population.
“Yet, Africa has the potential to satisfy the
rapidly increasing global demand for
food”, he said.
“Its enormous gas and geothermal
discoveries can provide the affordable and
clean energy we need; and its young and
dynamic workforce can turn the continent
into the globe’s newest industrial base…
but we have to play it not only well but
also smart. We need expertise, knowledge
and the ability to convert that information
into practical, transformative action.
“Transformation cannot happen by
accident, coherent strategy is needed in
the implementation of programmers. But
transformation requires a collaborative
effort, he added.
The World Bank Vice President for Africa,
Makhtar Diop, identified the inability of
leaders to plan for a long-term period as
part of the problems preventing the rapid
economic transformation of Africa.
He, however, noted that transformation
process is not linear, as it varies from
country to country. Thus each country
must continue to interrogate its approach
to know which is producing right
outcome or not.
Speaking on the subject, Executive
Director of the Ethiopian Development
Research Institute and Chief Economic
Advisor to the Prime Minister of Ethiopia,
Neway Gebreab, said economic
transformation in Africa may remain a
dream except the leadership foregrounds
the implementation of strategies designed
for inclusive growth.
In addition, the Executive Secretary of the
African Capacity Building Foundation
(ACBF), Emmanuel Nnadozie, said Africa
needed to grow critical skill of its workers
in order to bring about economic
transformation.
He noted that the continent needs to set
its priority right and train more scientists
and engineers rather than building skills
in humanity and art.
Rwandan Minister of Finance, Claver
Gatete, said enforcement of the rule of law
is key to economic transformation.
m.guardian.ng/news/for-africa-growth-is-not-enough-poverty-must-be-reduced-say-leaders/

There's even no growth in the first place

the continent is over populated