Going for Growth
Going for Growth
World Economic Forum on Africa 2006
Growth has become Africa's new development strategy, according to panellists at the plenary session. They believe that the high growth rates being experienced by many countries can be sustained through political stability and good macroeconomic policies. However, it is also true that high oil and commodity prices had helped to push up the continent's growth rate to a 30 year high of 5.5% in 2005.
But, many challenges remain. These include the spread of HIV/AIDS, a shortage of skilled labour, high unemployment, a dearth of infrastructure, and the fact that Africa has been identified as the one region that may fail to meet the Millennium Development Goals within the identified time frame.
The capacity to develop the continent is another constraint. Thabo Mbeki, President of South Africa, maintains this is holding back implementation of programmes that have been agreed on and on which there is consensus.
The issue of the effectiveness of aid was debated. William Easterly, Professor, Economics Department, New York University, USA, said the billions of dollars in aid so far has not led to economic growth in Africa despite the international community's belief not only that it has helped the continent, but that doubling it would help it more.
Jakaya M. Kikwete, President of Tanzania, suggested that official direct assistance is crucial for countries with minimal resources, such as Tanzania, and that its management and effective delivery should be questioned, rather than its usefulness for development.
Nigeria's central bank governor suggested that aid has helped Africans to avoid difficult issues such as accepting that many of the continent's states are simply unviable and would crumble without such assistance.
Easterly said growth had to be driven by the private sector, which is where the current dynamism in Africa is taking place, for example in the mobile phone and ICT sectors.
Lars Thunell, Executive Vice President, International Finance Corporation (IFC), Washington DC, emphasized the importance of developing African companies and entrepreneurs, particularly through developing the financial sector, removing bottlenecks to business and reducing bureaucracy.
The three presidents highlighted agriculture as a key area aea for future growth, with manufacturing, infrastructure development and ICT mentioned as also being important.
The issue of Africa's poor branding was raised. President Mbeki said the story the continent should be telling is one of success and the major achievements in a short time of countries such as Mozambique, Tanzania and Botswana, but this is not happening.
Panellists concluded that growth has to come from inside Africa, led by Africans themselves. They need to make the best use of resources and new capital being invested in the continent, which currently outstrips aid flows.
Going for Growth - To learn more about this author, visit World Economic Forum's Website.
Like this article? Share it with your friends
31.05.2006
World Economic Forum on Africa 2006
Growth has become Africa's new development strategy, according to panellists at the plenary session. They believe that the high growth rates being experienced by many countries can be sustained through political stability and good macroeconomic policies. However, it is also true that high oil and commodity prices had helped to push up the continent's growth rate to a 30 year high of 5.5% in 2005.
But, many challenges remain. These include the spread of HIV/AIDS, a shortage of skilled labour, high unemployment, a dearth of infrastructure, and the fact that Africa has been identified as the one region that may fail to meet the Millennium Development Goals within the identified time frame.
The capacity to develop the continent is another constraint. Thabo Mbeki, President of South Africa, maintains this is holding back implementation of programmes that have been agreed on and on which there is consensus.
The issue of the effectiveness of aid was debated. William Easterly, Professor, Economics Department, New York University, USA, said the billions of dollars in aid so far has not led to economic growth in Africa despite the international community's belief not only that it has helped the continent, but that doubling it would help it more.
Jakaya M. Kikwete, President of Tanzania, suggested that official direct assistance is crucial for countries with minimal resources, such as Tanzania, and that its management and effective delivery should be questioned, rather than its usefulness for development.
Nigeria's central bank governor suggested that aid has helped Africans to avoid difficult issues such as accepting that many of the continent's states are simply unviable and would crumble without such assistance.
Easterly said growth had to be driven by the private sector, which is where the current dynamism in Africa is taking place, for example in the mobile phone and ICT sectors.
Lars Thunell, Executive Vice President, International Finance Corporation (IFC), Washington DC, emphasized the importance of developing African companies and entrepreneurs, particularly through developing the financial sector, removing bottlenecks to business and reducing bureaucracy.
The three presidents highlighted agriculture as a key area aea for future growth, with manufacturing, infrastructure development and ICT mentioned as also being important.
The issue of Africa's poor branding was raised. President Mbeki said the story the continent should be telling is one of success and the major achievements in a short time of countries such as Mozambique, Tanzania and Botswana, but this is not happening.
Panellists concluded that growth has to come from inside Africa, led by Africans themselves. They need to make the best use of resources and new capital being invested in the continent, which currently outstrips aid flows.
Going for Growth - To learn more about this author, visit World Economic Forum's Website.
Like this article? Share it with your friends
![]() | |
| |
No article feedback found. |
| |
Leave Your Feedback |
|
| |
| |||
Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. We specialize in internet consulting & internet marketing. - Visit Jeff Foster's Website |
|||
|
To learn more about the Evan Elite Author Program please contact us. | |||
![]() | |
![]()
| |
![]() | |
|
| |
![]() | |
|
| |
![]() | |||||||
|
![]() | ||
|
| ||
![]() |
| Have you written articles that would be of value to entrepreneurs? Become an expert on our site by publishing them! Expose yourself to a wide audience, drive more traffic to your website and get more sales! Click Here for details. |
|
|
![]() |
| Modeling the Masters: Learn the true secrets behind Walt Disney's business success factors & grow your company! Video produced by Phanta Media |
|
|
![]() |
"Learn straight from Evan how you can Make a Full Time Income (And More) from a Website"
Click Here To Learn More |
|
|
|
|
Get advice & tips from famous business owners, new articles by entrepreneur experts, my latest website updates, & special sneak peaks at what's to come!
|
![]() |
|
|
![]() | ||
|
More PR Resources
Press Release Builder | ||
|
Top 50 SEO Posts - 2007
Top SEO Posts of the Year | ||
![]() | ||
![]() | ||||
| ||||
| ||||
| ||||
|
|
|
|
|
||||||||||||
|
|
|
|
|
| ||||||||||||
| ||||||||||||






Subscribe to World's articles











