Last fortnight,Africa’s economic prospects and development agenda came under spotlight in two global events-the 28th World Economic Forum (WEF) on Africa in Cape Town, and the 7th TICAD meeting at Yokohoma, Japan. Both events underlined the dire need for investment in the continent in various sectors including mining, manufacturing, services and agriculture. The Cape Town meeting was marred by withdrawal of the Nigerian delegation agitated against the alleged Xenophobic attacks on its citizens in South Africa. Though, 7th edition of, TICAD passed off without any adverse protestations, a statement made by a South African economist that he was ashamed the way in which the heads of state of Africa are queueing up in other countries as if they were seeking alms, captured headlines wittingly or unwittingly.
Without in any way discounting the importance and contextual relevance of these international events to focus on Africa and dubbing the utterances of the South African economist as loose talk, it may be worthwhile to introspect whether such big ticket events really lead to any desired results, bereft of perhaps some bold statements to hit the headlines. The objective of the WEF meeting is eloquently framed: Shaping Inclusive Growth and Shared Futures in the Fourth Industrial Revolution. The self-empowerment it proclaims cannot come through neither a free trade nor through a palpable sense of optimism. It can be realized only by hard work, commitment of the leaders that they are there for the peopleand by educating the masses that they are the top beneficiaries if development happens.
That said, the WEF has put on the table some good suggestions that include setting up of Africa Growth Platform, a body of governments and investors for fast tracking the inclusive process, creation of Africa Risk Reliance Platform and to top it an African E-commerce agenda, a partnership between governments, the international trade community and the development community to promote cross-border data services in Africa, and create three million jobs by 2025. However, the proof of the pudding is in eating: to translate the pompous statements into ground realities ofdevelopment, in the given timeframe winning the confidence of the people. Otherwise, they may remain as mere spectators and not players.
The 7th TICAD meeting echoed many things what was deliberated at the WEF. One additional feature that emerged from the meeting, was the stress on human resource development, which the Japanese are trying to focus on. In theory, it looks fine and eminently sensible since as Africa4U and www.trendsnafrica.com have reiterated several times, lack of opportunities for business and employment are the crying needs of the continent. Japanese investments in this sector is well conceived from an African perspective. But the real question is whether Japan is also trying to catch up withits peers, the US, China, Russia etc in the race for Africa’s resources and market?
One step forward: two steps backward
Africa is in the cusp of an economic and social transformation, thanks to many proactive steps being pursued within the region and globally. Signing of AfCATA, development initiatives of individual countries, inflow of investments from China, US, Britain, Japan etc , intense involvement of multilateral organizations like IMF, UNDP etc to ensure an inclusive growth model, are good auguries that can unleash growth potentials. Africa4U and www.trendnafrica.com have made a quick assessment of the investment commitment made by other countries and the likely flow of resources from multilateral bodies to the continent. Including the assurances given by Japan and Britain to invest in Africa, the other day, investments, on a conservative side, could be as high as US$ 100 billion in the next one year or so. That uptrend is a welcome feature.
Where should these investments go? Focus on value addition and creation of employment is now clichés. For certain, investments should go to these segments. But that can help the continent only to bridge the development gap vis a vis similarly placed regions. For fast tracking growth and to catch up with regions of relative prosperity, Africa has to invest in technology, digital and physical infrastructure, education, health and in permeating private sector initiatives.
In a region, where commanding heights of public utilities still rule the roost, undeniably, it is a tough call. Happily, green shoots of an alternative model and style of development process are evident at least in some countries. Increasing number of entrepreneurs not necessarily in the traditional forms of businesses like hydrocarbon and cement, but beyond, particularly in digital space, technology innovation, genome end even in application of artificial intelligence, robotics and machine language are in good traction that has to be consolidated and built on. Should African technocrats depend only on alien institutions to pursue their innovation trail? It is high time organizations like African Union think of nurturing higher schools of learning in science, technology and humanities to create the foundation for proliferation of Ivy Leagues spun in the cultural ethos of the land, across the region.
For achieving that feat, there should be a conflict free Africa. Development is the biggest causality of conflict and war. Africa is still in the grip of a calumny of political instability, border skirmishes, civil war, armed rebellions and what have you. The preponderance of these unsavory and macabre incidents may have come down since 2010; yet they loom large in the continent where lives are lost, productivity is hampered and political establishments come to a grinding halt. Recent examples galore, whether they are in Sudan, Egypt, Ethiopia, Eritrea and the list is endless. Most unfortunate thing is that the continent does not have a mechanism to address properly such situations and depend on UN peace keeping forces often drawn from their ex –colonizers. Has the demand that the African Union should maintain a peace keeping force to tackle such eventualities fallen on deaf ears? Let not development process in Africa be one step forward and two steps backward!
