2017 African Economy Priorities – Side by side to the refugee crisis around the world, Africa has a whole lot of interest in developing her economy.
The years past has revealed the dire need for economic advancements, and Africa has no other alternative than making the economic well being of their individual nations a priority.
Whatever be the way forward for most African countries, ensuring the welfare of the people should come first. And for that to happen a range of things will have to be put in perspective this year.
Judging from the business dynamics of 2016, Brookings Institute gives 6 things that government should consider in making their nations fertile for economic progress.
1. Mobilizing Financial resources:
It was generally not a good year for oil exporting countries in Africa. The fall in oil price gave striking deficits to their economies. The harsh realization for these nations was that the worth and value of oil in years to come may be depreciating. Thus there is a need for other sources of generating revenue.
Diversification is key for African nations at this moment; not just for the domestic benefits but more for attracting foreign investments.
The Agricultural sector strongly appears to be one of all the viable sectors that can improve Africa’s economy.
2. Creating Employment Opportunities
If the economy experiences a diversified means of generating revenues, imperatively there should be employment opportunities.
Irrespective of being an oil exporting African nation or not, developing the manufacturing industry is a reasonable step which every nation takes in bettering its economy.
With a revived and booming manufacturing sector comes job production. As the population covers a majority in their youthful ages, Africa must find it pertinent to navigate the job market.
3. Boosting Transformational Technology
Being open minded about technological advancements will yield as many economic advantages as the manufacturing sector will.
Technology thrives everywhere as long as the environment is conducive for it to do so. Often economic conditions such as lack of funds and regulatory policies inhibit tech-innovations.
Njuguna Ndung’u, former CBN governor says this
“Indeed, countries that have embraced digital financial inclusion and created a regulatory yet innovation-friendly environment have provided the guidelines to proactively shape market outcomes.”
Technology triggers entrepreneurship, which in itself can help boost job creation and improve the nation’s economy.
4. Increasing Urbanization Schemes
However fantastical, Africa really wants to compete with the developed world on equal bases. Several steps such as the boost in the Tourism sector and the 2016 AU plan for a borderless Africa by 2063, all point to that fact.
Materializing that vision may start from taking a close look at urbanizing African societies by way of providing energy needs, transportation possibilities, pollution potential, safety, informal settlements, and affordability, among many other aspects.
5. Addressing Climate Change
Trump and his likes may have their skepticism about the truth and reality of Climate Change, but the reality is that Africa must accord some concerns to it.
Though the continent contributed significantly less to Climate Change, she has to be on guard less she suffers more than guilty nations. It is encouraging that some African nations have taken up the tree planting challenge amongst other measures in order to conserve nature.
Protecting and conserving Africa’s biodiversity is a priority at this time. Countries like Zimbabwe amongst others faced the highest level of drought in history. It is only proper that the government analyze the situation and come up with policies that will remedy the consequences of such natural disasters.
Research has shown that if Climate Change is unattended to, food production will be affected as agricultural prices go up as well.
6. Upholding Good Governance
Perhaps this should not come as the last on the list but really all the above mentioned, if fixed, are just about all that makes for a good governance.
On the political aspect, Africa has to look into leadership styles and respect for the rule of law.