What Happened To Africa's Economy - Part 8

What Happened To Africa's Economy - Part 8

Over time, we have been able to establish the inadequacies in the Africa economy. The factors responsible for the economic underdevelopment have also been reviewed. External factors such imperialism, colonialism, slave trades and foreign interference have had their impact. Nonetheless, internal factors have had a greater wrecking ball effect on the economy.

Having explored the economic situation of some countries in Africa, there is a need to consider what could be a sustainable solution to economic challenges plaguing Africa.

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Sustainable solutions to Africa's economic decline

The underdevelopment of Africa's economy is facilitatted by a number of factors. However, majority of the factors are directly or indirectly associated with the government of the regions. As such, more responsibilities lies with the government in ensuring a proper economic recovery. This however does not exclude the participation of the citizens.

All that being said, the following are the possible solutions to Africa economic challenges;

Efficient and Effective Leadership System

“The problem of any system is a ledership problem” - John C. Maxwell

The major challenge facing Africa is the lack of good leaders. This has been the origin of her problem aside from colonization. Political leaders are either incapable or corrupt. Therefore, to ensure a radical change in the economic situation we must start from here.

Holders of political offices must be responsible and capable. This will give room to the implementation of other solutions. The economy of a country can only thrive when there is a good leadership structure to back it up.

Injection of the Right Economic Policies

Africa, no doubt is blessed with needed resources for economic exploitation. However, the inability to maximize these resources due to a lack of good economic policy is a challenge. This at times might be a result of ineffective leadership, especially in the economic sector. Also, it may result from the politicisation of economic interest.

However, the injection of the right economic policies to tackle economic challenges cannot be underestimated. It gives room for the economy to thrive. The policy makers must seek to address the economic challenges and the welfare of the people.

Diversification

One shortcoming of African countries is over-dependence on a means of income. This has cost the countries a lot that could have been instrumental to her economic growth. Countries in Africa are blessed with good lands and mineral resources. However, some countries depend more on one to the detriment of the other.

Nigeria depends more on crude oil and has not maximized the agricultural industry effectively. Likewise, South Africa relies more on mining and gives little attention to agriculture. Flexibility in taking optimal advantage of available resources is the key to economic challenges in major countries.

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Human Capital Development

African countries must strive to give more attention to human capital development more than physical capital. This will give room for growth in the per-capita income of the country. This as well will contribute positively to the internally generated revenue in the countries.

African countires must also learn to focus more on the quality of education rather than quantity.

Unemployment should be tackled adequately. Investment, innovation, and entrepreneurship should be encouraged. This is a sure way to reduce the poverty rate in the country.

Peace and Security

War, internal crisis, terrorism, kidnapping, tribalism, and other social unrest are major contributors to economic decline in Africa countries. Promoting peace and ensuring security can help boost economic performance and encourage foreign investors.

Conclusion

Africa is poised for economic growth and exploitation. The nations of the continent only need to strategically tackle these economic challenges. Adopting the right solutions will bring about a positive change in the economic situation.

Reference

World Economic Forum: How African can secure its long term economic growth.

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Comments

nafsy 13 Apr '21
Thumbs up crestway
danito 13 Apr '21
Well written. Thanks
olaknight 13 Apr '21
All is well
thesecondson 12 Apr '21
Great article
gs49 12 Apr '21
Una no go change the story?? Part 8 don dey long... Arm of series?
ayakaterver01 12 Apr '21
Crestway leads
fearlez 12 Apr '21
Nice write up
tosyn 12 Apr '21
Insightful piece
jstar 12 Apr '21
Good article
idowu_omohu0001 12 Apr '21
Great write up
smeg 12 Apr '21
Poor Governance
dareakins 12 Apr '21
Politics Summersault so many agenda
sundex 12 Apr '21
Nice piece
adebayo 12 Apr '21
Unity and oneness should be added to this
nwokedi 12 Apr '21
Security is key to any form of development!! Once there's security,there's stability in all sectors of the economy!!
ishola1706 12 Apr '21
Fantastic
oladiti 12 Apr '21
Not just leadership @evedyne
evedyne 12 Apr '21
The problem of Africa is the leadership peoblem
jwealth 12 Apr '21
We are doing well Crestway
ogugua 12 Apr '21
Insightful
amodumujeeb 12 Apr '21
Thank you CrestwayTrade for the shared article on Africa economy.
maceke 12 Apr '21
Yes, but this can only happens when there is a political will in African countries. That is choosing the right people
missgenius 12 Apr '21
Interesting
ofure 12 Apr '21
Thanks Crest way. Doing great
fagbohun 12 Apr '21
Kudos to crestwaytrade.
kenhinde 12 Apr '21
I hope Africa will be able to key into the right economy system.
ayotunde 12 Apr '21
I wish there can be a leader that will see beyond today..
bimak 12 Apr '21
You nipped it at the bud
jonathanchama 12 Apr '21
African's should key into other Economies,than depend solely on one economy.
umoh 12 Apr '21
Nice write-up
omolejerome 12 Apr '21
Educative.
vychthur 12 Apr '21
Nice write up
bolurepublic 12 Apr '21
Nice article
necessity 12 Apr '21
Nice article
chosenboy 12 Apr '21
It's very Nice
oladiti 12 Apr '21
We are still far away from making any sustainable attempts towards the tackling of all these economic challenges . i believe we will get there . God bless Africa
ajuluchukwu 12 Apr '21
Crestway surest way
egbuonye 12 Apr '21
Leadership and Africa's economy.
aliwa 12 Apr '21
Master piece
aliwa 12 Apr '21
Africa my Africa
michael95 12 Apr '21
Interesting piece! Kudos to writer
oluwabunmi 12 Apr '21
Thumbs up to this piece
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