Africa's Century

The 21st century is for Africa. As an African child and Generation X by definition, i feel duty bound, in the journey of my life time, to contribute to the development of this burgeoning continent through my researched views stimulated by the fast paced and changing global socio-political and economic landscape.


About Me

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An emerging African entrepreneur,strategist in the making, philosopher, revenue specialist, marketer and the community volunteer of note. My particular interests are on subjects, dialogue and debates relating to economics, international trade, sustainability, politics, environment, social entrepreneurship, technology, religion, health, science and business in general.

Thursday, February 9, 2012

Barriers blunt trade within Africa - World Bank

To leverage on the huge potential to build a competitive and world-class continent, Africa's political leaders have to think beyond their short-term gains of political and self-serving privileges. They should begin to shift from a political rhetoric that is paralytic to an action driven leadership that is authentically beneficial to the people of Africa. We need leaders with a strong political will, unorthodox and truly servant leaders to build a lasting continental legacy for current and future generations. Maintaining status quo potentially perpetuates a political paralysis with backward economic development leaving the continent a breeding ground for exploitative capitalists while African people are watching and remaining in dire poverty.

According to Obiageli Ezekwesili, World Bank vice president for Africa and a former Nigerian Minister, it is clear that Africa is not reaching its potential for regional trade. She adds that African leaders must now back aspiration with action and work together to align the policies, the institutions and investments needed to unblock (trade) barriers. Trade barriers and red tape are a breeding ground for corruption and stifle economic progress. Read More

Wednesday, February 8, 2012

The role of the middle class in the burgeoning Africa's economy

There's no doubt that, with effective institutions, improved financial markets, trade liberalization, respect for the rule of law and political stability, among others, the 21st century is for Africa. The continent is endowed with a plethora of natural resources which has and always been the envy of the world. Technological, infrastructural and human capital development are on the policy radar of many African states and policy makers.

It is a known economic fact that one of the key growth features in any economy is the presence of the market. Africa has these untapped markets in abundance. Empirical evidence and vast economic literature points to the rise of the middles class as one of the economic growth drivers in a developing market and vise versa. According to the African Development Bank's "The Middle of The Pyramid: Dynamics of The Middle Class in Africa" report released in 2011, the number of middle class Africans has tripled over the last 30 years to 313 million people, or more than 34% of the continent’s population. The reasons for the increase in size and purchasing power of the African middle class include strong economic growth, and a move towards a stable, salaried job culture and away from traditional agricultural activities. The report maintains the growth in the middle class is good news for the future prosperity of Africa, but also points out the continued high levels of income inequality on the continent.  The continent has a extremely rich elite: ‘About 100,000 Africans had a net worth of USD800 billion in 2008, or about 60% of Africa’s GDP or 80% of sub-Saharan Africa’s’.

The efficacy of a sustained democratic order is based upon its strong civil society and how it engages with the powers of the political order. My narrow research and personal observation points to a weak organised civil society in the African continent. Of course, there are active civil society groups that have and are playing a critical role in the development of the continent. However, the major weakest link is in the active involvement, or lack thereof, of the middle class in the sustainance of effective democratic order. The independent mobilisation of the middle class through organised civil groups could play a significant role in enforcing and keeping governments accountable to implementing policies and public programmes for the benefit of the general society. After all, the middle class is one of the active and major contributors to public resources through paying taxes. Africa's middle class should exercise this public right as legitimate civil servants through active civil engagements with the powers of the political order. Active civil society is the key measure and propeller of a living democracy and contributes towards a sustained democratic society.

The lack of such active involvement by this key group in the society leaves a room for the middle class to be "commoditised" - as consumer class - and exploited by their own governments and rent-seeking capitalists at the expense of society. Politics is not the sole and only platform available as a legitimate right for freedom of association. While politics shape the outlook of a nation, independent institutions are necessary and essential as blind-spots accountability measure for politicians and governments. Accountability is ensured in a democracy by strong independent insitutions and civil society groups. Africa's middle class need to mobilise and organise themselves indicative of the nature and the manner in which the continent converge to its plateau of growth, especially through highly educated and entrepreneurial middle class.