News / Africa

    Report: Africa in 50 Years Time

    Joe DeCapua

    A new report says African countries could become a dominate force in global trade over the next 50 years. The African Development Bank says their economic future depends on taking advantage of innovation, new technologies and natural and human resources.

    Chief bank economist Mthuli Ncube says the report , Africa in 50 Years Time, is very encouraging.

    “Absolutely. We see a moment for Africa to think visionary about where it should be in 50 years time. And this report is an attempt to begin getting that conversation going, to begin to get Africans to be forward looking. And also to raise the question on what needs to be done? Who has what responsibility? And also (to) look at all the opportunities frankly that are available in Africa,” he said

    Shock Absorber

    Ncube believes Africa can become a dominating force in the global economy based on its recent record.

    “The Africa region has done rather well compared to 20 years ago. Africa has weathered the global crisis rather well, especially the non-commodity producing countries. Surely this is a lot more than a commodity story. It’s about a dynamic Africa. You see a lot of countries that are well managed economically, good managers. You begin to see efforts to diversify these economies. You’re beginning to see growth of an internal market led by a burgeoning middle class,” he said.

    A growing demand by the middle class and increasing trade between African countries act like a shock absorber for the global economic slowdown.

    “Of course, when I say this, Africa will not be unscarred. It will be. Already you could see trade finance flows kind of drying up because this is coming from the global banks, which are under pressure from the global financial crisis, the banking crisis. But overall, African countries will do ok in our view,” said Ncube.

    Economic growth

    Despite the economic slowdown hitting much of the world, the African Development Bank predicts strong growth for sub-Saharan Africa.

    “We expect sub-Saharan Africa this year to grow at about five and a half percent and even higher next year. North Africa to be slower because of the Arab Spring, but going forward it will also recover. So we’re very bullish about Africa’s performing during the crisis,” he said.

    The continent is rich in oil and gas and its minerals are already feeding the growing demand for new technology. Ncube also believes that climate change actually offers Africa new opportunities.

    “There’s a lot of sunshine, to put things more in a simplistic way. Solar farms, clean energy, hydro power. So much potential in a lot of African countries on hydro power,” said Ncube.

    He said one of the greatest African resources is the people, whom he describes as entrepreneurial by nature. He added, however, that the skills of African workers should be improved. Ncube says if Africa is to fulfill its potential it must overcome a number of challenges.

    “Easily as much as $45 billion a year in infrastructure demand and investment goes unfunded annually. So there’s a need to close the infrastructure gap. Now number two, there’s still a need to deal with the agricultural sector in Africa – a better way to intervene in this sector in an unemotional but constructive way that crowds in the private sector. And number three is to support the private sector in Africa, so by improving investment climate. A lot has been done, but more still needs to be done,” he said.

    The continent has also been hit hard by malaria, HIV/AIDS, TB and other diseases that have taken a toll on the workforce. But the economist says Africa is on the way to overcoming those problems. Ncube called on investors, the private sector, policymakers and others to read the African Development Bank report and discover the opportunities that are available on the continent.

    You May Like

    Russia Sees Brexit Impact Widespread but Temporary

    Officials, citizens react to Britain’s vote to exit European Union with mix of pleasure, understanding and concern

    Obama Encourages Entrepreneurs to Seek Global Interconnection

    President tells entrepreneurs at global summit at Stanford University to find mentors, push ahead with new ideas on day after Britain voters decide to exit EU

    Video Some US Gun Owners Support Gun Control

    Defying the stereotype, Dave Makings says he'd give up his assault rifle for a comprehensive program to reduce gun violence

    This forum has been closed.
    Comments
         
    There are no comments in this forum. Be first and add one

    By the Numbers

    Featured Videos

    Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
    Brexit Vote Plunges Global Markets Into Unchartered Territoryi
    X
    June 24, 2016 9:38 PM
    British voters plunged global markets into unknown territory after they voted Thursday to leave the European Union. The results of the Brexit vote, the term coined to describe the referendum, caught many off guard. Analysts say the resulting volatility could last for weeks, perhaps longer. Mil Arcega reports.
    Video

    Video Brexit Vote Plunges Global Markets Into Unchartered Territory

    British voters plunged global markets into unknown territory after they voted Thursday to leave the European Union. The results of the Brexit vote, the term coined to describe the referendum, caught many off guard. Analysts say the resulting volatility could last for weeks, perhaps longer. Mil Arcega reports.
    Video

    Video Orlando Shooting Changes Debate on Gun Control

    It’s been nearly two weeks since the largest mass shooting ever in the United States. Despite public calls for tighter gun control laws, Congress is at an impasse. Democratic lawmakers resorted to a 1960s civil rights tactic to portray their frustration. VOA’s Carolyn Presutti explains how the Orlando, Florida shooting is changing the debate.
    Video

    Video Tunisian Fishing Town Searches for Jobs, Local Development Solutions

    As the European Union tries to come to grips with its migrant crisis, some newcomers are leaving voluntarily. But those returning to their home countries face an uncertain future.  Five years after Tunisia's revolution, the tiny North African country is struggling with unrest, soaring unemployment and plummeting growth. From the southern Tunisian fishing town of Zarzis, Lisa Bryant takes a look for VOA at a search for local solutions.
    Video

    Video 'American Troops' in Russia Despite Tensions

    Historic battle re-enactment is a niche hobby with a fair number of adherents in Russia where past military victories are played-up by the Kremlin as a show of national strength. But, one group of World War II re-enactors in Moscow has the rare distinction of choosing to play western ally troops. VOA's Daniel Schearf explains.
    Video

    Video Experts: Very Few Killed in US Gun Violence Are Victims of Mass Shootings

    The deadly shooting at a Florida nightclub has reignited the debate in the U.S. over gun control. Although Congress doesn't provide government health agencies funds to study gun violence, public health experts say private research has helped them learn some things about the issue. VOA's Carol Pearson reports.
    Video

    Video Trump Unleashes Broadside Against Clinton to Try to Ease GOP Doubts

    Recent public opinion polls show Republican Donald Trump slipping behind Democrat Hillary Clinton in the presidential election matchup for November. Trump trails her both in fundraising and campaign organization, but he's intensifying his attacks on the former secretary of state. VOA National Correspondent Jim Malone reports.
    Video

    Video Muslim American Mayor Calls for Tolerance

    Syrian-born Mohamed Khairullah describes himself as "an American mayor who happens to be Muslim." As the three-term mayor of Prospect Park, New Jersey, he believes his town of 6,000 is an example of how ethnicity and religious beliefs should not determine a community's leadership. Ramon Taylor has this report from Prospect Park.
    Video

    Video Internal Rifts Over Syria Policy Could Be Headache for Next US President

    With the Obama administration showing little outward enthusiasm for adopting a more robust Syria policy, there is a strong likelihood that the internal discontent expressed by State Department employees will roll over to the next administration. VOA State Department correspondent Pam Dockins reports.
    Video

    Video Senegal to Park Colorful ‘Cars Rapide’ Permanently

    Brightly painted cars rapide are a hallmark of Dakar, offering residents a cheap way to get around the capital city since 1976. But the privately owned minibuses are scheduled to be parked for good in late 2018, as Ricci Shryock reports for VOA.
    Video

    Video Florida Gets $1 Million in Emergency Government Funding for Orlando

    The U.S. government has granted $1 million in emergency funding to the state of Florida to cover the costs linked to the June 12 massacre in Orlando. U.S. Attorney General Loretta Lynch announced the grant Tuesday in Orlando, where she met with survivors of the shooting attack that killed 49 people. Zlatica Hoke reports.
    Video

    Video How to Print Impossible Shapes with Metal

    3-D printing with metals is rapidly becoming more advanced. As printers become more affordable, the industry is partnering with universities to refine processes for manufacturing previously impossible things. A new 3-D printing lab aims to bring the new technology closer to everyday use. VOA's George Putic reports.
    Video

    Video Big Somali Community in Minnesota Observes Muslim Religious Feast

    Ramadan is widely observed in the north central US state of Minnesota, which a large Muslim community calls home. VOA Somali service reporter Mohmud Masadde files this report from Minneapolis, the state's biggest city.

    Special Report

    Adrift The Invisible African Diaspora