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

    Clinton, Trump and the 'Woman’s Card'

    Ask supporters of Democratic front-runner in US presidential campaign, and they’ll tell you Republican presidential candidate is playing a dangerous hand

    Russian Censorship Group Seeks Chinese Help to Better Control Internet

    At recent Safe Internet League forum in Moscow, speakers from both nations underscored desire for authorities to further limit and control information online

    Video Makeshift Pakistani School Helps Slum Kids

    Free classes in Islamabad park serve a few of the country’s nearly 25 million out-of-school youths; NGO cites ‘education crisis’

    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.
    Turkish Kurd Islamist Rally Stokes Tensionsi
    X
    April 29, 2016 12:28 AM
    In a sign of the rising power of Islamists in Turkey, more than 100,000 people recently gathered in Diyarbakir, the main city in Turkey’s predominantly Kurdish southeast, to mark the birthday of the Prophet Muhammad. The gathering highlighted tensions with the pro-secular Kurdish nationalist movement. Dorian Jones reports from Diyarbakir.
    Video

    Video Turkish Kurd Islamist Rally Stokes Tensions

    In a sign of the rising power of Islamists in Turkey, more than 100,000 people recently gathered in Diyarbakir, the main city in Turkey’s predominantly Kurdish southeast, to mark the birthday of the Prophet Muhammad. The gathering highlighted tensions with the pro-secular Kurdish nationalist movement. Dorian Jones reports from Diyarbakir.
    Video

    Video Pakistani School Helps Slum Kids

    Master Mohammad Ayub runs a makeshift school in a public park in Islamabad. Thousands of poor children have benefited from his services over the years, but, as VOA's Ayesha Tanzeem reports, roughly 25 million school-age youths don't get an education in Pakistan.
    Video

    Video Florida’s Weeki Wachee ‘Mermaids’ Make a Splash

    Since 1947, ‘mermaids’ have fascinated tourists at central Florida’s Weeki Wachee Springs State Park with their fluid movements and synchronized ballet. Performing underwater has its challenges, including cold temperatures and a steady current, as VOA’s Lin Yang and Joseph Mok report.
    Video

    Video Somali, African Union Forces Face Resurgent Al-Shabab

    The Islamic State terror group claimed its first attack in Somalia earlier this week, though the claim has not been verified by forces on the ground. Meanwhile, al-Shabab militants have stepped up their attacks as Somalia prepares for elections later this year. Henry Ridgwell reports there are growing frustrations among Somalia’s Western backers over the country’s slow progress in forming its own armed forces to establish security after 25 years of chaos.
    Video

    Video Bangladesh Targeted Killings Spark Wave of Fear

    People in Bangladesh’s capital are expressing deep concern over the brutal attacks that have killed secular blogger, and most recently a gay rights activist and an employee of the U.S. embassy. Xulhaz Mannan, an embassy protocol officer and the editor of the country’s only gay and transgender magazine Roopban; and his friend Mehboob Rabbi Tanoy, a gay rights activist, were hacked to death by five attackers in Mannan’s Dhaka home earlier this month.
    Video

    Video Documentary Tells Tale of Chernobyl Returnees

    Ukraine this week is marking the 30th anniversary of the world's worst nuclear accident, at the Chernobyl nuclear power plant. Soviet officials at first said little about the accident, but later evacuated a 2,600-square-kilometer "exclusion zone." Some people, though, came back. American directors Holly Morris and Anne Bogart created a documentary about this faithful and brave community. VOA's Tetiana Kharchenko reports from New York on "The Babushkas of Chernobyl." Carol Pearson narrates.
    Video

    Video Nigerians Feel Bite of Buhari Economic Policy

    Despite the global drop in the price of oil, Nigerian President Muhammadu Buhari has refused to allow the country's currency to devalue, leading to a shortage of foreign exchange. Chris Stein reports from Lagos businessmen and consumers are feeling the impact as the country deals with a severe fuel shortage.
    Video

    Video  Return to the Wild

    There’s a growing trend in the United States to let old or underused golf courses revert back to nature. But as Erika Celeste reports from one parcel in Grafton, Ohio, converting 39 hectares of land back to green space is a lot more complicated than just not mowing the fairway.
    Video

    Video West Urges Unity in Libya as Migrant Numbers Soar

    The Italian government says a NATO-led mission aimed at stemming the flow of migrants from Libya to Europe could be up and running by July. There are concerns that the number of migrants could soar as the route through Greece and the Balkans remains blocked. Western powers say the political chaos in Libya is being exploited by people smugglers — and they are pressuring rival groups to come together under the new unity government. VOA's Henry Ridgwell reports.
    Video

    Video Russia’s TV Rain Swims Against Tide in Sea of Kremlin Propaganda

    Russia’s media freedoms have been gradually eroded under President Vladimir Putin as his government has increased state ownership, influence, and restrictions on critical reporting. Television, where most Russians get their news, has been the main target and is now almost completely state controlled. But in the Russian capital, TV Rain stands out as an island in a sea of Kremlin propaganda.

    Special Report

    Adrift The Invisible African Diaspora