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Friday, March 24, 2023

    How Africa Can Achieve Inclusive Growth

    Sustainable development experts have said that in order to meet the African Union (AU) Agenda 2063, Africa needs to sustain annual growth rates of at least seven to ten percent of GDP over the next 40 years.

    Development Diaries reports that the experts are examining a study of key factors underlying development in Africa.

    The study, it is understood, will take a comprehensive look at the checkered growth trajectory of African economies and find the reasons for flatlining.

    The experts spoke during a session organised by the AU Commission and the African Development Bank (AfDB) on the sidelines of the 36th African Union Summit in Addis Ababa, Ethiopia.

    The study, which was commissioned by the Chairperson of the AU Commission, Moussa Faki Mahamat, and the AfDB President, Akinwumi Adesina, is on key actions to drive inclusive growth and sustainable development in Africa.

    Agenda 2063 is Africa’s roadmap and master plan for transforming the continent into the global powerhouse of the future.

    But the economic experts questioned the fact that no African country has achieved consistent growth rates for decades-long growth while adding that the continent needs new financial models.

    Columbia University professor and economist Jeffrey Sachs noted that increasing and sustaining investment from the current level of 20 percent of GDP to 40 percent would require ‘a deep quantitative exercise and a development strategy promoted by strategists’.

    ‘This is Africa’s challenge’, he said, adding that infrastructure and human capital development would be critical.

    The key goals of the planned study include identifying the enablers and barriers to inclusive growth, sustainable development, and structural transformation in Africa, generally, and across country classifications based on specific characteristics such as income levels.

    Data from Statista shows that as of 2020, Tunisia topped the ranking of African countries with the highest Sustainable Development Goals (SDGs) index with 67.1 points.

    It further showed that overall, the average SDGs index of the African continent was 53.82 points in 2020.

    Source: AfDB

    Photo source: NRC

    Chinomso Momoh
    Chinomso Momohhttp://www.impacthouse.org.ng
    Chinomso Thelma Momoh is a Journalist with eight (8) years of experience in media and communications. She possesses a Bachelor of Arts Degree in English and Literary Studies from the University of Nigeria Nsukka and a Post Graduate Diploma in Journalism from the International Institute of Journalism, Abuja. Her skills include News anchoring, News writing/reporting, content producing, media training, and copy editing. Her hobbies include going to the movies, listening to music and visiting new places.

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