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| The Outlook indicated that African countries must tap into their natural resource wealth to accelerate the pace of growth and ensure the process can benefit ordinary Africans. |
Africa’s
agricultural, mining and energy resources could boost the continent’s economic
growth, the continent’s annual Economic Outlook stated, but, Mario Pezzini argues
“Growth is not enough”.
The
Director at the OECD Development Centre said: “African countries must provide
the right conditions for turning natural resources into jobs, optimise their
resource revenues through smart taxation and help investors and locals to make
the most of linkages.”
Pezzini’s
comments followed the release of the African Economic Outlook 2013
in Marrakesh, Morocco on Monday. The report indicated that Africa’s
agricultural, mining and energy resources could boost the continent’s economic
growth and pave the way for a breakthrough in human development.
The
May 27 report, said continent’s economic outlook for 2013 and 2014 is
promising, confirming its healthy resilience to internal and external shocks
and its role as a growth pole in an ailing global economy. Africa’s economy is
projected to grow by 4.8% in 2013 and accelerate further to 5.3% in 2014.
It
shows this growth has been accompanied by insufficient poverty reduction,
persisting unemployment, increased income inequalities and in some countries,
deteriorating levels of health and education.
Time for Africa
to choose own development path
Nonetheless,
Mthuli Ncube thinks “Now is the time”. The Chief Economist and Vice-President
of the African Development Bank (AfDB), said: “After ten years of improved
stability, sound macroeconomic policies and blossoming trade links, growth has
made African nations freer than ever to choose their own development paths and
implement active policies for economic transformation.”
The
AfDB, the OECD Development Centre, the Economic Commission for
Africa (ECA) and the UN Development Programme (UNDP) - the producers of the
report agreed.
They
said: “Now is the time to step up the tempo of economic transformation, so that
African economies become more competitive and create more gainful jobs.” They added
that “widening the sources of economic activity is fundamental to meeting this
challenge.”
However,
the Outlook indicated that African countries must tap into their natural
resource wealth to accelerate the pace of growth and ensure the process can
benefit ordinary Africans.
Regional
integration could open new opportunities for all
According
to the report, four key elements are needed to achieve that objective. It
suggests African countries should create the right conditions for such a
transformation to take place, including infrastructure, education and the
creation of larger and more competitive markets.
“Access
to markets is fundamental to structural transformation based on natural
resources. Regional integration and better access to the markets of large
partners could open new opportunities for all,” said Emmanuel Nnadozie,
Director, Macroeconomic Policy Division at ECA.
Pedro
Conceição, Chief Economist at UNDP’s Regional Bureau for Africa said among many
other benefits, human development can help drive Africa’s structural
transformation by speeding both the rate of innovation and uptake of new
technologies.
“But
for this to happen, more attention should be paid to improving access to and
quality of education and healthcare systems, transforming agriculture and
fostering job creation in order to narrow income inequalities,” Conceição said.
Written by Modou S. Joof
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