Imagining the future of Africa 2025 - Economic Chalenges

Economic growth in African countries increased over the last two decades. Economies of some African countries still continue to grow at higher rates compared to some developed countries, natural resources such as oil, uranium, diamonds etc. has been a major contributing factor to this growth. Because growth in Africa is driven by the high demand of its natural resources, the growth didn’t create enough jobs and neither did it reduce/eradicate poverty. Yes, this growth is temporary sustaining governments but not a long term solution to sustain growth in Africa. Africa cannot continue to depend on exporting its resources as raw materials, hence the need for African governments to diversify their economies and begin to invest in manufacturing and agriculture.

The economic crisis of 2008 which led to food insecurity has shown us that although the richest continent in the world, Africa is still hugely dependent on America, Europe and other continents for food and other basic essentials. A study led by Professor Calestous Juma presented that by transforming (changing) from importer to self-sufficiency, Africa can produce enough food to feed itself and the world. Dr Juma also stated that "We have come to the end of a century of policies that favoured Africa's export of raw materials and importation of food”. With its vast fertile land, wetlands and abundant natural resources, Africa can become a producer of various commodities from food to manufacturing of diamond jewellery, vehicles and other products.

The major challenge preventing Africa from becoming the great continent it ought to be is the greediness of politicians, lack of an African economic model, high corruption, lack of trade among African countries and foreign interference in the African agenda. Resources or income generated from African resources is not equally distributed/shared among inhabitants but used to enrich a few elite. Another major setback for growth and sustainable development in Africa has been the adoption/usage of wrong policies and power vested in the wrong people. Lack of trading among African governments has resulted to the shipment African resources (natural resources) out of the continent as raw materials.

Agricultural innovation such aqua-culture, irrigation scheme are becoming the focus of most governments in Africa and it is seen as the new driver for regional trade and economic prosperity. The embracement of ICT (Information Communication and Technology) in some African countries continue to inspire education, innovation and learning in Africa. The mobile revolution in Africa continue to inspire solutions that solves challenges facing people in Africa especially the poor, this clearly show us that Africa is ready to take up its rightful place among the continents of the world.