Issues arising from pooling resources and integrating economies
Integrating Africa is the AfDB Group’s blog on regional integration in Africa. It chronicles the issues arising from African countries’ efforts as they work to pool resources and integrate their economies for the development of their regional and individual economies. Read More
Africa is growing. Estimates are that the continent’s population will double in the next 50 years. Concomitant to this population boom will be an increase in the total working age population. This increase in the working age population creates a window of opportunity with the possibility of higher growth arising from the “demographic dividend”. This “demographic dividend” played a role in the “Asian Miracle”, where research shows that from 1965 to 1990, the 23 economies of the East Asia region grew faster than all other regions of the world, in part due to the increased number of the working population.
Free movement is back on the continent’s policy agenda and within its integration discourse. Such discourse has also been buttressed by several encouraging developments over the last year or so, notably the launch in early 2016 of a new Africa Visa Openness Report; the move by several African countries to offer visas on arrival to citizens of AU member states; and the July 2016 launch of the African passport.
To all those who are convinced that regional integration requires strong political will and committed leadership, African Heads of State showed just that when they were presented with a single African passport at the 27th African Union Summit in Kigali, Rwanda. The proposal to implement a single passport for Africa and ensure free movement of people is part of the African Union’s 2063 Agenda.
Illicit financial flows – flows of financial resources leaving a jurisdiction through illegal or illicit means – are the largest drain on developing countries’ ability to finance the Sustainable Development Goals agenda. Africa is particularly affected: the African Development Bank estimated that the continent lost over a trillion dollars since the 1980s, making it a net creditor to the world.
Economic crisis and commodity downswings: Can local content policies provide a transformative solution for Africa?
The current commodity slowdown has once again laid to bare the structural weaknesses of a number of African resource-rich economies. But can this misfortune be turned around, and this time permanently if countries adapt their strategy by leveraging their resources to create more economic linkages? This article suggests that local content can be an efficient policy tool to make the difference.