AfDB: Championing inclusive growth across Africa. A blog by the former Chief Economist and Vice-President
For the past decade, Africa has had strong growth. A new economic momentum has been created. The continent weathered the financial crisis and has bounced back. But headline economic growth is not enough. Deliberate policies to reduce inequalities and promote inclusion are now needed more than ever before. It is time to focus on what people want: decent work, a living wage, access to basic service, more democracy and accountable governments. Africa and its people aim to be a pole of growth in the decades ahead. Read more
With the year 2015 – the MDG finishing line – approaching, post-2015 goals as they impact Africa need to be firmed. The goal of ending extreme poverty remains paramount. In this context, extreme poverty means living on a less than $1.25 a day (PPP, 2005 prices). Given the continent’s potential and the track record, the extreme poverty reduction agenda beyond the MDGs should focus on building prosperous and resilient Africa. This can be achieved with strong, sustained and inclusive growth.
State fragility and breakdown, along with violent conflict, pose significant risks to global and regional security. Most contemporary armed conflicts take place within states, and the majority of their victims are civilians. Conflict and fragility impede efforts to reduce poverty, and the prevention of conflict through development is cheaper than dealing with the aftermath of conflict.
Africa has made very good progress in institution building and in promoting democratic practices on the political front. However, there is some way to go in some countries where reversals of democratic practices have been reversed such as recently, in Mali. Indeed, the Arab spring revolutions also pint to challenges of in the area of Voice and Accountability, which is potentially explosive when combined with youth unemployment. One question is, are political elections outcomes in Africa random?