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
Free and transparent political elections, which permit citizens to effectively express their will and participate in the governance of their country, form an important part of sound democratic institutions.
Africa’s integration into the global economy is relatively low compared with other developing regions. This could be an impediment to the region’s continued and sustainable economic growth over the long run. As much as trade encourages competitiveness, enhanced competitiveness can in turn increase the level of trade with the rest of the world by raising the standards of product quality and facilitating access to new and larger markets. Moreover, better competitiveness may also attract foreign direct investment and other forms of capital flows seeking enhanced returns and greater diversification.