THE GLOBAL interest that the
It reminds the continent of its own potential, that it could be its own shepherd towards prosperity.
As noted by the AfDB President, Dr
The key word is transformation, of which I took some time to peruse some reports about the continent with a huge promise before it.
One of these reports was the 2014 African Transformation Report: Growth with depth.
In the play of words, suggested in the title, the thrust of the report is that if economies on the continent are to transform, they need growth with DEPTH-with the initials standing for Diversity; Exports;
The report is premised on the notion that African economies need more than growth, of which they "need to Diversify their production, make their Exports competitive, increase the Productivity of farms, ?rms, and government o?ces, and upgrade the Technology they use throughout the economy-all to improve Human well-being."
The report notes that economic transformation is now the consensus paradigm for
This can be seen, it says, in the
It will be recalled that during the celebration of the Golden Jubilee of the establishment of the
The objective of the AU Agenda 2063 is to chart a development trajectory for
There's every reason to be optimistic. It is projected that by 2050 Sub-Saharan Africa will have a larger and younger workforce than
The 2014 African Transformation Report observes that with the continent's abundant land and natural resources, that younger workforce can be a global competitive advantage and a great asset in driving economic transformation.
On this it elaborates on four pathways to transforming African economies, namely, labour-intensive manufacturing; agroprocessing; oil, gas, and minerals; and, tourism.
In the meantime, the Africa Progress Report 2014 observes how, despite some challenges, economic growth has taken root across much of the continent, where "exports are booming, foreign investment is on the rise and dependence on aid is declining."
The Progress Report, however, cautions that Governments urgently need to make sure that economic growth doesn't just create wealth for some, but improves wellbeing for the majority.
This is stating the obvious, as the report also "calls for more effective protection, management and mobilization of the continent's vast ocean and forest resources", needed to support transformative growth.
The AfDB meeting was an important spur towards realizing the transformative growth and our unity as a continent doing more business with itself.
In the words of Dr. Kaberuka, looking forward to "the day of an African passport", [t]his is not a sentimental issue of our Africanness; it is about deepening
The writer is a commentator on local and regional issues
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