Developing entrepreneurs for inclusive growth
Africa has extraordinary prospects, from its wealth of natural resources to the untapped talents of its youthful population, yet it has not lived up to its potential and too many of its people have been left behind despite the accelerated economic growth of the past decade.
Partly, that’s because many of Africa’s economies rely too heavily on commodity exports, with little beneficiation taking place before these are loaded on to ships for other countries to convert into finished goods.
This means jobs are effectively exported with raw materials. It also makes these economies far more vulnerable to fluctuations in demand for their natural resources – a lesson painfully learnt in recent years.
According to the African Economic Outlook 2017 report, co-authored by the African Development Bank, Organisation for Economic Co-operation and Development and the UN Development Programme, Africa should harness less volatile sources of growth to boost human development.
The report calls for a redoubling of efforts to empower Africans with the necessary skills to promote development from the bottom up, driven by domestic innovation and investment.
Read the full story on: IOL.