The agenda for Africa needs to turn to economic transformation.
“The sleeping giant is on its way,” says AfDB president Donald Kaberuka during the 50th anniversary of the African Union. He adds that the first 50 years achieved political freedom and laid a basis for socio-economic development, and the agenda now must be economic transformation.
Africa’s GDP has increased from $600-billion to $2,2-trillion since the year 2000, Kaberuka says, and the continent “now offers the highest risk adjusted return on investment … our economic managers are doing a reasonably good job navigating the difficult global economic slowdown”.
Kaberuka notes, however, that despite strong economic growth, economic transformation remains a challenge for the continent. He says that a “quality growth” of 7% is what Africa needs for the decade to come. He adds that this growth must be “not only strong, but sustainable, fair, addresses inequalities, and leaves no one behind”.
AU Commission chief Nkosazana Dlamini-Zuma says the continent has a bright future.
“When we talk about African solutions to African problems, it is because we know that we can only permanently silence the guns if we act in solidarity and unity,” she says.