Africa is a resource-rich continent. It abounds in valuable natural resources. Additionally, its youthful and adaptable population is the envy of many. Properly harnessed, these can be the catalysts of the continent’s economic growth and emancipation. Identifying the gaps between resource endowment and advancements is essential to enabling the continent to jumpstart economic progress.
Africa doesn’t need aid to develop. Instead, it needs partnerships and associations that recognize its economic potential. To this end, The United Allied States extends a hand of economic co-operation to the continent. It understands the importance of forging mutually beneficial associations to spur growth. It pledges to collaborate with Africa to bring development to her citizens. Guided by democracy, capitalism, and protection of human rights, it is a ray hope to a continent in dire need of rejuvenation. Additionally, it identifies technology as a critical driver of growth.
Unlocking Africa’s Economic Potential
Let us take a look at some measures Africa needs to institute for it to attain economic growth.
Poor governance impedes growth across the continent. Weak governance structures create avenues for abuse of office. Additionally, there are inadequate or nonexistent accountability mechanisms. The result is an infringement of human rights. Reforming the government improves the function and accountability of offices.
Refining Development Planning and Execution
The numerous white elephant projects are an indictment to our planning process. Often parochial ends substitute economic sense in project formulation hence implementation. At other times despite having the best-laid plans, execution is wanting. The outcome is a dissipation of public resources. Improving development planning and implementation cuts wastage.
Expanding Research and Development Capacities
Research and development are essential to economic growth. The irony is that these remain underfunded. Invariably, under-resourced R&D initiatives curtail innovation further hence stunting development. The converse is true
Stabilizing The Continent
Africa is a volatile place. Insurgencies and conflicts dot the continent, demotivating investors. Besides, we utilize plenty of our resources to quell them. Accordingly, development declines. Ensuring peace and stability will attract investments and ensure the appropriate use of funds for development.
Eliminating Barriers to Trade
Despite Efforts towards regional integration, a majority of the nations adopt protectionist tendencies. Tariff and non-tariff barriers limit intercountry trade and the export of labour. This limited commerce impacts growth. Opening up business among countries will hasten economic development.
Managing The Runaway Public Debt
Unsustainable debt saddles most of the economies in Africa. Governments spend significantly on debt servicing. This expenditure starves the economy of developmental funds, thus growth. By cutting debt to manageable levels, governments will unlock the resources needed for accelerating growth.
U.A.S and Africa Collaborating To Bring Development
THe U.A.S is a coalition of willing states. While respecting the sovereignty of member states, it will foster associations yielding common good. To this end, it will adopt different strategies.
Institution of Responsive Governance
Good governance begets progress. The U.A.S will work with partner states to inculcate democratic governance. Additionally, its Government-on-blockchain model ensures openness, prudence, and responsiveness in government. It guarantees the protection of human liberties. Proper administration and respect for human rights are recipes for economic takeoff.
Harnessing The Region’s Economic Potential
Africa’s economic ability remains latent. At most, it is underutilized. The U.A.S-Africa collaboration identifies free-market policies as the key to unlocking this potential. Less government involvement in markets spurs production and then trade. Furthermore, it is pro-integration. This approach will allow regional trade to flourish.
The U.A.S will collaborate with partner states to provide investor-friendly conditions. This way, investments will grow. Economic growth is, therefore, automatic. Moreover, the parties will collaborate in the pursuit of favorable trade agreements. Coupled with the removal of corporate taxes and opening up of marginalized areas, catalyzes investments, and growth.
The collaboration will explore special economic zones across the region. To negate conflicting interests, they will consider each state’s competitive advantage. In this way, there’s efficient resource utilization. Accordingly, production standards improve. Thus African nations will compete favorably in the international market.
Building On Human Capital
The production process is as good as the human resources behind it. Better education and differentiation are a boon to the production process. Cognisant of this, the U.A.S will partner willing states to provide citizens with world-class education. The envisaged education system emphasizes research, discovery, and innovation. These three are essential in equipping an individual with the best tools required to thrive in the global labor market. Its practical nature instills skills and attitudes necessary for economic advancement.
Production suffers when disputes prevail. The U.A.S will collaborate with member states to be a force of good in the continent. By persuading nations to adopt democratic governance, it aims at an all-embracing development model. This will ensure no region is disenfranchised economically. Economic and social exclusion foment dissatisfaction hence conflict. This partnership will develop an efficient and responsive defense force. Peace and stability will, therefore, prevail.
Taking Innovation to the World
Technology is rapidly gaining a foothold in governance. The U.A.S-Africa collaboration will create the world’s most tech-savvy government. It will leverage Apollo’s blockchain to woo cutting edge technologies to its market. Besides, it pledges to invest in R&D and technical education. Through these means, it will realize a knowledge-driven economy, thus growth.
Transforming the Financial Sector
A sound financial sector is imperative to growth. The U.A.S will partner member states in delivering robust financial systems. It will utilize the security capabilities of blockchain and cryptocurrencies to build secure payment methods. Moreover, it will rely on fintech to improve access to financial services.
Mismanagement is at the core of Africa’s economic decline. Accordingly, prudent leadership can catapult it to economic prosperity. After all, its stagnation isn’t for lack of resources. These readily abound. Consequently, The U.A.S-Africa partnership inspires hope for economic rejuvenation in the continent and beyond.
It lays a premium on the rule of law, preserving civil liberties, and liberalizing markets. These are critical to economic advancement. Africa can look forward to taking its rightful place in the global economy. Furthermore, it aims to be the light into the dark continent full of endless potential.