For too long, Africa has been defined just by war, corruption and poverty. It was so welcome to read “A fresh chapter is opening in Africa’s history” (Editorial). It is time the rest of the world recognised the amazing resilience shown by Africa.
The continent quickly recovered after the economic crisis. Growth is forecast at 5.3% this year and 5.5% in 2012, making it one of the world’s fastest-growing developing regions. Africa’s resilience was the result of years of hard work – a deep commitment to reform and economic stability over 15 years. Two-thirds of African economies brought in reforms during the crisis to make it easier for investors. Foreign direct investments in sub-Saharan Africa grew by 17% last year.
Africa still needs aid but it should be aid that targets real results – in education and health, with malaria an example. It should also be aid that leverages private investment and creates jobs.
Africa presents a market of 1 billion people whose potential buying power should make the continent an important contributor to global growth. Africa is coming of age in a complicated environment, marked by issues ranging from global imbalances to climate change. It must seize the opportunities to tell and sell its own success stories.
Ngozi Okonjo-Iweala Managing director The World Bank Washington DC[ad#Adsense-468×60]
Of course a lot of good things are happening across the africa. China is now dorminating the continent in all areas. If we don’t recognize this and plan fast, we will lose out on so much