Editorial
Africa – The Confident Continent
The pace of development in today’s Africa is like a steam train whose cadence is – much to everyone’s surprise – getting into bullet train territory.
While we must juxtapose the Economist’s May 2000 headline The Hopeless Continent to their December 2011 one – Africa’s hopeful economies: The Sun shines bright, we are much better asking why the newspaper to be reckoned with changed its spots in an 11-year period. Interestingly, the Economist completed its evolution two years later by boldly declaring Africa as a continent of hope in their February 2013 special issue on the continent, and again in their March 2013 headline.
In 2014, a child born in Dasso, Niger not only has a better chance of surviving but also the opportunity to become whoever they want to become. For the past 13 years, about 6 out of the world’s 10 fastest growing economies were in Africa. Africa could become the destination for investment, and this pseudo renaissance could be the answer to the globe’s growth needs especially because economic performance is taking place not only in countries that have received international acclaim – Zambia, Kenya, Ethiopia and Ghana – but in those that are emerging from years of civil war and economic stagnation.
The Democratic Republic of Congo comes to mind. Another encouraging sign is the growing emphasis on good governance all over the continent, and the bullishness of regional economic communities like the Economic Community Of West African States (ECOWAS), the Common Market for Eastern and Southern Africa (COMESA) and the East African Community (EAC).
Here at The Habari Network, we are, perhaps, even going to get ahead of ourselves in declaring Africa the Confident Continent. There is a symbiotic relationship between Africa’s economic performance, her current identity as the youngest continent, and the apparent determination of her people to define their own future. Africans are poised – in spite of the dour hype in the International media and amongst Western capital policy circles – to play a leading role in building the future they envisioned for their motherland. It helps that China, Japan, Brazil, India and Turkey are on hand and interested in underwriting this growth.
So, what does it mean for a continent to be confident? In Africa’s case, the answer lies in the fact that in spite of decades of economic disrepair and disarray, Africa is actually open and willing to invite foreign investment. The Africans are confident that the return on investment is high enough for businesses to pay over 30 percent in interest rate, and yet still be more than profitable. There is also the fact that in spite of the heat and dust and their personal circumstances, a great majority of Africa’s people smile and are hopeful for their children. The United Nations has undertaken surveys and they show that countries such as Uganda can be termed ‘East Africa’s Happiest People.’
