How to strengthen the economy of African developing countries

AfricaAfrica – one of the best continents in the world which is characterized by a vibrant culture and wonderful people. It is a hotbed of amazing destinations, and this is why you find people from all walks of life heading to this part of the world to enjoy their vacations or summer holidays.

However, a big problem eats Africa from within – most of the countries on the continent are in the “third world.”

Even though there is a substantial agricultural workforce, Africa’s economy is not something to smile about. This is primarily blamed on the fact that most of the countries gained independence a few decades ago, and putting structures that can lead to economic transformation has been the primary challenge.

To add salt to the injury, experts project that by mid-century, the region will lose up to 30% of its crops thanks to climate change, and this could deteriorate the climate even further.

The good news is that third world countries in Africa can transform the economy and reduce poverty, eliminate the risk of climate change, and improve productivity. Africa business can thrive, and these nations that depend mostly on international aid can rise, and become an inspiration to other third world states in other continents across the globe.

However, the overarching question remains, how can these countries achieve this?

Well, below are some methods that can work.

Develop critical infrastructure

One of the main reasons why most countries in Africa lag in development is because they lack crucial infrastructure. Economist asserts that the lack of modern infrastructure in most African countries costs the entire continent about 2% in GDP every year, a figure that cannot be ignored.

Third world countries in Africa need to invest in key infrastructures such as roads, railways, communication, and electricity. This will, in turn, increase productivity and enhance the smooth transportation of goods to readily available markets. Ultimately, a boost in economic output will be realized.

Another essential thing that African countries need to invest in is sanitation systems and clean water which will lead to a healthy population. As they say, a healthy nation is a working nation. Therefore, with good health, the population will work and increase GDP, which will lead to notable economic growth.

Develop human capital

If third world countries in Africa want to develop economically, they have no option but to invest in the skills of its people. This is critical in improving the standards of living. According to the United Nations, more than 33% of school-aged children do not go to school in sub-Saharan Africa. Additionally, 50% of women under the age of 25 are illiterate. This is shocking!

African nations need to improve access to education and come up with laws that will make elementary and secondary education compulsory for all children. Some countries such as Kenya have already rolled out a program that will see 100% transition from primary school to secondary school, which is an excellent step towards future economic growth.

Fight corruption

It is a shame that the most corrupt countries in the world are in third world, and those that top the list are from Africa.

A country cannot thrive if over half of its budget is used to finance corrupt dealings. Fighting this vice should be a national issue, and governments need to ensure that those found capable are brought to book, their property seized, and the money used to build modern infrastructure.

Address population growth

Finally, African countries need to address the issue of population upsurge. In 2010, this continent was home to 1 billion people. Experts project that if the current birth rates are anything to go by, the population will double in the next two decades.

To alleviate poverty, developing countries need to put emphasis on family planning. When birth rates are reduced, GDP per capita will increase, and high standards of living will be improved.

Advertisements