By: Ben Uugwanga
Afro-optimism is a concept that describes the idea that Africa is progressing, even if at a different pace than the rest of the world.
It’s often associated with young Africans who are looking to the future of the continent with optimism.
The future for Africa lies in the implementation of best practices through smart policy strategies. Africa is lagging behind mostly because of a lack of smart policies.
A myriad of policy strategies to turn around the political and socio-economic problems in Africa are abundant.
Among some of the panaceas needing operationalisation by the African state are: the African Renaissance philosophy; New Public Management approaches, the Developmentalist State philosophy, the Knowledge Economy, the Mixed Economic System, the African Union Agenda 2063 Framework and the Silencing of Guns, the Africa Continental Free Trade Agreement, the United Nations Sustainable Development Goals, Pro-poor and Gender and Youth Sensitive Budgeting Strategies, Regional and Industry Value Chaining and Human Capital and Institutional Capacity Building strategies.
These panaceas are critical in terms of holding the capacity to transform Africa.
Africa is at a crossroads. The people of Africa must transform Africa. Investment is also critical in leadership and management. The brain drain phenomenon facing the continent should be curtailed in exchange for brain gain.
More and more investment should be made in attracting skills. Total quality management, customer-oriented public service, performance-oriented public management and quality and standards are crucial public service reforms which need to be implemented by the African public sector.
The continent has an abundance of natural resources. These natural resources need value addition in line with the policy statements pronounced by African heads of state over the years.
Seventeen percent of Africa’s critical resources should be turned into finished products at home so that jobs can be created on the continent.
At the same time, investments in agriculture and agro-processing should be accelerated. Sectors such as fisheries, mining and tourism should be developed as they are critical in wealth creation, employment creation and the mitigation of inequalities and poverty.
In terms of investment targeting marketing systems, there is a need to assure investors of policy clarity by silencing the guns. Civil wars are among some of the unresolved ills facing the continent. There is a need to shift emphasis from gaining power through the bullet to doing so through the ballot.
This responsibility will require embarking upon institutionalising a democratic system, free and fair elections, good governance and the building of strong systems and institutions across Africa.
In terms of becoming an enhanced investment destination, the investment policy should guarantee the repatriation of profits by investors, and guarantee investment arbitration mechanisms in the face of investment disputes.
It should also guarantee protection to investors against expropriation and nationalisation, provide a one-stop shop to ease the process of doing business and invest in infrastructure to cut the cost of doing business.
Africa has to enhance its economic and political image through its investment promotion agencies. She has to enter into joint ventures with foreign investors in order to attract technology and technological skills.
Huge resources are needed to invest in vocational education, as well. Export-led manufacturing activities, product development initiatives, promoting entrepreneurship in order to own, manage and control domestic resources through local and foreign joint ventures are critical to ensure capital injections to the local economy.
Development finance and investment capital are needed in the face of accelerating investments and operationalising the Africa Free Continental Trade Agreement.
African trade among her peers is recorded at 15%. European trade is recorded at 80%, while Asian trade is recorded at 60%. Many opportunities abound in trade and investment.
Clear-cut plans have to be engineered to strengthen the African private sector by promoting it as the engine of growth and development by providing access to capital and removing non-tariff barriers.
Concerted efforts should also be made to bolster the implementation of redistributive policies and to fight corruption and fiscal profligacy.
Governments in Africa should invest in a welfare system to pull the ordinary man out of poverty. Social safety nets should be effected incrementally and public goods such as education, housing, health, water, and electricity should be provided.
Corruption is a disease in Africa. Corruption should be fought tooth and nail. It should be ended by punishing the culprits of corruption and by expropriating the looted assets.
The media as a fourth estate should be protected under a democratic constitution and there should be no attempts to suffocate media activities.
Freedom of speech should be guaranteed by the constitution and there should be no persecution and harassment of journalists by the state.
Journalists should be allowed the right to access information from state agencies and there should be whistleblowing legislation to protect whistleblowers.
This will enable journalists and stakeholders to exercise being part of the checks and balances leading to transparency, accountability, the rule of law and integrity in the state.
Ben Uugwanga Ben Uugwanga is the founding managing director of Capstone Research Consultancy CC. The views expressed herein are his own.
