Only a few years ago people were queuing up to invest in Africa. People were excited at the prospect of investing in Africa, whose population is roughly 1.2 billion.
Africa is a resource rich continent. It is the biggest supplier of diamonds, gold an many other resources. Yet the continent has not progressed as it should have because of corruption, bribery, unemployment and civil wars which have devastated the lives of the people.
Yet, Africa is much more democratic than it was before. In the 1980s, only 1 sub-Saharan government was peacefully voted out of office. Now nearly all face regular election, which are harder to rig thanks to social media.
The continent's future is in the balance. Whether it bounces back from this commodity slump or slips back into stagnation, war and autocracy will depend whether enough of its leaders keep moving forward . Two goals stand out. The first is to recognise the new reality. Given the decline in its terms of trade, Africa's buying power has gone down. Second, African governments need to keep up the hard slog of improving the basics. Bad roads,grasping officials and tariff barriers still hobble trade between African countries, which is only 11% of total African exports and imports.
Africa is a resource rich continent. It is the biggest supplier of diamonds, gold an many other resources. Yet the continent has not progressed as it should have because of corruption, bribery, unemployment and civil wars which have devastated the lives of the people.
Yet, Africa is much more democratic than it was before. In the 1980s, only 1 sub-Saharan government was peacefully voted out of office. Now nearly all face regular election, which are harder to rig thanks to social media.
The continent's future is in the balance. Whether it bounces back from this commodity slump or slips back into stagnation, war and autocracy will depend whether enough of its leaders keep moving forward . Two goals stand out. The first is to recognise the new reality. Given the decline in its terms of trade, Africa's buying power has gone down. Second, African governments need to keep up the hard slog of improving the basics. Bad roads,grasping officials and tariff barriers still hobble trade between African countries, which is only 11% of total African exports and imports.