By S. Onyeiwu
Onyeiwu makes a speciality of how occasions of the twenty-first century are shaping key sectors of African economies and societies. He means that, in comparison to East Asia and Latin the United States, Africa nonetheless has a ways to move, regardless of fresh advancements in functionality.
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Additional info for Emerging Issues in Contemporary African Economies: Structure, Policy, and Sustainability
In October 2014, Burkina Faso citizens violently rebuffed President Blaise Campaore’s quest to cling to power, after about 27 years in office. He later fled the country amid violent protests and was granted political asylum in neighboring Cote d’Ivoire. Violent riots broke out in the DRC in January 2015 following reports that President Joseph Kabila was trying to instigate the introduction of a Parliamentary Bill that would allow him to run for office beyond his second term. Last, the information and communication technology (ICT) revolution (which is discussed later in chapter 7) has made it difficult for the political and ruling elite to brazenly oppress and exploit their people.
Meanwhile, this new set of entrepreneurs demands greater accountability and good economic policies from African governments. This two-way relationship is good for growth and economic development. The information technology (IT) revolution: Technology is not only a driver of economic growth; it can also sustain growth. 2 Healthcare Ashish J. 3 Education, mentoring of aspiring entrepreneurs Private-sector development, growing of young entrepreneurs Founder, Allan Gray Real estate, insurance Founder, Thawte Venture Capital (a digital security firm) Conglomerate Nigeria South Africa South Africa South Africa South Africa Nigeria Founder, Econet Wireless Zimbabwe Chairman, Sameer Group Chairman, Comcraft Group CEO, Mara Group Kenya Former CEO, United Bank of Africa, Chairman Heirs Holding Kenya Uganda Nigeria Source: Complied from Forbes Magazine (Online), January 2013.
And their predictions came out right. Once the Chinese economy picked up steam in the 1990s, there was a consensus that growth in that country will be sustained for a long period of time. But predicting the future of African economies is not as easy. You are more likely to win a $5 million lottery than forecasting African economies accurately. Forecasts of the future trajectories of African economies must necessarily be highly probabilistic and nuanced. This chapter discusses some of the unknowns about African economies.