Africa’s Economic Potential in Our Lifetime; Unlocking RAPID GROWTH AND ECONOMIC DEVELOMENT - Onlinetimesgh

Africa’s Economic Potential in Our Lifetime; Unlocking RAPID GROWTH AND ECONOMIC DEVELOMENT

Africa’s economy is currently valued at $3.5 trillion, comparable to India’s economy. However, India has made significant strides in various industries such as machine manufacturing, automobiles, aircraft, space exploration, railways, and pharmaceuticals, while Africa lags behind. Despite having more resources and land (12 times that of India), Africa’s economy should be valued at $17.8 trillion, considering its population is 18% of the global total.

The global economy is valued at $101 trillion, and Africa contributes a mere 3%. This is a stark contrast to its population percentage, highlighting the need for Africa to contribute more significantly to the global economy. An article in the Financial Times suggested that Africa is a burden to the global economy due to its consumption patterns, implying that Africans must work towards contributing more substantially.

To achieve proportional GDP to global population, Africa must increase production and productivity by five times. Investing in capital projects with a multiplier effect is crucial. For instance, the African Railway Triangle Network Master Plan requires an initial investment of $100-150 billion, unlocking over $1 trillion in value, equivalent to 30% of Africa’s current GDP.

Similarly, building the Inga Dam in the Congo and four mega nuclear power plants in East, West, South, and North Africa, each with a capacity of approximately 40,000 MW, will add 200,000 MW to Africa’s energy capacity, driving industrialization. Energy problems plague almost every African country, from South Africa to Sierra Leone, and require urgent, unified solutions. The old isolationist approach has failed after 60 years of independence, therefore it’s time for a new, collaborative strategy to unlock Africa’s economic potential.

Kwame Gonza is a Pan Africanist Member of the African Continental Unity Party, a Mechanical Engineering Senior Railway consultant at Century Rail Ltd and architect of the African Railway Triangle Network Master Plan.

Leave a Reply

Your email address will not be published. Required fields are marked *