A study of the history of and prospects for economic growth in African countries, with specific reference to Angola, Ghana and Nigeria

• Main Author: Slabbert, Roelou
• Other Authors: Roux, Andre
• Format: Others
• Language: en_ZA
• Published: Stellenbosch : Stellenbosch University 2012
• Subjects: Angola > Economic development; Ghana > Economic development; Nigeria > Economic development; Dissertations > Business management; Theses > Business management
• Online Access: http://hdl.handle.net/10019.1/49207

Thesis (MBA)--Stellenbosch University, 2007. === ENGLISH ABSTRACT: Africa's economic growth will not be found across the Atlantic or Indian oceans in international markets. Growth will not be achieved by simply giving away state assets in large privatisation transactions. Growth will also not come from giving away valuable concessions to scarce natural resources or handing out investment incentives to resource seeking foreign investors. Governments and policy makers need to accept that drivers to sustainable economic growth, lies much closer to home. Not in greater domestic savings by that average man in the street (who, in Africa's poor economies, often would need to forego a daily meal in order to save), but even closer. The policies for economic growth in Africa need to be focussed on flrst achieving production and allocative efficiencies at home. The real drivers to achieve growth are to be found in the primary responsibilities of the state: Political stability though good governance Stable macroeconomic environments Good working infrastructures Educated and trained labour forces Sizable market through regional cooperation (eg. SADe) African leaders and policy makers would be well served by a change in policy and attitude. Searching for solutions from within, rather than from abroad, will provide more sustainable growth. Requests for international debt relieve, complaints about (and excuses based on) the wrongs of the colonial past, demands for international trade concessions and efforts to secure international investment; may only result in a shift in the focus away from the basic problems at home. At the same time, a committed and disciplined focus on political and macro-economic stability; an efficient infrastructure, quality labour and bigger markets will naturally lead to substantial increases in international trade (while at the same time provide for better platform for negotiating international trade dispensation), will generate foreign investment and will reduce the importance of debt relieve. In addition, an stable environment combined with a reliable infrastructure and a quality labour force provides fertile grounds for local African entrepreneurs to excel and in time create opportunities for domestic savings and organic growth. This study does will not convey a popular message. No quick fixes exist and Africa will have to turn their focus inwards. Africa will have to stop blaming past rulers and stop pleading with current the world leaders. International political and economical leaders will not come to the rescue of Africa, however wrong the past has been. Africa will have to pick itself up by its own bootlaces. === AFRIKAANSE OPSOMMING: Ekonorniese groei in Afrika sal nie gevind word oorkant die Atrlantiese of Indiese oseane in intemasionale markte nie. Groei sal nie behaal word deur eenvoudig staatbates weg te gee in groot privatiserings transaksies nie. Groei sal ook nie bewerkstellig word deur waardevolle konsessies tot skaars natuurlike hulpbronne uit te deel of deur toegewings vir die aansporing van beleggings aan hulpbron soekende intemasionale beleggers te maak nie. Owerhede en beleidmakers moet aanvaar dat die drywers vir volhoubare ekonomiese groei veel nader aan die huis Ie. Nie in groter huishoudelike besparings deur die man in die straat nie (wie Afrika se arm ekonomie waarskynlik 'n maaltyd sal moet prysegee om te kan spaar.), maar selfs nader. Die beleid vir ekonomiese groei in Afrika moet gefokus wees daarop om eerstens produksie en allokasie effektiwiteit in die plaaslike ekonomie te behaal. Die drywers om dit reg te kry word gevind in die primere vernatwoordelikhede van die staat: -Politieke stabiliteit deur goeie regering -Stabiele makro-ekonomiese omgewing -Goeie werkende infrastruktuur -Opgevoede en opgeleide werkersmag -Redelike grootte markte deur samewerking op streeksvlak (bv. SAOG) Afrika leiers en beleidmakers sal baat by 'n verandering in beleid en houding. Die soeke na oplossing van binne eerder as in die buiteland, sal eerder volhoubare groei bied. Versoeke vir intemasionale skuldverligting, klagtes rakende (en verskonings gebaseer op) die foute van die koloniale verlede, eise vir intemasionale handelskonsessies en pogings om internasionale beleggings te lok; al hierdie aksies lei waarskynlik slegs daartoe dat die fokus en aandag wegskuif van die basiese probleme in die plaaslike ekonomie. Terselfdertyd sal 'n toegewyde en gedissiplineerde fokus op politieke en makroekonomiese stabiliteit, 'n effektiewe infrastruktuur, hoer kwaliteit arbeidsmag en groter markte verseker oor die lang termyn weI lei tot 'n wesentlike toename in intemasionale handel (terwyl dit ook gelyktydig 'n beter platform skep om te onderbandel vir 'n meer voordelige intemasionale handelsdispensasie), meer intemasionale beleggings en sal die belangrikheid van skuldverligting laat afneem. Verder sal 'n stabiele omgewing, gekombineerd met 'n betroubare infrastruktuur en 'n bekwame arbeidsmag 'n vrugbare omgewing daar stel vir plaaslike Afrika entrepreneurs om uit te styg en te presteer. Dit sal oor die lang termyn geleentheid skep vir huishoudelike besparing en organiese groei. Hierdie studie bring nie 'n gewilde boodskap nie. Geen kitsoplossings bestaan nie en Afrika sal hul fokus inwaarts moet verskif. Afrika sal moet ophou om die koloniale heersers van die verlede te blameer en moet ophou om by huidige internasionale leiers te pleit vir hulp en toegewings. Intemasionale politieke en ekonomiese leiers sal nie tot die redding van Afrika kom nie, hoe verkeerd die verlede ookal was. Afrika sal homself moet optel aan sy eie skoenveters.