The following is a summary of the online article “Africa Rising” that appeared in The Economist on December 3, 2011.
Despite Africa’s long history of corruption, violence, famine and disease, the continent is on the economic rise. As discussed in the previous article “Region Change Through Word Exchange,” over the past decade six of the world’s ten fastest-growing countries were in Africa. This positive turnaround is due to several factors including:
- The commodities market is booming. Between 2000-08 approximately one quarter of Africa’s revenues came from natural resources.
- Population is growing. As fertility rates are crashing in Asia and Latin America, Africa’s population is projected to grow substantially over the next 40 years.
- Africa has a fast-growing middle class. According to Standard Bank, around 60 million Africans earn $3,000 a year, and 100 million people will earn that much by 2015.
- Cross-border commerce is growing. Tariffs and trade barriers are falling between African nations. In addition, many political rivalries are fading.
- Africa has more than 600 million mobile phone users—more than America or Europe. Approximately one tenth of Africa’s land is connected by mobile-internet services.
Along with these positive economic indicators, many Africans have a much better quality of life and future outlook.
- Africans are healthier now due to wider distribution of mosquito nets and the decrease of HIV/AIDS.
- Many more Africans of working age are entering the job market with higher levels of education.
- Previously explosive birth rates are beginning to decline.
- Most African nations are at peace and operating with functional governments.
Overall, the African economy grew by 6% in 2011 and nearly 6% in 2012 — about the same as Asia. But what can be done to keep this positive growth in motion?
- Land titles need to be transferred from communal ownership and to individual farmers to facilitate financial credit and expansion.
- Politicians need to promote the peaceful transition of power when elections are lost. And to reduce corruption, there needs to be a clear separation between government and the private sector.
- Western governments should promote policies to increase trade with Africa rather than just pledge aid.
- The Growth and Opportunity Act, which lowered tariff barriers for many goods needs to be expanded and used by more nations.
- Foreign investors should sign the Extractive Industries Transparency Initiative, which would let Africans see what foreign companies pay for licenses to use natural resources.
Given the many positive trends stated above, many NGOs and multi-national corporations are once again looking to the African market for expansion. Alpha Omega Translations has done numerous projects in this region and understands well the linguistic, cultural and logistical complexities. Feel free to contact us for advice or assistance.
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