Africa is a continent that possesses what it takes to move out of the third world countries mapping. It has intellectual human capacity –a people dedicated to service and hard work; and rich natural resources, though, the mere fact that most countries in Africa are found to be failed states already sets a pointer that the continent is poor.
While the continent struggles through a stagnated growth margin with a weak economy, dysfunctional educational system, poor healthy care delivery structure and massive unemployment.
One factor which contributes to the continent's continuous snail growth is her leadership. The governments have failed to render service but prefer to be served. There seem to be very little political will on marking up strategies to ensure sustainable development.
A major one is the cash economy currently operated in the continent. This is the biggest and hidden maggot that cripples micro economy sector like the small medium enterprises (SMEs) -the bedrock of a growing economy and continuously pull downward the entire macro economy.
In Europe and America, a credit economy ensures that an average person can own a duplex or get a good car with a 3 to 5-year repayment plan. In Africa, the trend is the reverse; you have to pay cash for every bit of transaction made. No wonder an average Westerners can't afford to stay in Africa, not because the environment is not propitious but the economy is just too expensive to bear.
No wonder, people who have privilege on authority embezzle so much than they can chew; no wonder corruption rate is high in the continent; no wonder the high rate of unemployment even as the citizens are very hardworking and committed people.
The economic crunch needs just a regulation by a government that is able to exhibit good governance, which would obviously provide for her citizens basic amenities (good roads, electricity, water supply and a working healthcare delivery service); security and employment.
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The discussions I have this evening with mr. Oluseun Bamgboye broadened by horizon as to why Africa is poor and would continue to be poor.
UnyimeAbasi Essien
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