It’s Africa’s time to call the shots

The World Bank data suggest that some parts of the continent are now experiencing real growth.
Reports suggest that the economy of sub-Saharan countries is now growing at rates that are matching global trends and that the economies of the fastest growing African nations are experiencing significant growth above the global average rates. As a result international investors are increasing interest in the emerging African economies.
We need to open our eyes and acknowledge the economic season we are in, as Zimbabweans and as Africans. Today, more than ever it feels great to be an African and even better to be Zimbabwean, which is why we need to enforce our indigenisation policies and guard our abundant resources jealously.
Britain at the time of the Scramble for Africa, was the world’s greatest power and could thus hand-pick the wealthiest part of the African continent. Zimbabwe was among the prime targets.
I do not think that Zimbabweans now or any African people are longing to be kicked around all over again.
Africa’s riches are more than just an alluring fact fellow countryman. They are a historical truth that still exists in the present! This is why we need to remain resolute in protecting, maximising and jealously guarding the fruits of our economy.
The financial meltdown facing the Euro Zone and the Economic pressures in the United States have been as a result of the changes that are taking place worldwide. Over the past decade there has been transfer of wealth, from West to East and now coming down South to Africa.
The biggest losers have so far been the European Union, while emerging markets, especially in Asia, are reaping the major shares of the benefits. A decade ago, the possibility that China would come to the rescue of a bankrupt EU would have been ridiculous, no less unthinkable was a thought that Angola would express interest to heavily invest in Portugal.
This shows that something significant is happening in our world. The poor Africa we used to be familiar with no longer exists. Writing on the status of Kenya’s Economy, Wolfgang Fengler said “European policy makers are no longer in any position to lecture their African counterparts.
“In fact, if you look at the quality of macro-economic management over the past years, many European countries like Greece could learn a lot from Africa, especially on how to handle fiscal deficits and debts.
“If Kenya was a member of the EU, its debt levels would be among the lowest in the union”.
Over the past decade six of the world’s 10 fastest-growing countries have been on the African continent.
In eight of the past 10 years, Africa has grown faster than East Asia. The IMF expects Africa to grow by 6 percent this year which is about the same as Asia.
Africa now has a fast-growing middle class, according to the World Bank, around 60 million Africans have an income of over US$3 000 a year, and 100 million is forecasted for 2015.
The rate of foreign investment in Africa has accelerated in the past decade. Our zeal to catch up on technology has been propelling growth.
We now have more than 600 million people using mobile phones, figures that way more than Europe. Since roads are generally undeveloped, advances in communications, with mobile banking have been a huge advantage and as Zimbabweans we are having a taste of it now. All this is happening partly because Africa is at last getting a taste of decent governance. At a gloomy time for the world economy, Africa’s growth is a reminder of the fact that we are a hub of the world’s resources!
The IMF, OECD and World Bank have been long used to the idea that they can only lend money to African countries after imposing stringent and controversial conditions such as austerity policies.
However, China and India have showed increasing interest in emerging African economies. Investment in Africa by China and India has increased dramatically in recent years, even regardless of the current world financial crisis. The increased investment in Africa by China has attracted the attention of the European Union and has provoked talks of competitive investment by the EU Members, especially in the EU and the United States.
Our major challenge with the current global financial architecture relate mainly to lack of a voice and effective representation in major decision-making bodies. With South Africa as the continent’s only country in the G-20, most of African countries are suffering from lack of better representation, particularly against the backdrop of the continent’s diverse socio-economic certainty. As this debate on reforming the decision making superstructure of the world continues, African countries should quickly position themselves and develop a better understanding of the reform process and the opportunities such a transformation bring.
As Zimbabweans we also need to undertake our own structural reforms to address the inadequacies of our own financial systems and to improve on our fiscal budgeting and spending habits.
To maximise on our resource leverage and benefit, we must better analyse global markets and develop a strategic focus that can best profit ordinary Zimbabweans and the economy at large because it is our time and we need to make the most of it.