ONE of life’s worst tragedies is the experience of losing a breadwinner, it could be an aunt, an uncle, a “blesser”, an associate and so forth.
The pain is just so unbearable.
The pain is more pronounced if the breadwinner deliberately decides to cut off their hand from feeding you.
Of course, with so much accustomisation to the usual supply chain of “feed”, the levels of unpreparedness, the lack of an immediate contingency plan, the sudden change of circumstances, one can only imagine the trauma.
As a result of the above, usually panic sets in accompanied by stress.
Such is what most leaders across the African continent are going through.
A bitter pill to swallow indeed but a diligent leadership has to know that this was long coming.
One day, Africa eventually had to be weaned off.
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Contrary to the view that all hell has broken loose on the continent, recent events bring a dawn of a new era to Africa’s econometrics and productivity.
It is an era that compounds innovation, exploration and imagination.
If Africa succeeds at harnessing these macro-economic fundamentals, it automatically elevates upwards on the global competitiveness scale.
No doubt the supply gap created needs to be filled up with urgency, taking cognisant of the demand for consumables that is always there (drugs, masks, food, sundries, medical supplies) etc.
Who is better at bridging that gap than Africa herself?
Surely, we cannot “Look East” or whichever direction any longer to deal with these new developments.
We have the capacity, we have the requisite resources from the human capital element to the most natural.
Official reports from several distinguished organisations including the World Economic Forum and the United Nations Economic Commission for Africa estimate Africa’s gross domestic product (GDP) to be around US$3,1 trillion up from US$2 trillion.
This is the highest it has been since 2010, suffice to write that the economy is growing, it is actually the fastest growing and in addition, it comprises the youngest economically active age groups.
However, some sections of investigative economists argue and believe that this (US$3 trillion) figure is an under estimation.
A further US$1 trillion is lost via Africa’s porous borders, seas and airports through unscrupulous deals, toxic politics and most significantly exportation of goods and services in their raw form.
After refining, a mineral like platinum produces six other group metals, which are palladium, rhodium, ruthenium, osmium, platinum and iridium.
This is extra revenue that could be retained if processes of value-addition and beneficiation were properly conducted before exportation.
Unfortunately, in this scenario, what Africa gets is a mere sixth of potential revenue.
Imagine all the gold, the diamonds, cobalt, coconuts, labour!
An online overview indicates that about US$57 billion comes to Africa in aid per year, with Ethiopia receiving the greatest chunk.
This accounts for less than 3% of Africa’s potential output per annum factoring in revenues that are not officially reported.
What this means is Africa is very much capable of fending for itself and funding all her needs.
Aid is not “quite a necessity”.
Rather, it is an over-hyped illusion that has been continuously instilled in Africans to keep Africa in line for political reasons, as some theorists suggest.
That is the art of colonialism, right!
Moving forward, we need a paradigm shift in ways of conducting ourselves at continental level.
Governments ought to formulate and craft policies that enforce productivity and also nurture the social welfare aspect so that the dependency syndrome on foreign aid and foreign investment becomes a thing of the past.
These include:
*Solid fiscal policies that ensure the average African has more disposable income. The current GDP per capita of US$2 900 is very saddening. It should draw closer to the world average of US$13 800 or at least somewhere closer.
*Increased intra-continental trade [of finished products]. Not only does this fuel the circulation of finances within the continent. It also helps the native African to realise real value for their resources.
*Build and subsidise research institutions. As the world continuously evolves, a lot of work now relies on research, for example a look at pandemics that are increasingly becoming rampant. This development is easier to combat if research is financed at continental level.
*An introspection into Africa’s labour force. Being a doctor, engineer, biochemist, economist, etc, should not be a cumbersome process as it is currently. Such occupations are key economic drivers, therefore, governments must invest more in science education.
*Enforcing rock solid anti-corruption frameworks. Africa’s borders are too porous.
The list is endless, I could write all year, but these are some of the key areas that need addressing as soon as possible.
Conclusively, I believe it is high time Africa woke up and smelt the coffee. The clock is ticking.
The cut of funding from the United States Agency for International Development is just the tip of an iceberg.
Imagine if the rest of the world were to take a similar stance. Talk of UKAid, ChinaAid, UAEAid, Commonwealth etc.
We need to cultivate a culture in which everyone believes and understands that the best investor Africa can ever have is an Africa herself.
Claude Kutombo is an idealist, innovator and strategist. He writes here in his personal capacity. He enjoys global business and economic affairs. He also appreciates the venture capital framework. He can be contacted on +263 775 702 820.
