Africa’s golden age is nigh

By XN Iraki
Africa is popularly viewed as a continent plagued by wars, famines, drought, civil strife and chaos. It is portrayed as a continent frozen in time and prospects. It was even once a dark continent.

That antiquated image of Africa is slowly changing. Today, Africa is seen as the place to be, the next economic frontier. There is evidence that Africa’s golden age is nigh. Here are the reasons.

Resources are attracting everyone to Africa, from the Chinese to the first Europeans. It seems Africa’s natural resources are yet to be fully exploited. The recent discovery of oil in Uganda, Kenya and Ghana are examples of renewed interest in African resources. There are few minerals on the periodic table that cannot be found in Africa.
Rich continent
Africa’s resources go beyond minerals — from platinum to oil. They also include the most important resource — people. A look at demographics in developed countries reveals that most have either a stagnant population growth or declining population. Africa on the contrary has a rising population hitting a growth of three per cent per annum in some countries.  This population will not only provide future workers, but future market too.
UN projections show by 2050, Africa’s share of the global population will reach 26 per cent compared to 13 per cent in 2000.  This will increase her global influence. Most influential countries have large populations, from the US to Brazil and China.  There is also evidence that apart from rising population, the proportion of middle class is going up. This is the group that drives the economy; they are consumers, they are often the most productive because of their education.
Africa is slowly becoming integrated to the global community. A look at economic growth patterns shows that most African countries experienced a slowdown in growth after the economic crisis in Europe and USA.
Governance has improved with coups becoming rare. If they occur, the response is unwelcome. A wind of democracy is blowing through the continent. With freedom, the creative energy of citizens is unleashed. Recall the economic growth after KANU era? 
This freedom coupled with high literacy rates and technology has turned the tide against dictatorship and misrule.  While there might be no Sub-Saharan spring, many leaders will institute their own springs since they know the consequence of stalling reforms.

Despite democracy, the invisible hand of the market is restrained in many countries. Improvement in governance   will attract investors both local and foreign to spur economic growth.
The most tangible and objective evidence is that Africa is now the continent of promise and our renaissance is on. IMF statistics (2001-2010) indicate six of 10 fastest growing economies in the world were in Africa. They include Angola, Chad, Mozambique, Ethiopia, Nigeria and Rwanda. While resources like oil and the end of civil wars could explain the growth, it is still good news for Africa.

IMF projections (2011-2015) indicate out of the top 10 fastest growing economies in the world, seven are from Africa. They include Tanzania, Ethiopia, Mozambique, Congo, Ghana, Zambia and Nigeria. Kenya is sadly missing on both lists. Africa is also projected to grow faster than Asia.
Trade blossoms
But the more convincing reason why Africa golden age is nigh is history. The Mediterranean Sea was once a theatre of economic activities with the Roman Empire, Crusades and Trans-Saharan trade. The next theatre was Atlantic Ocean, with slave trade and later trade between the US and EU regions. More recently, action has moved to the Pacific Ocean with China being the epicentre.

It logically follows that the next economic theatre will be the Indian Ocean, which borders Africa and India. It is still an open question why we overfly India to go to China for business. Few realise that while China is known as the workshop of the world, akin to England in ninetieth Century, India is the pharmacy of the world.
Africa could catalyze on the arrival of the golden age by focusing more on research, development and entrepreneurship. There are few patents registered in Africa, and few multinational corporations domiciled in Africa.
She must also build her own model just like what China or Singapore did. If copying one another was that easy, all countries would be rich.

The Africa dream will need its believers and champions. It will need leaders who see beyond self and their own life spans and believe in the welfare of the next generation.
It is time for Africa to believe in herself.
Luckily, most of us will live through Africa’s golden age. If we do not live, we have an obligation to bequeath the dream to the next generation.