Now Africa can seize the moment
The global credit crisis poses stark
challenges for our continent, but it could also open up
fresh opportunities
Armando Guebuza & Jonathan Oppenheimer
* guardian.co.uk, Monday 23 February 2009
Africa's economic fortunes have historically been tied
to the wealth and prosperity of the northern hemisphere,
mainly through aid dependency. As a result of this and
of the increased globalisation of the world economy, the
current downturn in the northern hemisphere can easily
have serious spillover effects on our continent.
Yet, during the G20 Washington summit it was predicted
that over 80% of future global economic growth will
depend on emerging market countries, many of which are
in Africa. Our continent's rich natural resources and
its demographics – one in four young people under the
age of 24 worldwide will, by 2025, be from sub-Saharan
Africa – highlight our collective growth potential.....More
