We are living at a time when there is a global financial crisis that is felling many nations and companies, leading to the collapse of banks and recessions in the biggest economies in the world. But most African countries have passed through the storm without experiencing much of a blip. Many factors deserve credit for Africa’s ability to steer through the credit crunch largely unhurt. One notable factor has been the growing number of businesses in all sectors of the economy across the continent – and more micro-finance institutions to serve them – that has helped propel growth and avoid disaster.
There is progress, but a lot more needs to be done. In order to keep the pace of economic growth high, governments need to implement strategies that enhance entrepreneurship, free will to express self especially for artists and story tellers because they have the ability to speak in a more audible voice than others. We need to implement policies such as project financing and establish skills training centers.
In order to avoid economic vulnerabilities, and in order to build a strong African economy, it is imperative that African governments find ways of formalizing and integrating more opportunities for creatives, farmers, inventors into the “formal economy.” Private initiatives need to be backed up by a strong political will to support businesses and inventions. Such practices will encourage local communities and investors to invest and work with the local people in ultimately helping build a strong Africa.
We shall reap what we sow. By supporting Africa's people, we can build an Africa free from need. We can build an Africa free from poverty. We can build an Africa proud to be economically strong and able to manage it's affairs for generations to come.