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Creating Prosperity in Africa: Ten Keys to Get Out of Poverty

Ignacio Hernandez's picture

Africa3

 

This is the title of the new book presented today at the World Bank. Its author, Eugene Nyambal, is Senior Strategy Officer at the International Finance Corporation (IFC) and was previously Principal Advisor to the Executive Director of the IMF for African Countries and Team Leader for Private Sector Development at the World Bank.

 

In his book, Mr. Nyambal compares Africa's performance with that of other regions and asks himself what Africa is doing wrong. He comes to the conclusion that Africa was left behind due to a combination of institutional failure and culture matters.

 

In his presentation today, he made clear that in his opinion leadership is crucial to make things happen, the 10 keys to get out of poverty being:

 

  1. Promoting new social contract based on the leadership's ability to elevate the quality of life of citizens.

     

  2. Improving the effectiveness of the State, strengthen Civil Society to foster accountability.

     

  3. Setting an ambitious development vision for prosperity and benchmarking the most successful models.

     

  4. Creating an enabling environment.

     

  5. Promoting entrepreneurship, innovation and encouraging the rise of new role models for the youth.

     

  6. Reforming the education system to spread knowledge and values necessary for a successful market economy.

     

  7. Fostering regional integration to enlarge markets, attract investments and raise the cost of foreign control.

     

  8. Promoting long-term population growth policies and building social capital.

     

  9. Utilizing resources of International Financial Institutions to move from dependency to growth and self-reliance.

     

  10. Discontinuing support to governments whose track records of corruption and poor economic management over an extended period of time have prevented improvements in the standard of living of their people.

     

Related: see also a recent post by Michael Standaert at Audeamus, where he wonders if there is hope for Africa. A lot of interesting links included there ... 

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