STRUCTURING THE ECONOMY OF AFRICA

China’s development
China has risen to fame and economic growth due to its structural development mechanisms. A country that was once underdeveloped has been able to build its lapsing economy in becoming one of the world’s largest developed country having a strong economy.

economic reforms
What did China do differently to achieve its development goals?
The country capitalized on its strengths, made strong economic decisions which they knew could affect their economic ties with other countries. In the end, their goals were achieved. China adopted long term economy measures through Economic reforms introducing market principles, began in 1978 and were carried out in two stages. The first stage, in the late 1970s and early 1980s, involved the decollectivization of agriculture, the opening up of the country to foreign investment, and permission for entrepreneurs to start businesses.

This structural mechanism is what Africa lacks in building its lapsing economy. The boldness to make strong economic decisions and capitalizing on what they have than always importing . Africa is blessed with natural minerals, Cocoa, timber, textile to mention but few.

Now, the irrevocable questions are
1. “What does each African country have and what can each capitalize on to create demand in the international market? “
2. “Which  raw materials can each country invest in processing into finished goods in the home country to compete in the international market?
3. “How can the agricultural sector be boosted to produce more food for consumption “without causing land degradation”and supplying to other countries for sales?

The economy needs to be structured by applying scale of preference and opportunity cost at its economic disposal. What’s most important must come first and choosing what’s needful over the other .

The long term strategic measures Africa can adopt are;

INDUSTRIALIZATION
Building more processing factories/industries to process their raw materials into finished products. Although it may take years to achieve this, but it will at the end create a developed economy for each African country. Industrialization is needful as it will reduce importation and enhance exportation, create mass employment for citizens, generate revenue for government and this in return will be used to provide all the necessary resources and amenities the citizens need. In a way, Africa will become a continent beyond aid just as the President of the Republic of Ghana , His Excellency Nana Akuffo Addo is building Ghana to become a country beyond aid.

AGRICULTURAL PRODUCTION
Investing into its agricultural sector , planting for foods, farmers growing crops organically, tarring roads connected to the farm in ensuring easy and affordable transfer of farm products to the market. When agricultural production is done well, there would be abundant of food for consumption and supply, reducing market prices making food to become cheap in Africa and exporting many to get revenue out of them to produce more foods. This will bring productivity in Africa and solve sustainable development goals 2 “zero hunger” in the world . Also, indirectly creating employment for the masses just like how Ghana has taken this initiative to plant more foods by employing many youths in this regard.

So far, these are the two main sectors African countries can capitalize on. This article is open for discussion. What are some of the long term strategic measures African countries can adopt in ensuring a sustainable economic growth and development?

Priscilla Asamoah Baffour

Priscilla Baffour

Humanitarian. Co-Founder&Md, Primad Organisation. Global Goodwill Ambassador (GGA). Author. Women-Girls Empowerment. Woman Of God.

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Priscilla Baffour

2 thoughts on “STRUCTURING THE ECONOMY OF AFRICA

    • Priscilla Baffour

      Scale of preference is an economic term which means placing the most important need first before other needs . Meaning scaling all your needs, the most important one must come first before the others in a scale form maybe numbering your needs from 1-10, the first one must be the most important need. In a way, scale of preference help you to prioritize very well, always doing what’s needful than what’s unneeded!

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