Monday 4 August 2014

Is Africa really growing as it has been claimed?

Razia Khan writing in the east African Business week of June 30-Jly 6, 2014, questioned whether Africa was really growing. His argument was that the statistics quality in Africa from different agencies did not enable Africa to know whether it was growing or not. According to him, the data in Africa is so bad that it does not enable any meaningful interpretation. Khan is head of Africa research at Standard Chartered bank in London. In a way he is challenging the school or thought that Africa has been growing rapidly in the last decade. I cannot agree with him more, poverty in Africa is simply increasing. Possibly we have economic growth without economic growth. Many world leaders and economists have been saying it is time for Africa to lead the way in economic growth following China. My view is that Africa is not ready yet. The concept of business is still foreign to many Africans given that approximately 70% or more of Africans are not yet in the business/industrial economy.

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