Africa’s Economic Growth: A Fallacy of Numbers?

Acheampong, Theophilus (2013): Africa’s Economic Growth: A Fallacy of Numbers? Published in: African Agenda , Vol. 16, No. 4 (2013)

Abstract

Only a decade ago, Africa’s socioeconomic growth potential was confined to the doldrums and back alley of underdevelopment. Today, the international media continues to be abuzz with common memes such as ‘Africa Rising’ and ‘The Final Investment Frontier’ amongst others. Many writers often cite poverty, disease, starvation, wars and tribal conflict fuelled by a vicious neo-colonial legacy as the cause of the continent’s woes. Much as these may be true, we have witnessed Africa rise like the proverbial phoenix over the last decade to join the league of global and regional economic blocs negotiating for a fairer and better world economic system. Africa’s statistical growth may be problem may be a measurement issue and correction of GDP data to reflect the upward trend in economic activity. Nevertheless, one cannot deny the fact that Africa is growing whatever the numbers may seem to project. The real challenge will be the extent to which we can leverage and translate the macro-level growth at the micro-level to address the massive unemployment faced by the youth.

• Item Type: MPRA Paper
• Language: English
• Keywords: Development,Economics,Political Economy
• Subjects: E - Macroeconomics and Monetary Economics > E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; E - Macroeconomics and Monetary Economics > E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook > E62 - Fiscal Policy; E - Macroeconomics and Monetary Economics > E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook > E66 - General Outlook and Conditions; H - Public Economics > H3 - Fiscal Policies and Behavior of Economic Agents; H - Public Economics > H6 - National Budget, Deficit, and Debt; J - Labor and Demographic Economics > J1 - Demographic Economics; L - Industrial Organization > L6 - Industry Studies: Manufacturing; L - Industrial Organization > L8 - Industry Studies: Services

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