The future of Africa depends on foreign aid sincere and genuine
François Hollande, on his first visit to Africa as French president, has not been stingy with words praising Africa.
Africa is supported by an unprecedented population dynamics … Africa is the world’s economic future. It is the continent of growth, progress and development. The world’s economic future will be played in Africa, “he said Friday, Oct. 12 at the National Assembly of Senegal.
In fact, the African economy has performed well in recent years. From the perspective of the African Development Bank (AfDB), the African economy is expected to show an impressive growth of 4.5% in 2012 and 4.8% in 2013. The economy of Europe, for its part, cannot rely on an increase of 0.8% in 2012, before entering a period of stagnation in 2013, according to international rating agencies.
Since the era of colonization, Africa has maintained close relations with the traditional Europe, including France. French companies have a great influence in Africa, according to some economists; nearly 20% of the African economy is linked in one way or another in France.
Rich in resources of all kinds and enjoying a relatively young and dynamic population (youth constituting two-thirds of a population count 2 billion in 2050), Africa has everything to maintain its economic momentum.
“We have identified the increase in domestic consumption, macroeconomic policies, and growth in sectors such as mining, services, construction and production as the main internal drivers of African growth,” said Professor has Mthuli Ncube, Chief Economist and Vice President of the African Development Bank (ADB) during the presentation of the African Economic Outlook 2012 in Johannesburg.
Nevertheless, inflation, rising grain prices and the debt crisis in Europe are all factors that could adversely affect African growth, also said economist of ADB.
François Hollande believes that Africans should “strengthen the presence of Africa in the globalization (…), developing services and telecommunications.” This could not be more true, nevertheless, Africa, after several centuries of colonization and exploitation by the West, need external assistance in order to effectively embrace the bright future designed by the French president.
Cooperation between Africa and China provides a good example of such a model help. In 2011, Chinese direct investment in Africa totaled more than 15 billion, notably in the areas of infrastructure and telecommunications. Projects funded by China have been implemented in 50 African countries. Other emerging countries such as India and Brazil, have also strengthened cooperation with Africa in recent years.
Before leaving for Africa, François Hollande had said he would use new words to go to Africa. It now expects France to materialize his promise and engages in genuine cooperation “win-win” with Africa.