The truth about Africa today
By Isaac Twumasi Quantus in Accra.
It is widely said that Africa cannot solve its problems and is continually dependant on foreign solutions. Today, if you should take a look at what is happening around the continent it should tell you Africa can solve most of its problems internally.
Solutions for Africa can be home grown. There is an increasing demand by Africans for trade rather than aid. Many successful African businesses have already taken up significant levels of social responsibility, including projects like fighting disease, sponsoring education, and developing community projects. This desire is reflected both in government and private sector.
It is not entirely true that only a change in governance can change things. However, when businesses are empowered, they are able to affect governance in the long run. They become stronger, growing into tax payers and hence influencers. They have a voice and sooner or later government listens to them.
Today, almost every type of business operating in Africa shows profitability. Because most African countries have low development thresholds, there is huge demand in almost every sector. This is unlike many Western markets, which have become saturated.
I believe African poverty can be greatly reduced through micro, small and medium-sized businesses. These are the engines of economic growth for countries globally. Small businesses create more jobs than any other entity. Because of the communal lifestyle, every single job created through small businesses affects at least four lives. In some African contexts, the ratio is greater.
Aid on its own cannot stamp out poverty. Aid should be an emergency measure targeted especially at severe, distressed sectors. However, it should not become a permanent feature. But the good news is that as of 2006, foreign direct investment into Africa exceeded inflowing aid for the first time.
This article was originally posted on Sustainable Development Africa Platform
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