Double Digit Growth: Jeffrey Sach’s Recipe For Africa | Independent Newspapers Limited
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Double Digit Growth: Jeffrey Sach’s Recipe For Africa

Posted: Jul 14, 2015 at 12:48 pm   /   by   /   comments (0)


As thousands of delegates including experts in economy converge on Addis Ababa, Ethiopia for the third Financing for Development Conference to design a new financing plan for global partnerships, world-renowned professor of economics, Professor Jeffrey Sachs, has given suggestions on how Africa could bridge the continent’s growth.

Sachs, who spoke on the side-lines of the conference has said closing Africa’s infrastructure gap is a top priority if the continent is to get on a path for double digit growth and sustainable development.

According to Sachs, “There is no choice. Africa needs 10 per cent per year of economic growth in the next 15 years.”

To achieve this, he said the continent must focus on large-scale investments in trans-national infrastructure projects in power, roads, broadband, and other core regional infrastructure needs.

For Africa to realise the 2030 timeframe, Sachs, Special Advisor to United Nations Secretary-General, Ban Ki-moon, on the Millennium Development Goals (MDGs), also urged the global community to rally around the NEPAD agenda, as the continent’s strategy for implementing cross-border infrastructure projects.

“We need to help support New Partnership for Africa’s Development (NEPAD) Agency achieve its goals,” he said in a statement by NEPAD on Tuesday.

Sachs’ views were corroborated by Chief Executive Officer of the NEPAD Agency, Dr Ibrahim Mayaki, who highlighted that Africa’s challenge was not a lack of resources, but a lack of bankable projects.

“We need to invest in the capacity to invest. It is about proposing structured projects,” Mayaki said.

To get this suggestions working, the NEPAD Agency, SDSN, UN Conference on Trade and Development (UNCTAD) and Washington-based think tank Brookings Institution, agreed to set up a working group that will move Africa’s regional infrastructure financing agenda forward.