Despite the effect of the global financial crisis and political instability on the continent, Africa can still continue on its rapid growth trajectory, but it must first address key structural reforms, the head of the African Development Bank (AfDB) said.
AfDB chief, Donald Kaberuka said focus should be on job creation, development of the value chain, faster and better logistics and a real transformation of the continent’s 54 economies for growth levels to be improved.
Speaking at the opening of the Africa CEO Forum in Geneva, Kaberuka said a principal tenet of future growth would be pubic private partnerships.
“In recent years a fundamental change of thinking has taken place in Africa, with governments recognising the essential role of the private sector in the expansion of economic growth,” he said.
The three-day event, which is being attended by more than 700 chief executives and business leaders from some of Africa’s largest companies, aims to debate how to boost African competitiveness.
“Many African leaders are working to improve the business environment and strengthen dialogue with the private sector. But much remains to be done to express the whole potential of the African private sector.
“Recently we have seen very mild growth as a result of a lack of strong decisions being taken,” he said, adding that this lack of decision making was holding some of the continent’s economies back.
“Africa is able to retain its dynamic drive from 2013 – which saw sub Saharan Africa GDP growth reach 5.5% and is predicted to reach 6.5% in 2014.
“Africa continues to go forward with the drive with which it began at the beginning of the millennium.”