NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Thursday, November 15, 2012

In the recently concluded African Economic Conference (AEC) which was winded in Kigali on November 2nd under the theme “Inclusive and sustainable development in an age of economic uncertainty”, it was revealed that continued growth that is not transforming into tangible inclusion of youths in the development process may result into instabilities than economic transformation on the continent.

Speaking at the closing event of the conference, Prof. Mthuli Ncube, AfDB Vice President and Chief Economist highlighted that the 5% growth that the Africa experienced is still challenged with transforming that into poverty alleviation amongst its inhabitants if it is to be celebrated.

Among other issues that were discussed during the conference is contending for sustainable democracy as that is the pillar for economic transformation of a people, drawing examples from such countries as Mauritius and Botswana which have experienced steady in the last two decades resulting from stable and inclusive political terrains.

“African countries that democratized during the 1990s have made some development progress, while lingering semi-democracies and autocracies performed much more poorly as a group and have continued to slide backwards,” Prof. Ncube noted.