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Economic Growth In Africa

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The current pattern of Africa’s economic growth is particularly worrisome given the fact that the region has a young and growing population and will, according to the United Nations Population Division, account for about 29 per cent of the world’s population aged 15–24 by 2050. Furthermore, population projections indicate that the working age population in Africa is growing by 15.3 million people per annum, and this number is expected to increase over the coming decades. While having a young and growing population presents opportunities in terms of having an abundant labour supply with much creative potential, it also means that African countries will need to engage in growth paths that generate jobs on a large scale to absorb the additional …show more content…

W. Bush and Ronald Reagan used to attack Iraq under Saddam Hussein in 2003 and Gaddafi`s Libya in 1986 respectively. Some countries, notably the United States of America (USA) are using this policy as a pretext to pursue her foreign policy goal. Peace and security are vital elements in the running and functioning of any country. According to Peter Lock (1999), security is the pre-condition for economic development, especially today where states are in a serious competition to attract foreign investors. Most African countries have failed to provide security to their citizens. Civil strife, social unrest and political violence are common phenomena in …show more content…

One of such endogenous factors is corruption. Today, most African nation-states have been independent for forty years. Unfortunately, at forty, many of these nation-states have made either minimal progress or stagnated, in terms of socioeconomic growth and development. Despite the fact that the continent’s problems are multifaceted, corruption, particularly in countries where it has become an integral part of the social fabric, is a major handicap to their development efforts. Corruption may be defined simply as the misuse of entrusted power for private gain . The financial resource involves in these corrupt deals could have been channelled into useful project that will help to stimulating growth and development in African country. It is also important to take note of the fact that no single regime or government in Africa after independence has been excluded from corruption saga, being rumour or truth. Taking Ghana for instance, there were corruption rumours levelled against ex-President Kufuor regime of purchasing a mansion (Hotel

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