Lessons and Ideas for Charting a New Development Path in Africa

Matthew Ocran

Chapter Chapter 10 in Economic Development in the Twenty-first Century, 2019, pp 373-392 from Palgrave Macmillan

Abstract: Abstract Drawing on the theories of economic growth and development, facts and empirical evidence regarding economic growth in the long run, Africa’s legacy of history and lessons from the successful East Asian economies, Ocran put forward five ideas that African governments have to consider to hasten economic development. The rapid population growth rates in Africa have to be curbed. Domestic resource mobilisation has to be prioritised to generate resources for gross capital formation because no country has developed by relying solely on foreign capital. The fourth point is about the need to facilitate the transition of the informal economies into the mainstream economy and lastly, serious attention has to be paid to industrialisation by adopting “smart” industrial policies that provide some protection for selected local industries.

Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palscp:978-3-030-10770-3_10

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DOI: 10.1007/978-3-030-10770-3_10

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