Browsing: Industries in Africa

Jobs in Africa African Continental Free Trade Area.

The AfCFTA presents a significant opportunity for African countries to bring 30 million people out of extreme poverty and to raise the incomes of 68 million others who live on less than $5.50 per day.  The AfCFTA is the new anchor to pull multinationals to invest in Africa.

This agreement not only brings hope to African governments but also encourages current efforts on the ground, which improve jobs in Africa.  

The World Bank points out that the AfCFTA will create the largest free trade area in the world, measured by the number of countries participating. The pact connects 1.3 billion people across 55 countries with a combined gross domestic product (GDP) valued at $3.4 trillion.   

It has the potential to lift 30 million people out of extreme poverty, but achieving its full potential will depend on putting in place significant policy reforms and trade facilitation measures. …

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What if I told you the real GDP in Africa which is projected by African Development Bank (AfDB) to grow by 3.4 per cent in 2021, could be not as effective in measuring the actual progress of the youngest continent on the planet? 

The Gross Domestic Product (GDP) a measure of economic growth was developed by an American, Simon Kuznets in 1934 in the modern concept; however, its original concept emerged in Europe between 1654 and 1676, which was a gruesome period for Africa, driven into the onset of the trans-Atlantic slave trade which ended in the 19th century. 

Several discussion panels have taken a keen interest in finding out the drawbacks of GDP, including one led by Nobel economist Joseph Stiglitz (commissioned by former French President Nicolas Sarkozy) that found the measure had serious holes, saying “it is time to replace gross domestic product with real metrics of well-being