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No Turning Back for Africa-World Economic Forum
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Delegates at this year’s World Economic Forum on Africa held in Cape Town in June were in an optimistic mood as they contemplated Africa’s recent growth curve. The next move, they said, is to ensure that Africa can consolidate on gains made so far.
The whole buzz at the World Economic Forum centred on Africa’s remarkable economic growth over the past couple of years, and around the very real prospect that it could well grow at a sustainable rate in the future.With confirmation by the OECD of Africa’s growth performance at 5.5%, its fastest pace in 30 years, ‘Going for Growth’ the overriding theme of the Forum set the tempo for an energetic round of talks. It also gave impetus to the resolve that Africa would prosper best by economic growth, rather than by aid.
In fact, insisted some delegates, Africa should not rely solely on foreign aid to alleviate poverty and create employment, and there was mounting agreement that Africa should look to itself for solutions to its economic woes, although aid should not be disregarded as it was useful for poorer countries for setting up much needed infrastructure.
Although the continent is growing at a robust pace, its performance is not yet enough to reduce the poverty and under-development shackling many African states.
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