Date Posted: 4/9/2013 11:54:14 PM
Posted By: Moff J Membership Level: Silver Total Points: 485
Africa is undergoing a major revolution that everyone wants to have a piece of. The continent is currently the most rapidly expanding continent in the world with only the Asian Tigers growing at a higher rate. As the West economic powers continue to struggle with slow, depressive economic growths and financial meltdown, African countries are riding on a wave of renewed hope and prosperity. This has been quite an awakening call to the whole world that a continent that was once branded the “doomed continent” by The Economist can actually be the face of hope and optimism in the whole world.The future prospects of Africa are so bright that the multinational companies that once feared establishing even simple branches in the continent are actually even moving their headquarters to the continent. These companies have realized that their profitability and survival depends on diversifying their market and there is no better place to do that than in Africa.The coming of age of Africa has also seen it seek to have more control over its resources and alienate itself from the jaws of the Western countries that have for a long been trying to dictate how Africa should conduct its affairs. The Bretton Woods Institutions, World Bank and International Monetary Fund, have for a long time been lending funds to the African countries with some conditions; the most infamous being the Structural Adjustment Programs of the 1980s. Nevertheless, the African countries and other emerging economies have decided that enough is enough. They have decided to take a step and mould a brick that they are going to use as the stepping stone to launch their projected prosperity. This came out a few weeks ago when the BRICS announced that they would come up with a financial institution with a bias to African affairs.BRICS is an acronym which stands for Brazil, Russia, India, China and South Africa. These are countries considered as the emerging economies whose economies have been expanding quite rapidly. They have a combined nominal GDP of $14.9 Trillion and a population of almost 3 billion people!When they held a meeting in Durban, South Africa, it was agreed that they would work towards the establishment of a financial institution with a focus on African countries. The five states will contribute towards the capital of that bank such that it will be sufficiently financed to effectively cater for the needs of African countries.Thus, this means that finally, the Africa continent and its allies have decided to take control of its destiny. This institution, if successfully established, will provide alternative source of funds that the World Bank and IMF has been providing only that this time round it will be provided at better terms. This is a big opportunity for Africa to take its rightful place in the planet Earth and take control of its resources, people and environment. In conclusion, the Africa continent has a unique chance to proclaim its independence. It is the high time that all countries focused on building their economies, improving their infrastructure, providing all the necessary social services, ensuring good governance and providing an environment for human development. The BRICS have just taken one first step and as it is said a journey of a thousand miles starts with one step. Africa is about to launch and all and sundry should be prepared for the takeoff!
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