Harnessing economic growth in Africa: opportunities and challenges in the 21st century, 2000 – 2012

Abstract

ABSTRACT The overall objective of the study was to critically evaluate economic growth in Africa in the 21st century, with a focus on opportunities and challenges that exit thereof, from the year 2000 to 2012. More specifically the study aimed to: provide an overview of economic growth in Africa, assess existing opportunities and challenges of economic growth in Africa and explore some of the key issues surrounding economic growth in Africa. Cross-sectional survey design was used. The populations of interest were 40 expatriates targeting 10 staff/expatriates from each of the 4 countries selected for this study. The study used both secondary and primary data. Secondary data was obtained from the International Monetary Fund’s International Financial Statistics, the Central Banks of Africa, the World Bank, UNDP and the website during the period of 2000 to 2012. Primary data was collected using an interview guide. Content analysis technique was used to analyze the data. The study found that governance combined with peace, can lead to economic transformation, the core incentives of economic growth. With this, the continent should exploit the maximum benefit from globalization in terms of positive interdependence. The four integrative elements should lead and vindicate African development if adopted by all stakeholders. The study recommends that since these kinds of observations have limited temporal validity and may carry biases, work should be done to validate, historicize and contextualize them. Such research enterprises are best done in collaboration. More studies are needed to explore the potential and sustainable growth of the African continent as well as the challenges facing economic growth. Harnessing economic growth, is a global necessity which differs in their way of adoption and implementation depending with the worlds continents settings all together.