Recently, most African regions including Sub-Saharan Africa, demonstrated a positive economic growth and unforeseen event which is specifically designed to achieve the 2015 development goals that is concentrated to end poverty.
Even though some unsustainability seed and socio-political tensions exist in Africa, the current strategic time for Africans is right now. The progressive dynamism of economic growth in the region is a well-established fact. This dynamics is vested mainly through internal driven demand external commodity exchange rates. Since the population expands rapidly, different growing sectors outside the industry of extraction are widely practiced. Construction and related services are a great movement to answer the need for the demand for the fast urbanization population and related infrastructure. However, the growth of manufacturing industry is still slow that poor logistics, infrastructure and lack of cluster industries made the journey difficult.
Every African citizen needs sustainable, well paid job but due to the unusual commensuration of job growth and economic growth, economic transformation and powerful inclusive policies couldn’t be executed in decreasing the rate of unemployment. But there is still hope for all Africans since millions are being lifted out of poverty, progressive results have been achieved in the human development area. Some of them are reduction of mother-infant mortality, process towards the combat of HIV/AIDS, malaria and TB and educational development. In addition to this, Africa’s financial system has change a lot in terms of limited integration of banks into the global financial systems. The overall inflation rate is low and the macroeconomics growth was relatively persuasive. Most African states have firm central bank regulator that made a great role on the prudential side and capital adequacy issues.
Similarly when we see the basic implementation systems of most African banks, the overall procedure and policy regulation is very good. Robust supervision, application of sanctions regime wherever needed and the application of resolution mechanisms boosts the working environment of the banking and the finance sector at the peak position than any other times. Although the second round influences were most likely to be brutal on experts, remittance and investment flows, Sub-Saharan Africa sustained with low damage and resumed its growth pathway. But some shock absorbing effects was the but counter cyclical decisions adopted in various regions had been reasonably effective. IMF has also confirmed that through the impact of the global economic inflation on Africa was quite severe; Africa has mercifully escaped from this great horror.
The crisis management style and handling procedure in Africa are under the way to technical operation of the economical standards. Due to the past credible crisis management record and resilience shock of the past, coping up with economic crisis is still homework for most African states. Therefore, the management sectors of the governmental and non-governmental sectors of all African regions must work hard to be more upgraded and walk with the current economic-crisis resolving methods. Just like china did, special economic zones and broad and majority inclusive method of free-market management should also be developed.
Africa, in the period of lifting millions of her children out of poverty, is at the fruitful stages of development. The major elements of this successful process are improved agricultural practice, quality education and the establishment of private enhanced government in process of enterprise development. Therefore, without killing too much time for the futile ideological economic theories, the current implementation of sustainable economic reformation in Africa will definitely take all African hands out from the deadly economical disease poverty, once and for all!
