Africa’s 3 biggest stars in 2010?
Posted on 06. Jan, 2010 by Kwabena in Politics, World
I am not the biggest footie fan you will meet, in fact I think the sport is overrated and rather soft but in saying that on the 15th of January 2010 I shall be watching Eurosport to see who shall submit the biggest statement of intent not only for “The African Cup of Nations” but for World Cup 2010 as well. Yes as you may already know on this date Dider Drogba and Michael Kojo Essien shall be playing against each other for once. Unfortunately that is the last you shall hear about West Africa in this article.
Doom Sayers predict that although the credit crunch didn’t affect Africa as badly as other continents in 2010 Africa shall really face its raft in the form of reduced aid as the world tightens its pockets. Yet optimists mention that 19 African countries possessing recognised credit ratings and many of their bond markets offering attractive returns, 2010 may be not be so gloom for the Mother of Civilisation that was a victim of its own kindness.
When oil isn’t crude
Rio Tinto and others may have pulled out their wallets in 2007 when news arose about oil being found in Brazil but then many would have bet on this same nation picking up the World Cup in 2008. Yet in 2010 all eyes shall be on its cultural mother Angola. Home of Nzinga, this month Angola shall hold the African Cup of Nations which shall provide followers around the world a quick snapshot of the country’s infrastructure.
OK they didn’t exactly score high on “The Ibrahim Index” and its a nation still recovering from a civil war that was older than your average university graduate the country and a government that has enjoyed 3 decades in power, one may struggle to see why I choose Angola.
Yet the ill president in December hosted his OPEC friends laying out the nations intent on dabbling in capital markets. The government has made some bold plans but talk is cheap especially if you have spent a lot of time in the hot
“The National Plan for 2010-2011 aims to promote macro-economic stability, employment, price stability, better wealth distribution as well as new infrastructures to attract investments and private initiatives,” according to the statement issued on behalf of the ministers.
Angola’s minister forecast their economy will expand by 8.2 % next year, with non-petroleum industries growing 15 %, which is surely an attempt to illustrate that Angola will reduce its 80% budget dependency.
DIAMONDS ARE A GIRL MAN’S BEST FRIEND?
Botswana regarded by the West as Africa’s diamond example of democracy, despite the same party ruling for over 4 decades.
Diamonds trade has been the highlight of Botswana’s economy but the reason why I feel they are bound to enjoy economic success is due to the government’s opposition towards the diamonds (or dependency on diamonds).
Their diamond trade was hit by the recession (X-Men or footie fans imagine Cyclops without his laser eyes or Manchester United 2008-09 without Ronaldo). This resulted in a slowdown of their economic growth but trade is looking to pick up this year. Although within the next within the next decades analyst forecast supply from deposits will dry up, which shall become apparent from 2015 when output declines.
Yet diversification shall determine this nation’s future and this has switched on something in the newly elected Presidents mind. In October 2009 saw Ian Khama become Botswana’s 4th President since independence. The non alcohol drinking Ian Khama’s fiscal policy saw a 30% 
tax placed on alcohol. Also hefty investments into generating electricity shall feed the land locked nations growth. It is also a vital component in building the nation’s infrastructure.
One must not forget the nation has a credit risk in comparison to most of continent, which is an incentive risk adverse investors. Botswana has a population of approximately 2 million and the Khama has identified entrepreneurialism and the youth play a major part in the country’s success. The jubilation was expressed by a young lady who tweeted on twitter, “50% grant and 50% interest free loan, for youth business start ups!!! Someone in Botswana has recognised where the nations true diamonds lie”
The Paradox of Economic figures and Ethiopia – Rome wasn’t built in a day?
Travelling further upwards and Eastwards to one of the world’s fastest growing economies. We travel to the home of Coptic Church and the ONLY African nation not to be colonized. Surpassing the Africa’s biggest oil producers and has a GDP growth more than double that of the USA and UK combined, plus the financial award from the IMF (the irony I here you historians mutter) definitely places Ethiopia in a strong place come 2010.
The IMF official expressed his support for “the government’s overall strategy to strengthen the foundations for growth - with an increasing role for the private sector - while preserving macroeconomic stability. This broad strategy includes maintaining a sustainable debt position, while scaling up public sector investment in the key areas of infrastructure, health and education, boosting overall economic activity through commercialisation of agriculture, and fostering the non-farm private sector,”
Yet corruption is still a major issue (tell me a place where it isn’t), spectators claim income inequality is still very high, which is illustrated via malnutrition in certain parts. The country is still heavily dependent on FDI’s from China and the Middle East.
Despite being regarded as one of the poorest countries in the world Ethiopia appears to be heading in one direction and that’s up. They fared better than most in the global recession than most nations and if (always a big if) elections run smooth in May, then the 75 million Ethiopians may have one thing in common and is optimism not matter how faint the celebrations are.
Informative article if not a tad harsh on Africa as a continent as a whole. Indeed Rome was not built in a day, lets remember that the western ideology that so many seem to crave is a result of TWO World Wars, countless unjustified invasions and mass terrorism in its crudest definition.
Jide the point regarding Western development is true. Africa has experienced genocide like no other from the 14million Congolese killed by the Belgium to Africans lynched in the states. Defo, Rome was not built in a day but western ideology and politics still has claws entrenched in many parts of Africa. Although there are a lot of positive things occurring on the continent so may be not in our lifetime but one day.
What part did you find harsh? Or was is it the whole article
Lol I said the article was informative BUT a tad harsh.
The genocide you allude to is my point Kwabena. The west that we are often compared to is a result of such exploitation. Nigeria for example is criticised for failing to make democracy work in half a century, where the west have had the occupation of Afghanistan and Iraq in our lifetime alone, as well as World War 1 and 2 AND the the Cold War before our time (to name a few) - hence the reference to Rome was not built in a day.
I said it was “a tad harsh” as like you acknowledged the west still has a hold of many of our richest nations yet the article does not acknowledge that indeed Rome was not built in a day…”and its a nation still recovering from a civil war that was older than your average university graduate the country and a government that has enjoyed 3 decades in power”…
Keep posting stuff like this i really like it