World Economy

Prosperity in Africa Depends on Cooperation

Prosperity in Africa Depends on CooperationProsperity in Africa Depends on Cooperation

The growth and development of the African continent depends on all its states working together to build a competitive and thriving continent.

When all nations play their part in growing Africa’s economy, it will contribute to Africa’s collective growth and ultimately being able to finance its own development in the future, IOL news website reported.

Cross-border trading and economic integration is one of the keys to fully unlocking Africa’s economic development and competitiveness. Africa is the only continent that has not yet fully-leveraged intra-continental trade. Various policies and programs, foremost among which is Agenda 2063, aim to change this so Africa’s resources can be mobilized for the benefit of continental growth and development.

The African National Congress (ANC) last Monday said it was committed to fulfilling the goals of the African Union’s (AU) Agenda 2063, working with the rest of the continent in tackling Africa’s goals.

In December last year, Brand SA conducted research on how local companies have expanded their footprint into the African market and how this has resulted in economic growth on the continent. Brand SA’s research shows South Africa is the third-largest source of foreign direct investment (FDI) on the continent. Companies such as MTN and Standard Bank have increased their footprint throughout the continent in the last few years and by so doing have created jobs throughout Africa.

They have also contributed to infrastructure development on the continent through their continental operations. This is an example of how South Africa has played its part in contributing to one of Agenda 2063’s objectives: one where national economies should create shared growth, decent jobs and economic opportunities for all. It highlights how competitive strengths can be used to contribute to continental growth and development.