oa Africa Dialogue Monograph Series - Economic Aspects of the African Renaissance

Volume 1 Number 1
  • ISSN : 1562-7004



Africa is on the move. From Mali to Uganda to South Africa, hope and real success are transforming the continent. A new spirit of social and economic progress has energised much of the region. Gradually the rest of the world is beginning to take notice of Africa. These are the words of Callisto Madavo and Jean-Louis Sarib, vice presidents, Africa Region of the World Bank from a 1997 paper A New Africa is Generating Success and Hope. K. Y. Amoako, executive secretary of the United Nations Economic Commission for Africa, notes that the ... vision of an African Renaissance is not a mirage. Tangible and encouraging progress has been made by many countries in reforming their economies, and in putting in place the right policies and structures to ensure equitable growth and reduce poverty. However, although Africa is on the move and hopes are high for the remergence from decades of stagnation and crisis, the challenges remain vast. This paper, first, highlights some of these challenges and the need for deepening, sustaining and spreading the benefits to more countries and their peoples; second, it focuses briefly on current conditions and emerging understanding underpinning an African economic Renaissance; third, it touches in more detail, on select aspects of the issues required for an African economic revival. This paper neither pretends to deal with even these few aspects comprehensively, nor infers that other aspects of a holistic, comprehensive development framework are unimportant.

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