Article

African Growth Strategies

Augustin Kwasi Fosu and Eric Kehinde Ogunleye

in The Oxford Handbook of Africa and Economics

Published in print July 2015 | ISBN: 9780199687107
Published online October 2014 | | DOI: https://dx.doi.org/10.1093/oxfordhb/9780199687107.013.002

Series: Oxford Handbooks in Economics

African Growth Strategies

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  • Economic Development and Growth
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This chapter provides a panoramic view of the conceptualization, design, and implementation of growth strategies in Africa, from the pre-colonial period to the present. These strategies have been shaped by different schools of thought, interests, and emerging issues prevalent at the time. They have varied chronologically: from the colonial strategy of exporting commodities to feed Northern industries, the immediate post-independent import substitution, the Washington Consensus and the Post- Washington Consensus, to the current country-specific and regional cooperation strategies. Going forward, African countries need to craft growth strategies that ensure sustenance of the impressive growth recorded over the last decade. The growth must be more inclusive, through the optimal use of fiscal and natural resources as well as effective governance to improve job creation, and reduce inequality and poverty. In addition, any future strategy must be mindful of the environment and technological advances, and should entail strengthening regional integration and South–South cooperation.

Keywords: growth strategies; Africa; Washington Consensus; regional and South–South cooperation

Article.  7521 words. 

Subjects: Economics ; Economic Development and Growth ; Economic History

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