Saturday, September 23, 2023
Homedavos world economic forum 2014Africa now paying a 'democratic dividend'

Africa now paying a ‘democratic dividend’

Lawmakers and business leaders warned Wednesday that while Africa has become more politically stable, the continent still faces challenges to ensure sustainable and inclusive growth.

Speaking at a panel discussion at the World Economic Forum for CNBC Africa, Goodluck Jonathan, the president of Nigeria, said that most countries on the continent are enjoying stable governance despite several "sour" areas of conflict.

John Dramani Mahama, the president of Ghana, agreed with his sub-Saharan neighbor, adding that investors were now enjoying a "democratic dividend". He said that this stability, respect for human rights and rule of law has created jobs, growth, new investment and an atmosphere for young people to be creative and innovative.

(Read More: Africa needs education to harness growth: Dangote)

But there were also calls for Africa to move forward and grow its economy. The Nigerian billionaire Aliko Dangote, who is president and CEO of the Dangote manufacturing group, believes that Africa needs to start manufacturing the raw materials it exports into products — effectively moving itself up the value chain.

"There is no (African) government that is against business," he said, urging investors to learn more about the continent. He added that future governments would almost certainly be pro-business and investors wouldn't "make mistakes" by contributing to its economy.


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