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Lessons and Ideas for Charting a New Development Path in Africa

In: Economic Development in the Twenty-first Century

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  • Matthew Kofi Ocran

    (University of the Western Cape)

Abstract

Drawing on the theories of economic growth and development, facts and empirical evidence regarding economic growth in the long run, Africa’s legacy of history and lessons from the successful East Asian economies, Ocran put forward five ideas that African governments have to consider to hasten economic development. The rapid population growth rates in Africa have to be curbed. Domestic resource mobilisation has to be prioritised to generate resources for gross capital formation because no country has developed by relying solely on foreign capital. The fourth point is about the need to facilitate the transition of the informal economies into the mainstream economy and lastly, serious attention has to be paid to industrialisation by adopting “smart” industrial policies that provide some protection for selected local industries.

Suggested Citation

  • Matthew Kofi Ocran, 2019. "Lessons and Ideas for Charting a New Development Path in Africa," Palgrave Studies in Economic History, in: Economic Development in the Twenty-first Century, chapter 0, pages 373-392, Palgrave Macmillan.
    • Handle: RePEc:pal:palscp:978-3-030-10770-3_10
    DOI: 10.1007/978-3-030-10770-3_10
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