For sub-Saharan Africa, a region still lurching with tremor and twitch, to climb out of its deeply entwined shackles of economic malaise-- tell tale effects of global economic downturn is becoming an albatross around its neck and now at the brink of dissipating past developmental efforts to half extreme hunger and poverty by 2015, as enlisted in the UN eight Millennium Development Goals.

The conventional problems of this region; wars and conflicts, HIV/Aids, child malnutrition, chronic diseases and high maternal mortality rates, amongst many, have been further compounded by the growing asymmetries of our new world, including climate change which is likely to increase the intensity of droughts in the coming years, change rainfall patterns and increase flooding, thus affecting growing seasons and food security, yet few African countries have taken real action to combat its real potential devastation.

Changes in global markets, causing erratic demand and fall in price of commodities, including Oil, Agriculture and Mining where Africa derives over 80% of its total income is also a threat towards the eradication of extreme hunger and poverty in sub-Saharan African countries.

In Zimbabwe, where inflation stands at an astronomically ridiculous figure of 6.5 quindecillion novemdecillion percent, the global economic crisis may soon make it even worse and unliveable, while in the Democratic republic of Congo, commodity exports have seen steep decline due to slowing demand from emerging economies like china.

In Nigeria, where oil exports accounts for over 80% of budgetary allocation, prices have fallen less than $35 per barrel against a budget benchmark of $45, the local currency have seen a huge decline against the US dollar, while its main stock index have become the second worst performing equity market in the world from one of the world’s best performing In 2008.

In Zambia, demand for copper which accounts for over 80% of total exports have fallen therefore, weakening government’s fiscal strength and causing significant depreciation of the domestic currency, like-wise, in South Africa, Malawi, Lesotho, Uganda, Sudan and many sub-Sahara African countries where poverty is rife, commodity exports have seen a huge decline as a percentage of gross export earning and total government revenue.

These series of declines in export earnings is disastrous for the sub-Sahara African economy and if left unaddressed with both radical and immediate policies, the fight to half extreme hunger and poverty by 2015 may well be like waiting for a raindrop in the drought.

Recommendation/Action

African governments must note that, to meet their individual economic goals such as the Kenyan Vision 2030, Tanzanian Vision 2025, Nigerian Vision 2020, Zambian Vision 2030, Etc... the UN Millennium Development goals of 2015 must be met, I recommend that; the sub-Sahara African economy must be stimulated and orchestrated with policies that are unconventional, innovative, radical and all inclusive, yet effective and less detrimental.

More investment could me made into agriculture and particularly food processing, while governments should implement sustainable agricultural programmes that is well managed and devoid of corrupt elements.

Water supply should be improved to farms while effective storage facilities and modern system in mechanisation is introduced to help increase farm yields and improve farmer’s efficiency.

African economies could by way of generating more revenue, implement; higher fines and tougher policies to punish companies whose activities devastate the environment by gas flaring, C02 emission and spilling.... These activities devastate the health of the communities, cause incurable diseases and damage habitats and lifestyles.

The governments of Africa could generate more employment opportunities by encouraging conservation and preservation of its natural resources through recycling and other methods.

I recently conducted a research project and concluded that if 50% of used papers in sub-Saharan Africa are recycled for re-use, over 10,000 employment opportunities can be generated, more than 25 new companies will emerge, the government will generate more revenue and natural resources like timber will last and become sustainable for the future generation, while its economy becomes more vibrant and progressive.

African governments such as Nigeria and Angola who have huge but declining oil reserves could promote alternative sources of energy by encouraging oil production from the use of wastes and other lignocellulostic materials, they can encourage investment into biomass projects, this will improve industrialization, promote energy efficiency, create employment opportunities and help conserve their natural oil resources while accruing more income.

Governments could implement a viable and transparent public tender system where all contracts from local, state and national governments including ministries and all parastatals will be publicly advertised through public means for interested contractors to bid, this alone can help reduce lobbying, red tapes and corruption, while it can improve transparency and ease of doing business.

Effective low-cost housing programmes should be given high priority. While power generation must be improved through clean and green methods, Sub-Sahara African countries can tap into Geo-thermal systems of electricity generation, including Nuclear energy which is the cheapest and most effective means to generate mass electricity.

Micro credit schemes could be accelerated in order to offer long term loans to business start-ups and entrepreneurs, while central banks should monitor and decrease interest rates and continue to suppress inflation.

Provision of Infrastructural projects, such as hospitals, roads, markets, schools, clean water, libraries, bridges, drainage systems, rails, parks, business incubation centres, cheap housing etc should dominate the thoughts of African governments and policy makers. Who should focus more on long term poverty alleviation strategies and modalities.

With the increasing interconnectedness of the global economy, nurtured by technological transfers, depleting resources, exploding global markets, transatlantic partnerships, trade imbalances, etc...It is certain that the current global economic crisis is just the first in this 21^st century.

One certain thing, another global crisis is coming, but in such event, how will African countries wither a storm of balance?

If south Asia can do it, the Caribbean’s are doing it, and for Singapore, Malaysia, India, china and Vietnam to have done it, then Sub-Saharan Africa with its supreme endowments can be the best it can. 

Written by Ola Onikoyi Jr: London (UK)

olaonikoyijr@yahoo.com

Robot  # 1 | 27.01.2009 20:31

To meet their individual economic goals such as the Kenyan Vision 2030, Tanzanian Vision 2025, Nigerian Vision 2020, Zambian Vision 2030, Etc... the UN Millennium Development goals of 2015 must be met, I recommend that; the sub-Sahara African economy must be stimulated and orchestrated with policies that are unconventional, innovative, radical and all inclusive, yet effective and less detrimental. ...Read the full article.