Africa Rising

"Africa Rising" is the title of last's week front page of "The Economist". This title was very indicative as a decade ago the same "The Economist" wrote an article about "Africa: the hopeless continent".

It seems that things are changing. It is difficult to say why as there are many factors: the increase of direct investments, the entrance of technology in the continent, the boom of relationships between developing countries (China, India, Brasil) that has invested and changed the way of doing business in Africa, the increase of stability in some countries, the increase of the price of commodities. Despite the difficulties to mention the factors what we can realize today is that Africa has changed at least the expectations in economical terms have increased.

These are good news but not enough. There is a lot to do: basically how to drive this economic expectation to an increase in the continent welfare and standard of living and how to reduce inequalities while the continent is growing.

Going deeper into the subject "The Economist" has another article inside titled "The sun shines bright" where it explains about the keys of these changes in the last decade and the challenges in the next future.

In addition to the well known factors as increase of GDP last years, reduction of inflation, increase of trading with rest of the world and inside the continent, reduction of foreign debts, reduction of public deficits there are many other considerations that brings hope to find in these times the definitive growth that will bring a general increase in terms of health, education, social protection similar to Asian tigers two decades ago.

These considerations are:

- The foreign direct investment (FDI) has increased more than double of total aid (when ten years ago was similar amount).
- Only a third of the economic growth is due to commodities so sales of minerals, oil, gold,... are still important but it exists a growth in other sectors (technology, banking, communications, transport).
- Political stability increases the growth of the countries. There are more countries that hold elections than before and in the north of Africa social movements are defeating dictators. We all know there are a lot to do in political terms in the continent but an improving comparing past times is a reality.
- Access to technology. Mobile phones have penetrated into the bush. Also internet services allow to increase trading and access to information. Technology is also aiding health care. Bed nets have reduced mortality and treatments are more effective today.

As we mentioned before there are still a lot of things to do to confirm this expectation about Africa and to improve the way of sharing these growth throughout the continent but it is encouraging to realize that African comet is starting to fly high.