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Yale Center for the Study of Globalization except South Africa, foreign borrowing remains denominated in foreign currencies, potentially creating currency mismatches on the respective governments’ balance sheets. This risk can be alleviated by accumulating sufficient international reserves, which is costly in itself, but it more generally points to the need for effective debt management to reduce external vulnerabilities when borrowing abroad. To take advantage of these growth opportunities and overcome the potential traps, Africa needs strong governance and effective, transparent, and accountable institutions. A stable macroeconomic environment and good management of public funds are key elements of a successful economy. Improving economic performance depends not only on democratic transition issues but also on resolving issues pertaining to the cost of doing business, which directly impacts the potential for a thriving private sector. For example, data in the World Bank’s 2012 Doing Business Report suggest that fewer than 40 percent of countries in SSA have made available online the application procedures for obtaining a construction permit, leaving access to this administrative information subject to a physical meeting between the applicant and an official (ICTSD, 2012). Reforms of key areas of business policy and the rule of law could help to unleash further growth potential, through reducing the transaction cost of doing business with and through governments. The above example also emphasizes the great opportunity that Africa has to leap forward in its development path by embracing available technology, as was experienced with the mobile phone revolution, and less so with the computer and Internet one. According to the World Bank (2013c), only 15 percent of Africans have access to the Internet, compared to a 44 percent average for Latin American and the Caribbean, 37 percent for East-Asia and the Pacific, and 36 percent for the world. Identifying key areas and sectors of the economy where ICT development can catalyze growth represents a critical opportunity for Africa to achieve sustainable inclusive growth. In conclusion, it is clear that Africa has much potential to achieve the long-term growth that is necessary for reducing inequality and alleviating poverty across the region. In order to do this, key pitfalls need to be addressed—most importantly, through infrastructure development and improvements in governance and the rule of law. Through addressing these fundamental elements, African economies can be 158
Africa at a Fork in the Road: Taking Off or Disappointment Once Again? guided towards higher-value adding sectors that create sustainable employment for the millions of young people who will enter the work force in the next two decades. References Beck, T., S. M. Maimbo, I. Faye, and T. Triki, 2011. Financing Africa: Through the Crisis and Beyond. African Development Bank, BMZ (German Federal Ministry for Economic Cooperation and Development), and World Bank. Bhorat, H., 2013a. “The Challenge of Job Creation: Input to the Post-2015 HLP Agenda.” Development Policy Research Unit, University of Cape Town. ______, 2013b. “The Post-2013 MDG Agenda: What Are the Priorities for Africa?” Development Policy Research Unit, University of Cape Town. Bloom, D., D. Canning, and P. Malaney, 2000. “Demographic Change and Economic Growth in Asia,” Population and Development Review 26: 257–90. Development Policy Research Unit (DPRU), 2013. “An Overview of the South African Labor Market for the Year Ending 2013, Quarter 1.” Available at: http://www. dpru.uct.ac.za/search/ (accessed 8 October 2013). Hatch, G., P. Becker, and M. van Zyl, 2012. “The Dynamic African Consumer Market: Exploring Growth Opportunities in Sub-Saharan Africa.” Accenture Consulting Group. Available at: http://www.accenture.com/SiteCollectionDocuments/ Local_South_Africa/PDF/Accenture-The-Dynamic-African-Consumer-Market-Exploring-Growth-Opportunities-in-Sub-Saharan-Africa.pdf (accessed 10 October 2013). International Center for Trade and Sustainable Development (ICTSD), 2012. “The Cost of Doing Business in Sub-Saharan Africa,” Bridges Africa Review 1(6). Available at: http://ictsd.org/i/news/bridges-<strong>africa</strong>-review/152216/ (accessed 10 October 2013). International Labor Organization, 2012. Global Employment Trends 2012: Preventing a Deeper Jobs Crisis. United Nations: Geneva. 159
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AFRICA at a Fork in the Road TAKING
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Acknowledgements This volume is the
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Africa at a Fork in the Road: Takin
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2. Africa’s Policy Choices in an
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3. Industrialization: The Good Road
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PART II Why Performance Matters: Th
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14. Corruption in Africa: Shifting
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16. Global Value Chains and “Serv
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19. The Role of Aid in a Changing A
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PART V Shaping Africa’s Future
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A main improvement has involved eco
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23. Foreign Direct Investment, Natu
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24. Tanzania: Turning Natural Gas i
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26.5 Moving forward Africa’s mixe
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27. Smallholders Hold the Keys to A
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