Ethiopia, with its first satellite representing African presence in space, the determination has been conveyed to the world. African nations are on the move; the most resource-rich land on Earth. Once the center of human evolution, it is now remarkably rich in demographic and cultural diversity, nature & biodiversity, fuel, minerals and land. It has a large population of youth. But the history has caused huge sufferings to the land. Unstable governments, military occupation, diseases, poverty and corruption have plagued the countries in Sub-Saharan Africa.
Yet, against all odds, there are numerous prospects for African countries. However, in order to establish the ground for socioeconomic development, various studies suggest that the rule of law and governance in Africa needs to be revamped.
Africa is the youngest continent that has witnessed the four revolutions of mankind. It has an open world as numerous case studies of what works and what not in the most debated models of economy & governance; what holds importance in a long run and better options than an economy without environment. With all such lessons Africa has a wide road to ride in its own way. This is to explore & analyze prospects, challenges and opportunities for the future to make the continent great again.
The progress report on Sustainable Development Goals (SDGs)
The future is solely driven by the present. The Sustainable Development Goals Report 2019 (United Nations, 2019) depicts the status of Africa on 17 SDGs. On the goal 1, Ending Poverty, although the world altogether needs to exhibit an aggressive stance, there is a substantial result yet to be achieved in Africa. The report estimates about out of 736 million people, used to live below $1.90 per day in 2015, 436 million of them count in sub-Saharan Africa. By 2030, the projections show a decline of only about 2%, in the population living below $1.90 a day if current policies are not reformed.
On the other hand, working population living under $1.90 a day also stood highest at 38% in Sub-Saharan Africa in contrast to 8% of the world average and 31.5% among other Least Developed Countries. Alarmingly, the rate of working poverty in youth is double the rate in adult workers.
Adding to it, the proportion of the population covered by at least one form of social protection benefit, and children covered by social protection, as in 2016 is least at 13% in Sub-Saharan Africa where the world average stood at 45% and maximum 86% in Europe and North America. At the global level, the agriculture orientation index (AOI) - support to agriculture sector was lowest in sub-Saharan Africa (0.20), jeopardizing job opportunities in the sector with low production and poor exports.
Public Health has caused major setbacks to the African economy, which is yet to be improved. Now 59% of the births are attended by the skilled professional. Maternal and child health need sustained investment in sub-Saharan Africa. The continent continues to account for more than 90% of global malaria cases, and the toll is rising.
Governance and economy
Africa in recent years has suffered losses in terms of capital flight. It has severely impacted the industrialization in African countries. A study conducted by Asongu and Odhiambo (2019) validates the of capital flight on good governance. The study established that revamping current industrialization efforts in African nations would non- need good governance systems to recover from the damages that capital flight has caused to industrialization.