Mauritius and SA Lead Africa on Economic Transformation
BYLINE: Wiseman Khuzwayo
South Africa is a clear leader on technology in sub-Saharan Africa, followed at quite a distance by Senegal, Uganda, Nigeria, Botswana, Zambia and Kenya, according to an inaugural 2014 African Transformation Report by the Ghana-based African Centre for Economic Transformation (Acet).
The report was launched in Johannesburg yesterday in partnership with the Mapungubwe Institute for Strategic Reflection.
South Africa is placed number two after Mauritius by Acet on the overall African transformation index. This provides a quantitative measure by comparing African countries on the various aspects of economic transformation reviewed in the report.
It says economic transformation is a composite of the five elements of depth: diversification, export competitiveness, productivity, technological upgrading and human economic well-being.
The report, entitled "Growth with Depth", says since the mid-1990s many sub-Saharan African countries have seen solid economic growth, buoyed by reforms in macroeconomic management, improvements in the business environment and high commodity prices.
Rising incomes are supporting the emergence of an African middle class, and young Africans are now much more likely to return home to pursue a career after an education abroad.
It says the recent economic growth, while welcome, will not by itself sustain development on the continent. …