Weekend Argus (Saturday Edition)
‘Africa needs inclusive growth’
WEF gathers in Durban to chart way forward
AFRICA’S drive to generate inclusive economic growth and the leadership this requires will be the focus of the 27th World Economic Forum on Africa in Durban next week.
The 27th World Economic Forum on Africa will convene over 1 000 leaders from more than 100 countries, representing business, government, academia, civil society, media and the arts for the meeting which is themed “Achieving Inclusive Growth through Responsive and Responsible Leadership”.
The WEF said Africa’s imperative was to generate truly inclusive economic growth that “provides everyone with the same opportunity to prosper and achieve”.
It said the Durban meeting aimed to move leaders to change the way they approached development planning by designing policies that allowed everyone to benefit from economic growth.
“Until now, the benefits of global economic growth have been disproportionately distributed within regions and countries, which has led to a crisis for market capitalism and a proliferation of populist and nativist political movements.”
The Durban meeting’s other priority is to help Africa prepare for the huge changes the world is about to experience as a result of the Fourth Industrial Revolution.
“Rapid technological advances in the physical, digital and biological worlds are giving rise to a new era that will have a profound effect on how humans live, work and interact with one another,” the WEF said.
“Building the right institutions, developing relevant skills and enhancing access to knowledge will all be crucial to Africa’s future prospects.”
Among the key issues which will come under the spotlight in Durban are food and water security, preventing the deforestation of tropical forests, securing investment to tackle Africa’s large infrastructure gap, bridging the digital divide, improving delivery of health care, helping Africans gain access to financial services and facilitating better intra-regional trade.
“South Africa is honoured to host this illustrious gathering of global leaders on behalf of the African continent and we look forward to sharing our insights and homegrown successes with the rest of the continent and the world,” President Jacob Zuma said.
“As a host country, we look forward to a meaningful dialogue and innovative ideas from stakeholders across the continent and the world on accelerating partnerships and boosting regional integration for Africa’s inclusive and sustainable growth.”
“The best way to secure a sustainable and prosperous future for Africa is to build an economic transformation centred on inclusive growth and equality of opportunity for everyone,” said Finance Minister Malusi Gigaba.
“Africa’s leaders must act fast to build strong, inclusive societies capable of prospering in our rapidly changing world. If we create conditions in which everybody is able to prosper, then the 21st century can truly be Africa’s century.”
“If we fail, the region risks falling further behind,” said Elsie Kanza, WEF head of regional strategies for Africa and member of its executive committee. – ANA