My research indicates that it would benefit enormously from a regional approach, as argued by the One way to do this is by granting preferential access to leading world markets to the region, as intended by the African Growth Opportunity Act (AGOA) and Everything But Arms (EBA), two preferential agreements extended by the United States and the European Union, respectfully, since 2001. Rapidly increasing smartphone penetration has huge potential for e-commerce in Africa Here are a dozen reasons why. Wanted: effective leadership development systems. The Economic Community of West African States (ECOWAS) maintains a regional military force and exerts peer pressure that has rooted out military coups in its member countries. A basic needs (BN) approach to development is one which gives priority to meeting the basic needs of all the people. Over the last 150 years, Africa has been transitioning through the phases of economic development and maturity; from agrarian society, to the development of extractive industries, and now the journey into manufacturing and i-services.
Education systems require investment and even more so in critical STEM subjects.

As she herself highlighted, Africa is home to five of the 10 nations that have the most start-ups.This probably helps to explain why most of these countries ranked highly on our latest Another important development has been the increase in smartphone penetration across Africa. In financial services, innovators have taken advantage of the rise of mobile phones and the absence of cumbersome legacy systems to create new solutions that support financial inclusion. (Coulibaly, S., 2017: “Differentiated Impact of AGOA and EBA on Western African Countries,” Africa Chief Economist Office, the World Bank.) Kenya’s Equity Bank Limited, which won our EY World Entrepreneur Of The Year Award™ in 2012, Thankfully, microfinancing groups are on the rise, but there is a need for even more flexible funding. West Africa could be exporting 2.5 to four times more to the EU and the U.S. were AGOA and EBA not implemented in a differentiated manner in terms of country eligibility, product coverage, and rules of origin.Given such a trade creation potential for countries committed to deep regional integration, a revision of AGOA and EBA or a special ECOWAS/WAEMU provision could make these preferential trade agreements a driving force behind regional integration dearly needed in sub-Saharan Africa.With the demonstration effect from ECOWAS/WAEMU, the international community could shift to a “contract with African neighborhoods” involving leading and lagging countries of the neighborhoods as well as the donors’ community providing the right incentives to ensure developmental regional cooperation initiatives. The 21 st century could produce an African renaissance if governments and their development partners prioritize investing in people, especially the youth. Yet, the approach of the international community (specifically, developed countries and international financial institutions) to help Africa has so far been essentially country-specific, and putting out regional fires that threaten to become global: genocides, pandemics, religious conflicts, etc.This approach has merits, but a continent suffering on a permanent basis from the triple disadvantages of low economic density, long distance to markets, and deep divisions needs a different strategy. We know that artificial intelligence (AI) and robotic process automation are set to disrupt a long list of industry sectors from automotive through to professional services, with significant implications for labour markets in developed countries. The West African Economic and Monetary Union (WAEMU) shares a common monetary policy that has held inflation down and constitutes a customs union with a compensation mechanism to uphold the Common External Tariff. Africa needs leadership development systems, and it is incumbent on development partners and global leaders to understand how cultural differences affect these. We cannot assume that this transition will happen automatically, however. With increasing economic development and maturity, parts of the continent should begin the transition to a digital-based economy, or what is being termed as the Fourth Industrial Revolution.

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