Thursday, May 23, 2024

Botswana urged to play part in unleashing Africa’s economic potential

Africa has emerged as the second fastest growing continent in the world registering high levels of economic growth. Unleashing Africa’s potential as a global growth pole requires investment in human capital, technology and investment in physical infrastructure.

However, sustaining the current growth momentum in Africa and unleashing the continent’s productive capacity requires innovative and bold actions on many fronts and Botswana has been urged to step out of slumber and harness this potential.

Head of Infrastructure Government Utilities team at Price Water House in South Africa, Reginald Max, said Botswana is one of the fastest growing economies with a resource base that’s unparalleled and should convert that economic advantage into a dividend for Africa.

“The African continent is seeing an unprecedented market growth with the ability to sustain investments of all sorts and Botswana must play its part in unleashing Africa’s potential,” he said.
Max said it would be sad for the nation to let such an opportunity for growth pass it by while it is engrossed with finding better ways to tap into the small market base offered by its own populace.
“Botswana should develop strategies and collaborate with other African countries to attract investment into Africa,” said Max.

He added that the four major things that will drive investment onto Africa are consumers, corridors, commodities and countries. He advised Botswana to invest in corridors as they open huge market access.

Max said as Botswana looks into construction of Trans Kalahari corridor, a strategic geographical decision should be made to benefit from the newly discovered gas deposits in Madagascar.

“Construction of Trans Kalahari corridor opens huge markets for Botswana and will foster free trade access,” he said. He added that Africa experienced exceptional economic performance and growth in GDP per capita and the micro economic environment is palatable.

“To prosper, the continent needs transport routes as well as water and electric power supply systems that span more than one country,” said Max, adding that deliberate policy measures and targeted investments are needed to make growth not just fast, but also inclusive and sustainable.
“Botswana has weathered the economic crisis and achieved considerable advances hence it should take advantage and invest in infrastructure development projects,” he said.


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