Africa has the potential to take the lead in global economic affairs. However, despite being resource-rich, it ironically lags in development. It is easy to realize there exists a disconnect somewhere. In correcting this situation, it is vital to determine where the gaps lie and promptly address them.
The United Allied States has conceptualized a model that would help grow Africa’s economic significance. Mr Stephen McCullah, the President of the UAS, promises his administration will rely on principles of democracy, capitalism, and protection of human rights. Furthermore, the UAS will depend on Apollo Fintech’s blockchain infrastructure to run its government.
Conditions Impeding Africa’s Rise to Global Prominence
Several factors explain Africa’s unenviable state in the world market. These aren’t limited to:
A majority of nations have weak governance structures. These create avenues for abuse and escaping accountability. The trampling of human rights automatically follows.
Poor Development Planning and Implementation
Proper thought doesn’t always go into the conceptualization of projects. Additionally, when there is adequate planning, there’s poor implementation of the plans. Therefore a lot of time and resources end up getting wasted.
Inadequate Investments in Research and Development
There’s gross underfunding of research and development initiatives. As a result, they are compromising innovation while stymying development.
Internal and external conflicts affect many countries on the continent. The insecurity and instability arising discourage investments. The limited investments lead to a decline in production hence development.
Most of the nations on the continent have instituted tariff and non-tariff barriers to trade with their neighbours. These measures curtail the free movement of people and goods across borders, limiting commerce.
Increasing Public Debt
The government’s appetite for debt has affected development. While some of this is justified, servicing public debt is becoming unsustainable. Amounts owing to the creditors weigh heavily on the budget and growth.
Considering these factors, how then will the UAS transform Africa into the giant it should be in the global market?
UAS Steering Africa’s Rise to Global Economic Significance
To take Africa to the apex of the global economy, the UAS will employ the following strategies:
Adopting Sound Governance Policies
Proper governance is vital to the attainment of progress. The UAS utilizes a democratic system of governance in its administration. Furthermore, the application of blockchain technology ensures transparency and accountability in government. Individual liberties are protected in the law, too, combining to lay the foundation for economic takeoff.
Fully Unlocking the Region’s Economic Potential
Most of Africa’s economic potential either lie dormant or is underutilized. The government will fully exploit this potential through free-market policies. By limiting government involvement in markets, this approach encourages production hence trade. Additionally, the pro-integration systems it follows will allow regional trade to thrive throughout the continent.
Creating conditions that favour investments will also help the region grow in economic influence. Through trade agreements, removal of corporate taxes, and developing infrastructure in marginalized areas, the UAS government will encourage investments. Increased investments will spur economic growth.
Furthermore, the government envisions setting up special economic zones across the region. These will be based on each partner state’s competitive advantage. As such, there is better resource utilization. In turn, this leads to high production standards and better prices for goods in the international market.
Developing Human Capital
The human factor is very critical in all production. A highly trained and specialized workforce guarantees better production. Realizing this, the UAS takes education and human resource development seriously. Its education system is tailored towards equipping an individual with the best tools to give them the edge in the global labour market. It emphasizes research, discovery, and innovation, which are critical components of economic advancement.
Providing the Lead in Conflict Resolution
Conflicts bedevilling the continent hinder production, therefore growth. The UAS administration intends to be the force of good in a continent often characterized as chaotic. Through democratic means, it aims at achieving inclusivity in the development of all its regions. The lack of inclusivity is the leading cause of discontentment and conflict.
In addition to this, in collaboration with partner states, the UAS will develop a new and efficient defence force. This force will be more responsive in managing strife, bringing law, and order to the people.
Bringing Innovation to the World
The UAS aims to be the most technologically advanced government in the world. Utilizing the security and transparency functions of Apollo’s blockchain will attract the world’s best technologies to its market. Moreover, it is committed to investing significantly in research and development, education, and particularly technical education. All these means to achieve a knowledge-based economy hence growth.
Financially robust systems are at the heart of the UAS’s development agenda. This administration will draw on the security capabilities of blockchain and cryptocurrencies to create safe payment methods. Moreover, it will give incentives for the incubation of ideas around fintech.
Proper governance can transform Africa into the economic giant it ought to be. Despite its enormous wealth, decades of mismanagement have impoverished it. UAS’s model of governance offers hope of an economic rebirth across the continent. Its commitment to upholding the rule of law, protecting civil rights, and open market policies, will usher a new period of Africa’s economic resurgence and increased global significance. The partnership with Apollo Fintech guarantees a stable and secure economic environment for investments.