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What are solutions to African economic meltdown?

By Burnett Munthali

We can improve the economy in Africa. More importantly, African countries need to undertake bold domestic structural reforms to scale up the supply capacity of the region by improving digital connectivity, reforming fundamental institutions of legal frameworks, such as contract enforcement and property rights protection, maintaining stable and competitiveness.

Some of the economic challenges in Africa including debt distress, and food insecurity. Meanwhile, the UN Food and Agriculture Organization estimates that 33 African countries need external assistance for food, while acute food insecurity is likely to worsen in the next months in 18 of these economies.

Solutions are there to underdevelopment in Africa. The intervention may include innovative financing of the informal sector, Capacity building and training, provision of facilities that will be relevant to make them efficient as well as the government providing an enabling environment for them to operate.

Africa needs to solve these problems including elections and governance, trade, digital economies, security, climate change, migration, China-Africa relations and COVID-19 recovery.

The following could be done to improve the economy. Economic growth is driven oftentimes by consumer spending and business investment. Tax cuts and rebates are used to return money to consumers and boost spending. Deregulation relaxes the rules imposed on businesses and have been credited with creating growth but can lead to excessive risk-taking.

We can help improve the economy: Join a Giving Circle, Shop Local Grocers, Shop Small Businesses, Pledge to Local Funding Initiatives, Attend Concerts of Local Artists, Support Community Events and Make an Impact in Your Local Economy Now.

Here’s a look at some of the biggest challenges likely to confront the global economy: Imminent recession, Stubborn inflation, China’s COVID chaos, energy crisis, Geopolitical tensions and technology war.

Eliminating poverty through equity, One of the main causes of poverty is inequality, Reducing poverty with resilience, Commit to climate change solutions and climate justice, Eradicating poverty through education, Halting poverty by ending hunger (and thirst) Poverty alleviation through peace and Cash solves poverty.

African countries can achieve sustainable development. Investment in physical infrastructure and human capital are also crucial. There must be efficient institutions that provide the right set of incentives to farmers and entrepreneurs. Social policies are required to promote health, education, and social capital, as well as to provide safety nets to protect the poor.

We can solve poverty and hunger in Africa. More than two-thirds of Africans depend on agriculture for their income and their basic food needs. Research has shown that countries with higher agricultural growth have lower poverty rates. By improving agriculture and food markets, there is an opportunity to further lift millions of African people out of poverty.

Unfortunately, some African governments are creating poverty for their people by mismanaging resources, such as corruption, poor logistics and stealing agricultural inputs meant for the poor farmers. Higher agricultural growth have lower poverty rates while lower agricultural growth have higher poverty rates for the African states.

In response, many African leaders have proclaimed the need for “African solutions to African problems,” calling on African states to take personal responsibility for preserving peace and stability.

African solutions to African problems. The notion has been picked up as a guiding principle of the African Union and has been used as a rallying cry by politicians across Africa.

“What the phrase means to me is that Africans should look within for solutions to their main problems because they know their context the best.”

Maravi Post Author
Maravi Post Author
Today's Opinion · Op-Ed Columnists · Editorials · Op-Ed Contributors to the Maravi Post· The Maravi Post accepts opinion essays on any topic. Published pieces typically run from 400 to 1,200 words, but drafts of any length within the bounds of reason will be considered.
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