Africa's Structural Transformation: From Strategy to Action
19 Pages Posted: 16 Oct 2020
Date Written: January 1, 2015
Abstract
Charting a solid path for Africa's future development requires a good understanding of the factors that shape the past and current growth processes. This calls for an objective narrative of Africa's growth process. This paper addresses the key elements of structural economic transformation and identifies opportunities for structural economic transformations in Africa. It also examines the risks and challenges that are likely to affect Africa's growth prospects in the years ahead. It concludes that Africa needs to develop its capacity to produce sophisticated, high-value goods for which its demands rise globally as income increases. The myriad opportunities in agro-industrial and extractive-value chain linkages, wide scope for economic diversification, rising urbanization, and emerging middle class make this more appealing.
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