The focus on Gross Domestic Product (GDP) growth in Africa has come under scrutiny by former presidential candidate and economist, Kingsley Moghalu. He criticizes this emphasis as a “misguided worship” that has held back the continent’s true potential for development.
Moghalu, in a recent statement, contends that the exclusive emphasis on GDP has impeded Africa’s advancement, advocating instead for a more holistic approach to development.
Highlighting five fundamental pillars crucial for Africa’s progress, Moghalu stresses the importance of fostering an “endogenous mindset” that prioritizes indigenous African development.
He asserts, “The primary focus of African development should be the cultivation of an endogenous mindset for African development. Additionally, developing a strategy to combat poverty through effective education and skills enhancement is crucial. Ensuring the availability of electric power infrastructure is also essential.”
Moghalu contends that the fourth pillar involves translating scientific innovations into tangible products through mass production, advocating for a stronger link between scientific progress and economic growth.
He emphasizes the need for Africa to advance by harnessing scientific breakthroughs into marketable products that can stimulate economic development.
He further states, “Fourthly, it is imperative to take scientific inventions and innovations to the market through mass production.
“Fifthly, guaranteeing access to what I term ‘pipeline capital’ for small and medium enterprises (SMEs) at affordable interest rates through microfinance institutions is crucial for sustained growth (a responsibility for central banks, but not direct funding by central banks themselves).”