To grow the continent’s economy and lift her out of poverty, Africa must focus on building enduring institutions, people and infrastructure, the Managing Director, International Monetary Fund (IMF) Christine Lagarde has proffered.
She made the assertion in her keynote address at the just concluded Africa Rising Conference in Mozambique, saying that sub-Saharan Africa is clearly taking off—growing strongly and steadily for nearly two decades and showing a remarkable resilience in the face of the global financial crisis but needed strong institutions, infrastructure and highly skilled people to face the growing challenges in the global economy.
“Africa’s future lies with itself and its people. True—the outlook for the region is very positive. Africa is expected to grow by about 5.5 percent this year and next, and the poorest countries even faster—close to 7 percent.
“But it must keep a firm eye on what’s going on beyond its horizons,” she said.