ACET recently convened thirty of the most acclaimed thinkers and practitioners of economic transformation to share perspectives on the challenges of economic transformation in Africa. The workshop was generously hosted by the Rockefeller Retreat Center in Bellagio, Italy. The overarching question at the workshop was: Why is economic transformation not already happening in Africa?
After slowing in the great recession, growth in Africa rebounded to 5 percent in 2010 and, according to the IMF, is set to rise to between 5.5 and 5.7 percent through 2014. But that simply is not fast enough, and we have to look farther, to 2030 and beyond, for ways to sustain rapid growth.
Sustained growth in Africa will not happen without structural transformation, which entails broadening the production structure from one based predominantly on primary commodities to one increasingly based on industry, particularly manufacturing, and on knowledge-based services. This does not mean neglecting agriculture. To the contrary, it also means the greater application of science and industrial technology to upgrade agricultural processes, enhance agricultural products, and raise agricultural productivity—as the history of most of the successful countries clearly shows.
The workshop drew relevant lessons from outside Africa to help ACET make its approach more responsive to the needs of policymakers. And it explored possible networks for collaboration in the pursuit of the economic transformation agenda in Africa. Development thinkers, policymakers, private actors, and scholars from international development organizations, academic institutions, emerging economies, and African countries enriched the discussions and resoundingly endorsed ACET’s work.
See a list of Participants.
The information in these proceedings sheds light on the discussions and key lessons.
Participants were optimistic that if and when transformation seriously begins in Africa, it is likely to develop at a blinding pace due to the continent’s huge potential. Ten recommendations urged ACET to emphasize lessons from successful developing countries, promote innovative approaches to financing infrastructure, and study creative ideas for boosting competitiveness and diversifying exports.
The workshop provided great insights into advancing the transformation advocacy already started at ACET. On behalf of my colleagues, I thank the Rockefeller Foundation and the Rockefeller Retreat Center in Bellagio, Italy, for hosting the workshop. And I sincerely thank everyone who found time in their busy schedules to take part.
K.Y. Amoako, President
African Center for Economic Transformation
Table of Contents
- Participants
- The workshop’s key themes
- Objectives and expectations of the workshop
- SESSION 1: Toward Economic Transformation in Africa: Challenges and Opportunities
- SESSION 2: Drawing Lessons from Successful Developing Countries
- SESSION 3: Innovative Approaches to Financing Transformation--The Case of Infrastructure
- DINNER PRESENTATION: Emerging Africa--How 17 Countries are Leading the Way
- SESSION 4: Boosting Competitiveness and Diversifying Exports
- SESSION 5: Harnessing State Capacity for Economic Transformation
- SESSION 6: The Africa Transformation Report
- SESSION 7: The Ten Takeaways
