Updated: Jun 18
The story of Africa’s development is changing. Six of the world’s fastest growing economies are in Africa! Democratic governance has been strengthened over the past five decades, enabling a platform for stable growth and prosperity in most parts of the continent.
Africa Infrastructure Development
But while we boast of having some of the fastest growing economies, what we don’t generally say is that we also have seven of the ten most unequal economies in the world. If we look at the GINI coefficients, an index which measures the extent to which the distribution of income or consumption expenditure among individuals or households within an economy deviates from a perfectly equal distribution, Africa is the most unequal continent in the world. Added to that specificity is the fact that 75% of Africa’s population is under the age of 25.
This growing youth population, most of which has access to modern and rapid communications systems, and requires instant results, could impact adversely on the African countries if social inequality and the current systems of government are not revised. Inclusive policies are an absolute pre-requisite for political stability.
For instance, only 38% of the African population has access to electricity, the penetration rate for internet is less than 10% while only a quarter of Africa’s road network is paved. Studies have shown that poor road, rail and port facilities add 30% to 40% to the costs of goods traded among African countries, thus adversely affecting the private sector development and the flow of foreign direct investment (FDI).
Furthermore, a recent World Bank study found that the poor state of infrastructure in many parts of Africa reduced national economic growth by two percentage points every year and cut business productivity by as much as 40%, making Africa – in spite of its enormous mineral and other natural resources – the region with the lowest productivity levels in the world.
We Need a Bold New Approach to African Infrastructure Backlog
Containers are finding their way into innovative construction projects worldwide, because of their practical and economic advantages.
EASY Trade Africa Visited Container Housing Factory last week.
Easy Trade Africa founder and CEO Loua Zoh Nicaise visited the factory located in Suzhou on May 2nd, 2021. Easy Trade Africa and the factory signed an cooperation contract includes 5 container houses provided to west African country, Ivory Coast for the local infrastructure demand initially.