Economics

The Nigerian economist, banker, investor and philanthropist, Tony Elumelu, speaks about the need for Africans to chart and lead their own destinies, noting that “Africa is capitalism’s next frontier”. He tells John P. O’Malley how his private Foundation helps to train, encourage, and mentor talented young entrepreneurs and business minds from across the continent.

President Faure Gnassingbé’s country is on a course to revamp itself politically and economically, and a visit by New African in early March confirmed that the country is sowing the seeds for peace and prosperity.

Ngozi Okonjo-Iweala is arguably one of Africa’s most influential women. Her role as Nigeria’s minister of finance and head of the Economic Team that coordinates the country’s development strategy is, to say the least, challenging. But with down-to-earth practicality and pragmatism, she has earned considerable admiration, serving under two administrations. Stephen Williams profiles “the lady who turned an economy”.

Singapore, the island city-state, has achieved staggering economic success in the past 50 years. With little natural resources of its own, its food requirements almost entirely imported, with no fresh water resources to write home about, this small nation of 5.3 million people (the third highest population density in the world) started life as an independent country on a par economically with most African countries. Today it has left Africa behind by a good country mile. So where, and why, did Singapore get it right and Africa get it wrong? Our editor, Baffour Ankomah, was recently in Singapore and was bowled over by what he saw. Here is Part One of his series of reports on what Africa can learn from the island state.

Namibia’s national anthem includes these lyrics: “Namibia, land of the brave/ Freedom fight we have won/ Glory to their bravery/ Whose blood waters our freedom.” But today – 23 years after independence from apartheid South Africa – very few indigenous Namibians own land in the “Land of the Brave”. From Windhoek, Mabasa Sasa looks at what has been hindering land reform in Namibia, and the options available to the people and the government.

All bets are on at United Nations’ Economic Commission for Africa (ECA) as the organisation gets new wind in its sails. Omar Ben Yedder talked with its head, Executive Secretary Dr Carlos Lopes, on the sidelines of the Mo Ibrahim Governance weekend in Dakar, Senegal, in November.

In a twist of history, Europe today is the epicentre of global economic trepidation. Africa tends to be recovering, Europe seems to be in dire straits! Nature seems to be vegetating its cycle, writes Professor Said Adejumobi.