The Prepaid Economy: African Edition

At the 2012 World Economic Forum’s Annual Meeting in Davos last week, a record 2,600 global leaders discussed a frenetic mix of economic and social issues facing the global community. A number of panels (some of which were overlooked with all the talk of the unfolding Eurocrisis) focused on the important transition Africa is making from an underdeveloped continent to one characterized by sustained growth — backed by strong trade and investment flows. 

Leaders discussed the need for greater market integration to increase intra-African trade and better cooperation on infrastructure to facilitate investment and trade. Alpha Condé, President of Guinea, called for the establishment of Pan-African ministries to drive greater integration and coordination on the continent. “At the next African union meeting, we must consider establishing three of four ministers for all of Africa,” he said. “These new posts should at least cover energy, infrastructure, and trade in Africa.”

The Chinese New Year of the dragon has also just begun.  People born in the year of the dragon are said to be innovative, enterprising, and respected. Africa in 2012 holds promise to further unlock these same qualities and boost growth and development in the year ahead.  Let’s look at what can make that happen.