By Jennifer Amarachi
Kingsley Moghalu, a former presidential candidate and economist, has criticized Africa’s reliance on GDP growth, calling it a “misguided worship” that has stifled the continent’s genuine development potential.
In a statement released on Saturday via X, Moghalu stated that the focus on GDP alone has hampered Africa’s progress, advocating for a shift towards a more comprehensive approach to development.
Kingsley Moghalu outlined five key pillars essential for Africa’s development.
He emphasised the need for an “endogenous mindset” or worldview that prioritises African development from within.
He said, “The first business of African development is developing an endogenous mindset (worldview) of African development.
“Second: a strategy for overcoming poverty anchored on effective education and skills for productivity.
“Third: ensure the availability of electric power infrastructure.”
According to him, the fourth pillar involves channelling scientific inventions and innovations into the marketplace through mass production.
Moghalu argued that Africa must focus on turning scientific advancements into commercially viable products that can drive economic growth.
He continues, “Fourth: channel scientific inventions and innovations into the marketplace through mass production.
“Fifth: ensure access to what I call ‘pipeline capital’ to the bottom of the pyramid – SMEs, MSMEs etc at affordable interest rates through microfinance banks (task for central banks, but not central banks themselves directly funding -no!).”
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