Rick Lowe

I read The Fate of Africa back in 2006 and came away with the hope that the good people of Africa will one day experience the promise of true freedom, democracy and the benefits of Capitalism and free markets.

But almost five years later not much has changed, but a new Briefing Paper form The Cato Institute, Center For Global Liberty & Prosperity by Greg Mills entitled Why Is Africa Poor?, provides some food for thought for her people and the various governments and countries. And there are a few pointers for us as well.

The introduction to the study points out that:

"Sub-Saharan African countries have not fulfilled their potential since independence. While other developing countries and regions have grown over the past 50 years, much of Africa has stagnated. African leaders have become adept at externalizing blame, holding others responsible for Africa's failings. Yet African leaders — not a lack of capital, access to world markets, or technical expertise — are to blame for the continent's underdevelopment."

"As Asian countries have shown, African countries must liberalize their economies to grow. Africa must embrace globalization and trade with the rest of the world. African countries must also make their business environment much friendlier to domestic and foreign investors. The political elite, which benefits from the status quo, is the main obstacle to reform. The spread of democracy on the continent — haphazard though it is — will make African governments more responsive to the needs of the populace, but Western governments must also help — by ending or reducing foreign aid to African regimes. That move could help establish a better link between governments and citizens and reduce disincentives to necessary reforms."

Read more here…