Africa is gifted with properties such as diamond, bauxite, gold, cocoa, coffee, among others. But, in economic worth, the land does not make more likened to the nations that obtains these resources and add worth to them.
For eras, Africa’s economy has endured exports, and properties exported out of the land are mostly in their raw state. This implies that the continent misses millions of dollars in the price chain.
In 2014, Mr. Davies exported coffee treasured at $6 billion but after the coffee was heated and branded, the final goods sold overseas generated $100 billion.
Africa as a continent has to “discontinue the overall strings of structural dependence on producing a partial number of inexpensive primary supplies for export.” The poor countries, as stated by Davies, have transitioned to become manufacturing nations.
Conferring to him, the development they experienced resulted in superior output and higher incomes for those involved in industrial and a host of services that created higher quality jobs than those that were before.
He has urged African economies to pause the reliance ties with industrialized countries and commence to add value to their possessions through industrialization. He said further “Such an outcome could expect to see components and other intermediate inputs being produced in a number of countries before being assembled into “products of Africa” consumed by the citizens of the continent and also exported,” he said.
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