Former presidential candidate and economist, Kingsley Moghalu, has criticised Africa’s emphasis on Gross Domestic Product growth, describing it as a “misguided worship” that has hindered the continent’s true development potential.
In a statement on Saturday via X (formerly known as Twitter), Moghalu argued that the focus on GDP alone has stunted Africa’s progress, calling for a shift towards a more comprehensive approach to development.
Moghalu outlined five key pillars essential for Africa’s development.
A misguided worship at the altar of GDP growth has stunted Africa’s development. 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
— Kingsley Moghalu OON (@MoghaluKingsley) August 17, 2024
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 said, “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!).”
