Africa needs to find ‘smart cuts’ to shorten its road to success

The economies of scale realised during the Chinese manufacturing boom resulted in intense global competition in the sector. Manufacturing was no longer a domestic competency but an international competition. Laggard emerging markets were unable to compete with lower-priced Chinese products. As a result, they started to de-industrialise before they had been able to create enough wealth to evolve to service-based economies.

The reality of premature de-industrialisation means that conventional approaches to economic development will not work for Africa. Therefore, the continent needs to find “smart cuts” to deliberately shorten the path to success. The principle is particularly relevant in an African context, where Africa now needs to create more than 11-million jobs in the formal economy every year in order to absorb the number of young, working-age people entering the workforce, according to the Brookings Institute. Put crudely, there is no way that Africa can do this by following the conventional path of industrialisation. Given Africa’s heterogeneity, the route to overcoming premature de-industrialisation will vary by country.

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