In recent years, Africa has been making impressive strides in its economic performance. Indeed, behind the headlines lurks the beginning of a quiet renaissance. This is not just a tale of better economic indicators. Moreover, most African countries have made substantial progress in freeing the private sector from cumbersome government controls on prices, international trade, investments, and foreign exchange. Economies are more efficient, access to markets is more open, and the groundwork has been laid for deeper integration into the world economy.
Efforts are also under way to promote good governance and ensure respect for human rights.
Indeed, throughout Africa, a popular consensus is building for the establishment of more democratic systems, and political systems are gradually being liberalized. This means that checks and balances are being strengthened, along with changeovers of political power. But as remarkable as these achievements may be, they are certainly not enough. Africa needs growth rates of at least 6-7 percent per year on a sustained basis, just to keep up with the expected increase in its labor force. And these growth rates are feasible, if Africa perseveres with its reforms and receives needed help from the international community.