Africa is often depicted as a helpless and hopeless continent, and war and disaster are the sensational developments that reach our ears. However, the economic crisis that has been prominent in the developed world can have altered the balance in the world economy.
According to a CNN interview with International Monetary Fund (IMF) chief Christine Lagarde, a major re-engineering is currently taking place between the developed and developing world economies. A number of African countries have enjoyed higher growth rates than Europe and the United States in recent times, as many western nations remain mired in financial turmoil.
Emerging markets are playing a role that is much bigger, much more important in terms of leadership than they did, say, 10, 15 years ago. Christine Lagarde, IMF Chief
We are currently undergoing a re-organization, which is good in the main, because there were massive imbalances and those imbalances are unbeneficial for the global economy, she explains.
The African continent in and of itself has had a growth rate that was significantly higher than the EU and US, in the range of 6% lately. It holds significant commodities that are so needed for the growth of other countries. Trade with China, she uses as an example, which is dependent on raw materials for its own development, has created alternative sources of growth that differ from the traditional trade links with Europe. These are new opportunities for African countries to develop and strengthen.
However, youth unemployment is one of the biggest challenges facing Africa’s countries, she argues, and Africa’s growing economies should put job creation at the heart of their development policies.
There is a vibrant youth that is expecting the leadership of those countries to open the economy so that they can actually express their talent and find ways to get integrated in the job market.
From both a business and developmental point of view, linkage between emerging markets and a young and able workforce should be emphasized in focus and coverage so that the African economy can change with the tide and benefit the global economy.
This linkage is precisely the core focus of MYC4. Economic and social development through job creation is the path we have taken. Here, business and investment is utilized in order to reach remote areas and help entrepreneurs expand their small and medium sized businesses. By expansion through capital investment, entrepreneurs are able to hire more employees. MYC4 believes that this expansion will lead to job creation and, therethrough, social and economic development in rural areas, and eventually, on a larger scale, in Africa as a whole.