In a new report published on November 20 in Abidjan, Côte d’Ivoire, the African Development Bank (Bad) calls for the industrialization of Africa, with a focus on smart industrial policy, structural transformation and progressive recourse the transformation of raw materials from the continent into value-added products.
Emphasize smart policy, structural transformations and progressive use of raw material processing for Africa’s industrialization. This is what the African Development Bank (Bad) recommends. The report, titled “Industrializing Africa: Strategies, Policies, Institutions and Financing”, was published on November 20, on the occasion of the celebration of Africa’s Industrialization Day. It features contributions from 16 authors, including Nobel Prize-winning economist Joseph Stiglitz and well-known economists like Justin Yifu Lin, Haroon Bhorat, John Page Ravi Kanbur, and Bad Célestin’s Vice President and Chief Economist. Monga and Abebe Shimeles and Amadou Boly, two researchers from the Panafrican Institution for Financing Development.
In his introductory remarks, Joseph Stiglitz explains why industrialization remains relevant as Africa enters the twenty-first century. The report provides practical advice to African countries on various aspects of industrial policies; it examines the structural transformation that will be needed to continue labor-intensive manufacturing, similar to those in East and Southeast Asia. It also reviews the criteria for success in building clusters, special economic zones and industrial parks in developing countries. Finally, the report draws lessons from the industrial policies in Ethiopia and examines the cases of China and South Korea.
In the foreword of the report, the chairman of the Bad Group, Akinwumi Adesina, points out that “Africa must no longer lag behind global value chains, but take steps to industrialize quickly, by adding value in everything that it produces. Africa must work for itself and its people, not export its wealth to others. ”