The Political Economy of Development and Underdevelopment in Africa by Achberger Jessica. Falola Toyin

Author:Achberger, Jessica.,Falola, Toyin.
Language: eng
Format: epub
Publisher: Taylor & Francis (CAM)

The Tragedy of Africa’s Continued Retrogression

It has been observed that at the time of decolonization in the 1950s and 1960s, the level of economic development in most of Asia was at par with that of Africa. For instance, four decades ago, the per capita income of South Korea was comparable with that of the Sudan in Africa. However, since the 1960s, South Korea has achieved an incredible record of growth to become one of the twenty-six richest countries in the world and was able to join the trillion-dollar club of world economies in 2004, while the Sudan is still one of the thirty-three least developed countries in sub-Saharan Africa (Annan 2010; Political Articles 2009). This is in spite of the fact that African countries have relatively larger endowments of natural resources than Asian countries. While Asian countries have engaged in high rates of savings, investment in education, capital accumulation, sound macroeconomic management practices, relatively open trade policies, dynamic agricultural sectors, the maintenance of relatively equitable income distribution, and political credibility, African countries, with the exception of a few, have done the exact opposite (Political Articles 2009).

The main obstacle to African development is the corrupt autocratic leadership and incompetent government that most African countries have been saddled with since independence. In comparison, most governments in Asia are charting the course and actively driving the agenda for the continued growth and development of their nations. The Chinese government, for example, has been instrumental in driving coordinated policy reforms for the country’s remarkable transformation from an agrarian to an industrial economy (Annan 2010). In Singapore, the state has created a knowledge economy through targeted investments in high-quality lifelong education. This great institution is testimony to the success of this policy (Annan 2010). Across the region, governments have led a green revolution that has enabled them to feed their citizens. In India, for example, the government invested in irrigation, roads, education, and subsidies for fertilizers, energy, and credit. We cannot underestimate the importance of improving agricultural productivity. Progress simply cannot be delivered unless governments ensure their people are fed (Annan 2010).

Africa is widely considered among the world’s most corrupt places, a factor seen as contributing to the stunted development and impoverishment of many African states. Of the ten countries considered most corrupt in the world, six are in sub-Saharan Africa, according to Transparency International, a leading global watchdog on corruption (Furphy 2010). A 2002 African Union study estimated that corruption cost the continent roughly US$150 billion a year. To compare, developed countries gave US$22.5 billion in aid to sub-Saharan Africa in 2008, according to the Organization for Economic Cooperation and Development (Hanson 2009). Transparency International’s 2010 Corruption Perceptions Index, released in October 2010, identified Africa as the most corrupt region in the world (Transparency International 2010). Sub-Saharan Africa is also one of the most underdeveloped regions on earth (United Nations 2010). While governments commit large sums to addressing the plethora of problems hindering development on the continent, corruption remains a major obstacle to achieving much needed progress (Furphy 2010).

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