African countries record economic growth without prosperity – Report

Peace keeper tending to the wouded in Central Africa13 November 2014, Lagos – African countries have continued to record economic growth but are faced with serious problems in health , education, safety and security which have impacted negatively on their long term development and shared poverty, the Africa Prosperity Report said.

The Africa Prosperity Report l which was launched in Kigali at the annual African Leadership Network conference confirms great successes across the continent in terms of economy and entrepreneurship & opportunity.

Commenting on the report, Nathan Gamester, Programme Director of the Prosperity Index, said, “Prosperity is not just about having a strong economy; it is about having great education, healthcare, and freedom to choose among other things. As African economies grow, a chief concern for many governments is how to ensure that the fruits of growth benefit a majority of the population and contribute to true long term prosperity.”

By exploring both wealth and wellbeing, the Africa Prosperity Report provides a broad overview of Africa’s performance. In addition to the traditional economic indicators, it assesses how a nation performs in vital areas characterized in the form of eight sub-indices: Education, Economy & Opportunity, Governance, Health, Personal Freedom, Safety & Security and Social Security.

The report was published by The Legatum Institute, a charitable public policy think-tank and independent member of the Legatum Group. Majority of the data and analysis were taken from the flagship Legatum Prosperity Index™, which explores the foundations of prosperity in 142 countries around the world.

The 2014 Africa Prosperity Report identifies and examines three distinct groups of people who are identified as drivers of African prosperity: the well-educated, female entrepreneurs and the middle class.

Solene Dengler, Research Analyst in the Prosperity Index team states, “By supporting education quality, female entrepreneurship, and the rising middle class, African countries could avoid a future where inequality and chronic poverty persist alongside wealth and prosperity. In turn, this will empower disadvantaged groups that have been left out of the current economic boom, raising personal and national wellbeing.”

Improving the basic education system and developing the right set of employable skills remain the biggest challenge for Tanzania and many other African nations. Education is key for prosperity because a well-educated person is more productive, more likely to participate in political processes, demand better governance and take part in societal development.

About the Author