‘Economic growth calls for sacrifice’

Nompelo Ndzimela
UNLESS DRASTIC steps are taken to stimulate economic growth and development, sub-Saharan Africa (SSA) will remain a poor region, according to a report in Harare’s Financial Gazette.
To enhance the region’s growth performance, the report calls on countries to boost the ratio of private investment to GDP, to avoid overspending and to keep the budget deficit minimal in relation to total GDP. A small budget deficit means that there is less borrowing from the banks by the governments leaving more resources, which can be devoted to private sector investment.
One of the biggest problems highlighted by the report is lack of implementation and sacrifice. For as long as SSA countries are not prepared to face their challenges head-on and weed out corrupt and non-performing leaders, economic growth will be a pipe dream, it concludes.