Africa must go bold or stay poor, warns top economist Jeffrey Sachs
Africans are being too careful with their development and must act boldly if they want to escape poverty, renowned economist Professor Jeffrey Sachs has warned.
Sachs said Africa needs a "high growth strategy" based on big investments if it is to see significant progress.
Speaking on Global South Conversations with Ismail Akwei, Sachs said Africa could grow by 7% or 8% every year for the next 40 years if the right actions are taken. He said Africa’s slow progress is partly because of poor advice and fear of taking bigger steps.
"The IMF advice is don't borrow, don't invest so much, don't overdo it, stay out of trouble. But that just prolongs poverty," he said.
According to him, what Africa really needs is a bolder plan focused on investing heavily in education, infrastructure, and businesses.
Professor Sachs also pointed out that Africa must not keep relying only on its old partners, who were often colonial powers.
Instead, he said Africa should build strong partnerships with countries like China and India.
"It means Africa having a truly multilateral, multi-polar strategy in the world," he said.
He stressed that investment in schools is key, calling for every child on the continent to complete at least secondary education, citing Ghana’s free education program started by President Nana Akufo-Addo.
He also said Africa must build more roads, railways, fibre networks, and renewable energy systems, noting that China could be a good partner for this work because of its strength in building infrastructure.
Professor Sachs further highlighted that young African entrepreneurs are a big hope for the future. He praised the new generation of startups and technology businesses but added that they need strong support to succeed.
According to him, the time for cautious, slow strategies is over if Africa wants to achieve real, lasting development.
