IS AFRICA COMING BACK TO SAVE THE WORLD AGAIN FROM ECONOMIC DOWNFALL?
Posted by African Press International on July 3, 2012
<Didier Kussu Says That Africa’s Growth Seems To Be Unstoppable
London, July 2, 2012– It is true that despite the weaker global economic environment, sub- Sahara Africa continue to grow in 2012.
The world’s richest continent with enormous deposits of unexploited mineral resources, fertile lands, undiscovered fishes, wild animals and anything else that you could never imagine, is coming back to claim its spot in the world.
The so-called mystery continent is not only the birth place of the first human being and the mother of all civilizations, it is also where practically everything has started.
Sub-Sahara Africa continues to enjoy robust growth as it is practically isolated from the negative factors driving down the economy in most of the so-called “industrial countries”. While confidence
and trust have been shaken in US and Europe by excessive government debt and vulnerable banking systems, sub-Sahara Africa financial system have so far, been insulated from the global financial crisis. According to an article published by RNW: Europe must “bite the bullet” say African finance ministers European finance ministers are busy looking for solutions to the euro zone debt crisis. Their counterparts in Africa, during a meeting in Washington D.C, expressed willingness share debt management experience.
A weekend briefing by African finance ministers at IMF/World Bank meetings in Washington attracted modest media attention, but there was quiet pride in the way representatives from tiny states like Cape Verde and Gambia were able to claim concrete achievements in managing debt and public finances.
“It is not easy, it is painful, and we went through the pain, and the Europeans must be prepared to go through the pain,” African Development Bank President Donald Kaberuka told Reuters in an interview last year (2011)
Despite the economic growth in sub-Sahara Africa, there are few exceptions says Mr Didier Kussu;
South Africa is performing less strongly because of the weakness of its European trading partners and its greater exposure to global development.
Lets take a history lessons that are based on facts and see why I correctly mentioned that “ IS AFRICA COMING BACK TO SAVE THE WORLD AGAIN FROM ECONOMIC DOWNFALL? ” asked Didier Kussu.
African Slaves Helped Build The World Economy said Didier Kussu:
European colonial economies in the Americas and the world from the 16th through the 19th century were dependent on enslaved African labor for their survival. From sugar plantations, tobacco plantations, rice plantations, indigo plantations, to cotton plantations, etc. In the US, banks and financial houses supplied the loan capital and/or investment capital to purchase land and slaves.
Didier Kussu added that Slaves were inexpensive source of labor, enslaved Africans in the United States also became important economic and political capital in the American political economy.
Enslaved Africans were legally a form of property—a commodity. Individually and collectively, they were frequently used as collateral in all kinds of business transactions. They were also traded for other kinds of goods and services.
The value of the investments slave-holders held in their slaves was often used to secure loans to purchase additional land or slaves. Slaves were also used to pay off outstanding debts. When calculating the value of estates, the estimated value of each slave was included. This became the source of tax revenue for local and state governments. Taxes were also levied on slave transactions.
By the final decade of the 19th century, John Boyd Dunlop’s 1887 invention of the pneumatic or inflatable tyre, rubber bicycle tubes and the growing popularity of the automobile dramatically increased the global demand for rubber, Kongo, today the Democratic Republic of Congo and its population have suffered the most from King Leopold II and his associates from their exploitation of the rubber in the Kongo.
However, as history seems to repeat itself said Didier Kussu; today the Democratic Republic of Congo and its population are victims again but this time rubber and ivory are not that popular, instead coltan which is used in mobile phones, DVD players, video game systems and computers.
The Hi-Tech industry is the booming and are the most successful industries of the 21st century and are key drivers of economic growth.
Didier Kussu is the Managing Director of the London based Excellence Management & Consulting Corporation.