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African govts urged to get basics right for positive economic future

Panelists at the Thomson Reuters African Summit in Cape Town shared their views on African growth.

Picture: Pixabay.com

CAPE TOWN - Africa needs to get the basics right to ensure future economic stability in an uncertain environment.

That is one of the messages shared by panelists yesterday during the Thomson Reuters African Summit being held in Cape Town.

More than 50 speakers will be sharing their Pan-Africa knowledge.

Panelist George Glynos says governments should establish a balanced economic environment to minimalise volatility during periods of uncertainty.

"The alternative and not doing that will just leave you with an awful lot of extremely volatile financial market movement, which will be extremely damaging overall to the ability to produce growth."

Co-panelist Ronak Gopaldas says while economic growth is important, every citizen needs to reap the benefits.

"It's about politics of the stomach - because in reality there's no sense growing 7% GDP growth if the fruits of that don't filter through to the man on the street.

"You can't eat GDP growth or statistics - so we need something much more inclusive."

They also highlighted that the Sub-Saharan region's growth rate, currently at 1.5% is still far from the rates seen before 2008's financial crisis.