Sunday, January 14, 2018
Industrialize Africa the Right Way
There is a great push to move industries from Asian to Africa. There is a catch, pushing low pay-manpower intensity manufacturing to Africa is not exactly positive. It will not be the panacea to wealth creation. What is needed is high growth, technology intensive industries. Those Asian companies have made a lot of money over the last 4 decades and are now replacing their low pay manpower intensity manufacturing industries in Asian with high tech ones and pushing the old ones to Africa. We have to be watchful. This is the cocoa beans versus chocolate situation. All the cocoa earns $1 billion for Ghana, but earns $100 billion for the processing companies. The poverty situation will not change. Let's industrialize Africa in spectrum manner, from the low tech to the high tech. Every band in the spectrum covered.