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Private Sector Development in West AfricaThe Integration of Africa: Commodity Based Industrialization Examined

Private Sector Development in West Africa: The Integration of Africa: Commodity Based... [The 2013 Economic Report on Africa, ERA, boldly suggests a commodity-based strategy for creating jobs, for increasing growth and for transforming African economies (UNECA, 2013). This is not the first time African countries have flirted with development strategies ranging from export led growth through import substitution to outright macroeconomic liberalization. The paper examines this latest policy and principle statement from the United Nations Economic Commission for Africa, the continent’s apex institution for economic modeling and economic policy making. By adding value to their soft and hard commodities, “African countries have an opportunity to transform their economies through a commodity-based industrialization strategy that leverages on the continent’s abundant resources, current high commodity prices and changing organization of global production process” (UNECA, 2013).] http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

Private Sector Development in West AfricaThe Integration of Africa: Commodity Based Industrialization Examined

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Publisher
Springer International Publishing
Copyright
© Springer International Publishing Switzerland 2014
ISBN
978-3-319-05187-1
Pages
111 –128
DOI
10.1007/978-3-319-05188-8_5
Publisher site
See Chapter on Publisher Site

Abstract

[The 2013 Economic Report on Africa, ERA, boldly suggests a commodity-based strategy for creating jobs, for increasing growth and for transforming African economies (UNECA, 2013). This is not the first time African countries have flirted with development strategies ranging from export led growth through import substitution to outright macroeconomic liberalization. The paper examines this latest policy and principle statement from the United Nations Economic Commission for Africa, the continent’s apex institution for economic modeling and economic policy making. By adding value to their soft and hard commodities, “African countries have an opportunity to transform their economies through a commodity-based industrialization strategy that leverages on the continent’s abundant resources, current high commodity prices and changing organization of global production process” (UNECA, 2013).]

Published: May 16, 2014

Keywords: Economic integration; Commodity based industrialization; Increasing returns to scale; Gravity model

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