Business & Finance
Thursday, June 09, 2011Coining a New Acronym: BRICA: Adding Africa′s Name to World Regions & Economies in Economic Boom – Part Two
by Dr. Robin Renee Sanders, Africa.com Featured BloggerShare this article:
As I explained in my previous blog posting, there are a number of factors that support the call by the initiative FEEEDS® (Food Security, Education, Environment-Energy, Economics, Democracy-Development and Self-Help) to coin a new acronym, BRICA, to include African economies with GDPs over 5 percent.At a minimum, 18 countries in sub-Saharan Africa are equaling or outpacing Brazil, Russia, India, and China (BRIC), economies where growth and other impact indicators such as investment, foreign direct investment (FDI), and high GDPs have been on the rise.
The Sub-Saharan African Countries on the Move: What’s Their Current Reported GDP?
The list below presents the GDPs for SSA in 2010 that are 5 percent or above: (From Wikipedia and Global Finance Country Reports)
1. Angola – 9 *
2. Botswana – 9 (maintained high growth rate for last 10-15 years)
3. Democratic Republic of Congo – 7.2*
4. Ethiopia – 8
5. Ghana – 7 *
6. Gambia - 5
7. Malawi – 6.6
8. Mozambique – 6.5
9. Niger – 7.5
10. Nigeria – 8*
11. Liberia – 5.1
12. Republic of Congo (Brazzaville) – 9*
13. Rwanda – 6.5
14. Seychelles – 6.2
15. Tanzania – 6.5
16. Uganda – 5.1
17. Zambia – 7.6
18. Zimbabwe – 5.9
*NB: Oil prices add to higher GDP’s of oil producing countries.
Factors contributing to the positive economic growth rates include:
- Improved infrastructure (housing, roads, transportation)
- Market liberalization
- Non-oil investment in areas such as information, communication, technology (ICT), agriculture, and manufacturing
On the flip side, however, businesses from countries like the U.S. are certainly missing out on Africa’s rising, while nations like Brazil, India, and China are not only already advancing their investments, but are also building long term partnerships and relationships. Today, China (infrastructure) and India (ICT and manufacturing) are the two countries with the highest FDI in sub-Saharan Africa.
African leadership will need to determine how best to use the new economic gains and also manage the investment relationships with these new business partners in a transparent manner that benefits the people of the Continent so that these resources help address social sector issues such as value chain development, education, and entrepreneurial and vocational skills.
About the author: Dr. Robin Renee Sanders is currently serving as the international affairs advisor for a non-governmental organization. She previously served as the U.S. Ambassador to Nigeria from 2007-2010 and the U.S. Ambassador to the Republic of the Congo from 2002-2005.
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