Solutions to Africa’s economic problems can be achieved through promoting the spirit of democracy. Problems facing most of the nations in Africa originated from the pre-colonial times where those who were in power grabbed vital resources like land. This has been inherited by new generations through handing power to preferred candidates. Democracy will ensure that issues like unemployment and corruption are adequately addressed, in addition to a fair distribution of resources.
Address agriculture: with this, the food basket of the poor African nations will tremendously increase, and the exports to other countries for foreign exchange. This will reduce hunger and famine in the nations, increasing individual productivity and reducing reliance on other nations.
Improvement in the education infrastructure by investing in the current technological innovative instructions, building more schools, colleges, universities, and equipping them with the required facilities: This is because education will impart the necessary skills and knowledge to the people that will translate to a reduction in poverty levels in such nations by having well-trained workers.
Controlling the number of people: this can be achieved through sensitization of the need to have manageable families. Planning families is also an option. This will ensure that children get the necessary education and other social amenities to allow them grow to the desired standard. Children that are well taken care of will not be a nuisance in the future by involving themselves in crime and other anti-social acts that might slow down the rate of development.
Establishing industries to give jobs to people: this in my view will increase income flow. When taxed, it can be channeled to infrastructure development.
Should the government Bailout Banks that fail?
The government should not bailout failed banks since banks are considered private institutions, and the government bailing them out will mean the taxpayer’s money will be used. Instead of the government assisting banks with taxes, these funds can be channeled to more development conscience projects that would improve the life of the people.
Just like any other private business, banks should be independent to operate on their own. Independent banks can re-evaluate and reconsider their plans that in turn would make them succeed without the help of the government.