Former presidential candidate and renowned economist, Kingsley Moghalu, has criticized Africa’s heavy emphasis on Gross Domestic Product (GDP) growth, describing it as a “misguided worship” that has stifled the continent’s true development potential.
Moghalu expressed his concerns in a statement on Saturday via X, urging African leaders to adopt a more holistic approach to development.
Moghalu argued that the narrow focus on GDP alone has impeded Africa’s progress and outlined five key pillars essential for the continent’s sustainable development. He emphasized the need for an “endogenous mindset” that prioritizes African development from within, a shift he believes is crucial for meaningful progress.
“The first business of African development is developing an endogenous mindset (worldview) of African development,” Moghalu stated. He also highlighted the importance of a strategy to overcome poverty through effective education and skills training to boost productivity, alongside ensuring the availability of electric power infrastructure.
Further, Moghalu called for the commercialization of scientific inventions and innovations, advocating for their transformation into mass-produced, marketable products that can drive economic growth.
“Fourth: channel scientific inventions and innovations into the marketplace through mass production,” he said.
Lastly, Moghalu stressed the need for accessible “pipeline capital” to support small and medium-sized enterprises (SMEs) and micro, small, and medium enterprises (MSMEs) at affordable interest rates through microfinance banks. He emphasized that while central banks should oversee this process, they should not directly fund these ventures.
