Economics & Global Affairs

"Lacking natural resources, the country was forced from the outset to adopt a long-term view that involved investing in human capital and imparting a strong work ethic. These are critical sources of economic transformation that continue to elude African countries. Their inability to focus attention on entrepreneurship, innovation, and management is partly a result of the excessive policy attention to the role of natural resources."

Influential economic ideas first advanced in 1911 — stressing innovation and entrepreneurialism as the fundamental generators of growth and wealth — were deemed inappropriate for developing countries, stunting progress in many parts of the world throughout the 20th century, says a distinguished Harvard academic.

The role of innovation and entrepreneurship is increasingly getting policy attention in emerging countries. A growing body of literature is deriving its inspiration from the work of Joseph Schumpeter. His seminal 1911 book, The Theory of Economic Development, outlined a general framework for understanding the role of innovation and entrepreneurship in economic transformation. Despite Schumpeter's influence on economic policies in industrialized countries, there has been little application of his work in emerging countries.

Cell phone use has grown faster in Africa than in any other region of the world since 2003....Of course, South Africa—the most developed nation—still has the highest penetration, but across Africa, countries have leapfrogged technology, bringing innovation and connectivity even to remote parts of the continent, opening up mobile banking and changing the way business is done.

"The map of Africa as a hopeless collection of failing post-colonial economies is being redrawn before our very eyes. Credit should go to African leaders for their stubborn refusal to accept the future as predicted by others but to seek to change it. As they say, for Africa, the future is not what it used to be."

"Nearly 60 per cent of the world's available arable land is in Africa. What is needed is a vision among African leaders that would help the continent to contribute to global food needs while fostering local prosperity. Efforts to achieve this have already been started through foreign investments in agriculture."

"Mwapachu will be remembered as a true entrepreneur with a passion for creating new institutions that improve the lives of the majority of people. He operationalised the EAC Customs Union, led negotiations for the EAC Common Market that came into force in 2010 and laid the groundwork for the forthcoming EAC Monetary Union. He also oversaw the admission of Rwanda and Burundi into the EAC."

"Sustaining African economic prosperity will require significant efforts to modernise the continent's economy through the application of science and technology in agriculture. In other words, agriculture needs to be viewed as a knowledge-based entrepreneurial activity."