Shortly after being hit by the global financial crisis in 2009, Africa staged a robust economic recovery and was one of the fastest growing regions in the world. The continent’s performance is projected to remain strong despite the fragile and tepid global recovery. As several studies and scholars have now pointed out, Africa has the potential to become a global growth pole over the longer term. However, vast infrastructure and human capital gaps constrain Africa’s development. Balancing the need to scale up growth-enhancing public outlays and debt sustainability is therefore a key policy challenge ahead. Ever since the landmark study by the African Development Bank and Global Financial Integrity described Africa as a net creditor to the world of some US$1.4 trillion between 1980-2009, studies have proliferated on the subject. The significance of these figures is that they demonstrate the extent to which international trade, indeed, integration into the global economy, is not proving to be a viable development option for the continent.
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