A growing middle class is one reason Afro-optimists believe the opportunities outweigh the risks. (Source: The Economist)
Within the ongoing discourse about Africa’s future, these groups might be called the Afro-pessimism and Afro-optimism schools of thought. Abdelmalek and others who suggest that the cup is half-empty due to debt-burden belong to the latter group.
In this continent of global significance, the Afro-pessimists see only risks and dangers; Afro-optimists see opportunities and prospects for success, growth and development.
I want state without mincing words that I belong to the Afro-optimism camp. This is why the fears he raised in that article does not resonate with me at all. For instance, he stated that “some countries such as Angola, Kenya and Zambia are already facing major financial stress and are looking at refinancing their debts in order to buy some time.” However, he did not tell us about other African countries that managed their debt profile or any that are currently debt-free.
I also expected him as a person who writes about North Africa, the U.S and International relations to talk about that fact that between year 2000 and 2010, Africa’s foreign debt fell from 63 percent of Gross Domestic Product (GDP) to 25 percent, an indicator of macro-economic stability in the continent. The trend, according to experts, has remained fairly positive in the last few years.
Third, he cited the case of how private lenders seeking returns in a world no longer able to deliver them, kept pouring their funds into Africa, particularly for countries looking for money. Were these so-called lenders so stupid to throw their hard-earned money away so recklessly into a continent with no hope? The answer is of course NO! The bitter truth is that such move further lent credence to the fact that Africa remains the surest source of hope and the future of the world.
There are many well-respected Afro-optimists in the business world who also contradict Abdelmalek’s gloomy predictions.
