Introduction
This new millennium led to the rise of two significant events which are of very major importance to African integration these events are the coming up of the African Union and the formulation of the New Partnership for Africa’s Development which was to be used as the guide to the development of Africa. In recent years in Africa, there has been increased alertness of the essence of the integration of the regional economic integration and cooperation.
The Africa member countries have predicted that globalization can lead to greater socio-economic prosperity. Through the New Partnership for Africa’s Development and the African Union studies and economical potentiality surveys, it has been realized that Africa requires to maximize the utility of its own resources in order to achieve sustainable development and economic goals which are both short and long term (Felisia, 1995).
Economic Integration of Africa over the next ten years
The realization of effective development in Africa seems to be a very hard issue to tackle and the vast diversity of economic plans and priorities should be driven by the principle of sustainable development. It has been an agreement in the meeting being attended by eminent African leaders that there should be integrated economic globalization of Africa in order for Africa to pick itself from the dust.
The African Union and the New Partnership for Africa’s Development have realized that there is an urgent need to prioritize economic plans in the order of their urgency, potentiality, and capability of implementation. Hence there is a prior need of every African state to develop state self-reliance which should be integrated with the vision and plan for African development in a sustainable way (Duncan, 1992).
According to Africa’s 10 years grand plans the integration of sustainable development strategies, maximum utilization of Africa’s human resources, the sustainable utility of Africa’s merger resources, fighting the major killer diseases which increase mobility & mortality like HIV/AIDS, improving food security through appropriate technologies and practices, adequate use of cheap fuel with high regards to the rural areas, enhancement of new technology especially the information technology & biotechnology as a significant aspect for attractive economic growth in Africa, efficiency improvement in Africa’s infrastructure & transport network, and enhancing African regional cohesion and cooperation. These are the core plans laid to take Africa into the next 10 years of economical prosperity through a regional integration approach (Johannes, 2000).
Economic Integration of Africa over the next twenty years
Having seen how w Economic Integration of Africa over the next ten years was postulated to occur it is also important to take an overview of Africa’s pre-planned initiatives into the next 20 years. Into the next quarter of a decade, every African state has been urged to carefully assess itself and to formulate visions that be a driving force to achieving the long-term goals and objectives through the New Partnership for Africa’s Development.
The implementation process
By having the above ten years’ priorities there are ways in which to realize the above targets or goals. One of these means is through promoting good governance which involves the provision of a stable environment to partake sustainable development. Another means of achieving these plans is through enhancing Africa’s legal framework which involves formulating laws and regulations which can predispose regional trade and harmonization. Proper financial policies are essential in the achievement of regional integration and sustainable development hence the accessibility of finance is critical to the capability of African states to maximum contribution to the world economic growth and integration.
Another way that was encouraged was having the African workers and expatriates in the Diaspora send back home some finances to contribute towards economic strength. Also having enhanced and well-formulated micro-financial institutions which could circulate and avail financial support to traders and investors.
It was also decided that the projects proposals which were supposed to be funded from international sources were handed over in a way that suggested sustainability and diversity of potentiality.
Another contagious issue that was supposed to be solved to ensure economic integration was the cutting down of the funds allocated to the military in order to put available funds into proper use.
African states were also encouraged to work toward enhancing trade and development with international partners. Countries in Africa must put in place targets in the import–export ventures (Francis, 1999).
References
Felicia, D., Export performance in the sub-Saharan Africa, Cairo: IGAD Review, 1995.
Duncan, S., Developing economies really do grow more rapidly, USA: Chicago press, 1992.
Johannes, N., Economic development and cultural change, Kenya: University of Nairobi Press, 2000.
Francis, M., Non-traded Goods and Better Tariffs, Lagos: international Economics, 1999.