It’s hardly surprising – given our lacklustre economic

growth that really benefits no-one and is hardly inclusive – that some people

are anti the World Economic Forum (WEF) meeting in Durbs.

WEF Africa 2017, which ends on Friday, has seen more than

1 000 important leaders gather at the Durban International Convention

Centre to hash out topics around the theme of “Achieving Inclusive Growth

through Responsive and Responsible Leadership”.

And therein lies the rub – inclusive growth.

Frankly, we have to do something to jump start the

economy.

South Africa’s gross domestic product grew a measly 0.3

percent last year, and – with a bit of luck – will grow by about a percent this

year.

Hardly, as I’ve noted before, the sort of growth that’s

inspiring and will create jobs.

Which is maybe why so much of the talk coming out of WEF

Africa this year is around Africans working together – to the benefit of all

Africans.

Africa, as a whole, is expected to grow at less than 5

percent this year – less than what it gained over the previous decade. Yes,

there will be pockets of growth, but the gains will be nothing like the growth

that made the continent look like the Promised Land for expansion.

Africa’s growth is coming off because of a recent slump

in commodity prices, and the economic slowdown in China. While these two

external factors have weighed on growth – and both are picking up – Africa also

needs to look towards herself for growth.

Let’s face it, we don’t trade nearly enough with our

neighbours.

Finance Minister Malusi Gigaba pointed out just before the

start of WEF that intra-African trade is shockingly low at

about 11 percent, while intra-Asian and North American trade is both at 40

percent.

The problem is, while Africa has the resources, it

doesn’t have the infrastructure. It is in dire need of roads, and those are

expensive to build. Too many countries don’t have ports, which means relying on

shoddy roads to truck vast amounts of products many many thousands of

kilometres to get to a port.

(That’s why Transnet is so chuffed with itself,

and sees itself as an access point for Africa to trade with the rest of the

world.)

In addition, about 60 percent of Africans

still don’t have electricity.

Lack of investment

What all of this speaks to is a serious lack of investment.

Granted, much of the blame lies in colonialism, but blaming history doesn’t

solve our immediate issues.

We need to invest, and we need to do so smartly, and in

collaboration – as Gigaba said. I’ll add a rider to that – we need to invest as

a matter of extreme urgency.

And we need to invest not just in infrastructure, but

education and technology also, because the fourth industrial revolution is

coming, at a rate of knots.

I don’t know where we’ll get the money, but if we look at

collaborative investment – a model can be developed.

Because then we can take advantage of all we have to sell

the world and our neighbours. Our smarts, our inventions, our resources, our

skills… the list is almost endless.

And we need to get a move on, because the theory of

trickle down economy is not only broken, it’s leaking.

The problem with that theory is that the rich get richer,

but generally don’t invest in anything that will help the poor. (Unless they

are big on philanthropy, and then tend to shout to the world about their good

deeds.) Instead, they invest in things that will make them richer.

This is among the reasons, I suspect, is why civil society took to

the streets as WEF started. Although concerned about climate change,

they also called for people to be put ahead of profits.

If we want inclusive growth that benefits all, we need to

collectively invest so that all Africans can benefit.

* Nicola Mawson is the online editor of Business

Report. Follow her on Twitter @NicolaMawson or Business Report @busrep.

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