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One People-One Goal-One Faith, Omega Plan for Africa

H. E. Abdoulaye Wade


Since the 1970s, Africa has gone through economic and social difficulties that are gradually edging it out of the mainstream of world affairs. A few micro-economic indicators will show that its performance, on the whole, has been quite middling with stagnating economies characterized by double-digit chronic balance-of-payments and budget deficits, heavy indebtedness and weak growth. While Africa’s average income accounted for 14 percent of the income of developed countries in the mid-1960s, this ratio had by 1997 been reduced to no more than 7 percent of the GDP growth rate. The average annual growth rate from 1965 to 1993 was a mere 0.5 percent and fell far below the population growth rate that increased from 2.9 to 4.1 percent per annum. As a result, Africa, which accounted in 1994 for 12 percent of the world’s population, was producing less than 1 percent of global GDP.

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West Africa Review. ISSN: 1525-4488 (online).
Editors: Adeleke Adeeko, Nkiru Nzegwu, and Olufemi Taiwo.

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