Africa on solid growth path

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“We expect certainly the world to achieve this great convergence in the next 20 years, and we’re very enthusiastic and we firmly believe this is doable. Think about what other countries have achieved already: look at Cuba, China, Chile, Costa Rica,” Mthuli Ncube, vice president and chief economist at the African development Bank, told CNBC Africa.

“We believe that low-income countries can achieve what these countries have achieved in the next 20 years. It’s possible, all thorough financing, controlling their domestic finances better or through technological advancement.”

According to a report entitled ‘Global Health 2035: a world converging within a generation’, report, for the first time in human history our generation has the financial and technical capacity to eliminate health disparities between poorer and wealthier nations.

Better targeting of certain diseases such as tuberculosis, HIV/Aids and other tropical diseases have made significant healthcare advancements as well as increased global life expectancy.

“The issue of the report is to say to the government ‘please take control of the financing of your own health.’ That’s what you have to do for the citizenry and we’re highlighting that countries are discovering natural resources suddenly here in Africa,” Ncube explained.

“Managing those resources more efficiently can deliver the sort of resources more efficiently, and can deliver the sort of services that are required in the healthcare sector.”

Ncube added that the process of efficiency and improved healthcare is an equal partnership between the banks and other philanthropists and donors coming together to tackle and support economies.

Technological innovation and developments currently thriving in the continent will also have to be supported, and barriers hindering more technological advancement will have to be strategically eradicated.  

“The issue there is access [and] affordability. We’re beginning to see technology being massive. [We] have incredible technologies that are being developed, and these can be massifed easily,” said Ncube.

“So we’re getting better every time, but we need to increase our research and development in from the current three billion to six billion. We have to double that in the next 20 years if we’re to achieve this great convergence.”