Africans require EQ to grow economy

by Thando Matutu 0

“Business people need to balance the interests of shareholders with the needs of society and the demands of the state,” Sim Tshabalala joint chief executive officer of Standard Bank told CNBC Africa.

The continent has projections of 5.2 per cent in 2014, however security instability has been a continuous problem for foreign investors.

The South Sudanese civil war reached a negotiating period between the conflicting sides on 23 January 2014, this situation lead to instability in the oil sector.

The Nigerian Islamist terrorist group, Boko Haram, has kidnapped 200 schoolgirls during a critical period when the country is hosting the World Economic Forum in Abuja. However, this event indicated the courage or empathy qualities required for economic growth.

“The courage and the fortitude that the Nigerian government and people have shown in the time of tragedy,” he said.

The international community is focusing on the potential investment options while considering the burden of their basic well-being in the continent. To deal with this dilemma, Africans have to acquire composure and empathy.

(READ MORE:Nigeria set to improve education system)

In developing the economy for the future, Africans can be educated to develop emotional intelligence which will contribute to the innovation of finance and the technology to develop entrepreneurs who can create jobs.

“The African society needs to deal with the digital world but studies in the humanities are important alongside reading great literature and be empathetic,” said Tshabalala.

(READ MORE:Education on path to improvement through tech)

An integration within governments, private businesses to educate Africans to deal with dilemma and introduce emotional intelligence to help people develop their emotional intelligence and overcome adversity.  

“Increase the capacity of states to improve education, societies to formulate and implement policies,” said Tshabalala.

At a time where the world is focusing on the continent’s economic growth, Africans need to acquire an educated strong mind set to deal with adversities required for an African economic renaissance.