Bon Wakam - On Africa (Part 2)
Posted by Sandy Warren
on Jun 04, 2015
Bonaventure Wakam Completes Africa Tour
With Presentation on Continent's Economy
With Presentation on Continent's Economy
Ventura Rotary South Member (and Cameroon native) Bonaventure Wakam made a second presentation on Africa at our meeting on Monday, June 1. His comments concentrated on the continent's economy, including the global challenges and opportunities faced by the 55 countries that make up Africa.
Bon noted that most people are unaware of the sheer size of the African continent, which includes 20 percent of the earth's land mass. Its area could accommodate that of China, the U.S., India, and most of Europe. "Africa contains vast areas of valuable natural resources," said Bon, "including oil, diamonds, minerals, and agricultural land." He explained that recent growth has ranged from 2 to 6 percent, depending on the region, with political instability being the greatest limiting factor in certain countries, along with an average of 8 percent inflation in recent years.
"Trade within Africa remains more diversified and active than trade with the rest of the world," said Bon, "although external trade is gradually expanding, particularly with China, which is investing heavily in the continent." He noted that labor market indicators are slowly improving, partly due to wage policies and harnessing of natural resources. While widespread poverty and high unemployment remain stubborn problems throughout Africa, Bon noted that indicators are favorable for long-term progress.
Thanks, Bon, for two great presentations on Africa!