- To make Africa truly competitive, less dependent on foreign assistance and more resilient to shocks, its economic transformation is essential. Growth with ‘DEPTH’ – diversification, competitive exports, increased productivity, upgraded technology, and improved human wellbeing – is advised.
- In the pursuit of growth with DEPTH lessons can be learnt from countries that have already transformed (e.g. in South America). Strategies that may be adopted are: increasing state capacity, establishing public-private partnerships, building technical knowledge and skills, and promoting exports and tourism.
- These strategies must be translated into practical policy actions that will vary across countries, regions, and business sectors. Specific examples include: 1) administering ports and customs and controlling corruption; 2) establishing ‘centres of excellence’ for others to emulate in the public service; 3) investing in programmes to develop more labour-intensive industries; 4) promoting high-quality and easily-accessible education on all levels; 5) upskilling workers by providing additional training that matches market demand; and 6) harmonizing regulations to facilitate faster and cheaper cross-border trade.