<\/p>\n
Sekoetlane Phamodi, Programme Director at the New Economy Hub, said many African economies are structured around extraction. Phamodi said this includes the export of unprocessed commodities such as minerals, timber and agricultural products, which are processed elsewhere and sold back at higher prices.<\/p>\n
<\/p>\n
Phamodi said this model is combined with the use of low-cost labour and is reinforced by financial systems that place pressure on public spending. Phamodi said countries often face higher borrowing costs and may reduce expenditure on services such as healthcare and education to manage debt obligations.<\/p>\n
<\/p>\n
Phamodi said illicit financial flows and external debt pressures limit the ability of governments to invest in infrastructure, including energy, transport networks and industrial development. These factors affect efforts to support economic growth and employment.<\/p>\n
<\/p>\n
Phamodi said alternative economic thinking should focus on retaining value within African economies. This includes processing raw materials locally and developing policies that support domestic industries and employment.<\/p>\n
<\/p>\n
Demographic trends were also identified as a key factor. Phamodi said Africa\u2019s population is largely young, with about 70% under the age of 35. Phamodi said economic models will need to address employment and income opportunities for this population.<\/p>\n
<\/p>\n
Phamodi said young people are already engaged in discussions on economic reform, particularly in areas related to sustainability and inclusion. These include calls for investment in renewable energy and infrastructure to support economic activity.<\/p>\n
<\/p>\n
Phamodi said access to electricity plays a role in supporting economic participation, including enabling small-scale enterprises and improving access to education and services.<\/p>\n
<\/p>\n
On broader policy issues, Phamodi said debt management remains an important consideration across African countries. Phamodi said there is a need to review financing systems and borrowing conditions to support investment in development priorities.<\/p>\n
–ChannelAfrica–<\/p>\n","protected":false},"featured_media":35630,"template":"","meta":{"_acf_changed":false},"news-type":[44],"class_list":["post-35628","news","type-news","status-publish","has-post-thumbnail","hentry","news-type-finance","entry"],"acf":{"short_description":"As African countries explore new approaches to economic development, analysts are examining alternatives to traditional growth models, with a focus on equity, sustainability and long-term structural change.","published_date":"","news_description":"As African countries explore new approaches to economic development, analysts are examining alternatives to traditional growth models, with a focus on equity, sustainability and long-term structural change.","form_embed":"","author":"","image_caption":""},"_links":{"self":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/35628","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/types\/news"}],"version-history":[{"count":1,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/35628\/revisions"}],"predecessor-version":[{"id":35631,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/35628\/revisions\/35631"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/media\/35630"}],"wp:attachment":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/media?parent=35628"}],"wp:term":[{"taxonomy":"news-type","embeddable":true,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news-type?post=35628"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}