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By Joel Uwizeye Bona.
As an African economist I have found it crucial to write my concerns about the way forward for us given the economic environment at hand.
Following the research published in Washington, June 7, 2011—As they put the financial crisis behind them, developing countries need to focus on tackling country-specific challenges such as achieving balanced growth through structural reforms, coping with inflationary pressures, and dealing with high commodity prices, the World Bank says in its June 2011 edition of Global Economic Prospects.
As Africans we only have two strong parameters that we share with the rest of the world; TIME and HUNGER.
No matter which grid reference that anyone will stand all of us, as human beings have twenty four hours a day (24 hours a day and seven days a week). The difference lays in how we spend it; the biggest challenge before Africans is to differentiate between productive and non productive time utilization.
When we learn how to use a minute to its bliss, point that ideally means that there could be no hour wasted and hence forth seasons. By the virtual of time management coupled with the fact that every human being needs food to survive literally meaning hunger is un avoidable evil, the Africans despite’ the cultural disease’ of poor time management – when people have misused their time then they will always say ‘we thought it was African time- this should be changed and totally deleted in our mind to cope with the current competitive market.
If we manage our time and hence the seasons, we shall be able to fight famine on our land and tackle the challenge of poor Balance Of Payment (BOP),for African developing countries will be able utilize their time and seasons by cultivating both on time and with the really season product, thus satisfy themselves and export.
The lack of self reliance economy(s) based on the underutilization of factors of production has made all developing countries to be prone to cost push inflationary pressures, but if we could be able to satisfy our demands locally and even export, then we could be able to use the extra dollar got as an income from exports, spend it on what we can’t produce like petroleum products and this can help us not incur high costs that finally leads to high prices hence curbing the inflationary pressures.
An illustration; if we could be able to produce maize at the right time, the World Food Program would come to Rwanda and the rest of the developing countries to buy the produce on high price. But the challenge is that due to lack of time management sometimes we tend to grow them late or early and this affect the product’s quality and quantity, and ultimately the income.
If we could fully utilize the God given fertile land that we have effectively and efficiently, then we could produce for our own consumption, and the foreign parties could spend transport costs to come wherever we could be and buy our products. This doesn’t only curb demand pull inflation but also cost push as well and hence having a stable economic environment.
It should always be observed that if you want to know that a family is getting to the really ditch of poverty, it will start borrowing and or begging natural vegetable like ‘dodo’, which everyone can get in his/her farm. So if developing countries want even to get what they are naturally endowed with then hardly shall they change the status quo.
Economically developing countries have challenge of depending on imports and this has a high Risk not only in terms of the Economies Balance of Payment but also on the innovativeness of the nationals. A case in appoint is like our local milk butter (amavuta y’inka).
Our local milk butter, is more nutritious than any other cooking oil, but surprisingly people no longer use it, for the other cooking oils have taken up the market, but if we could ever develop our products like the local made butter to another level we could be able to export more and even benefit more, hence forth curb the over dependence on unhealthy-expensive oil .
The achievement of balanced growth can be attain through individual African concern to fight poverty through effective and efficient utilization of time and resources through structural reforms that governments have to come up with ,(however the implication of these reforms should be clearly explained to the implementers. This reminds me of the big gap that usually have caused a lot of failures in the developing economies between the planners and the implementers this I will explore in my next edition).
By satisfying ourselves with what we can locally produce mostly the fresh food staffs we shall be able to copy with inflationary pressures, and high commodity prices.
Bill Board once said that “Strange how we make money to spend time”
The statement above should be respected for another evil that most of Africans have spent in the thrifty disease. It’s one thing to get money and another one to guard it. Having got an extra dollar from our produce and another one by not paying for transport of our produce, the challenge is how we keep the money. It’s always said that ‘time is money’ the poverty tyranny that Africans have is that when we don’t waste time we get money and then spend time.
Way forward for the developing countries and Africans at large let us learn, how to use the absurd factors of production being Land and Time explore them fully and without doubt we shall gain income and then let us learn how to invest and save . Keeping in mind that effective utilization of time pays but getting money and spends time bring us back to no money.
I.e. m=t where t; time, m; money.
But m*t = w. where w; wealth.
When’t’ is wasted i.e. t=0,
M *0=0 i.e. no Wealth accumulation and hence forth the vicious circle of poverty.
B. (ECON) Makarere University Kampala.
MBA. (Banking and Finance). Kampala International University.
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