Neither Washington nor Beijing Consensus, need African models to fit realities and cultures

A nice speech by  Sanusi Lamido Sanusi, Governor of the Central Bank of Nigeria.

He looks at the two broad frameworks of development – Washington and Beijing (fashion is better suited than frameworks actually). And then says how both are inadequate to sort Africa. What is needed is a seperate consensus and a model which fits into African culture and reality. Whereas the two fashionable ideas moreso Washington Consensus ask countries to change as per the model:

Africa with its huge natural resources, regional market size and human resources ought not to be a marginal player in the global economy. Neither the Washington Consensus nor the Beijing Consensus can bring about the desired change. The implications of the structure of African economies need to be critically appraised in order to identify an appropriate African Consensus – for its development model. In this regard, a developmental strategy for the continent would include a framework that embrace competitive regional and international trade, development of critical infrastructural, harnessing of the potential of the huge natural resource endowment, including abundant labour force and large domestic market.

He looks at typical Africa issues which do not find any merit in the two consensus like civil conflicts, natural disasters, typical African institutions etc.

A nice summary of Africa’s woes and development challenges. A nice reference list as well.

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