By Nuru Mugambi | From Business Daily

Now is the time for Africa. But don’t just take US President Barack Obama’s word for it; in several respects this sentiment has been anchored on fact.

Steadily, sub-Saharan economies have chugged along with more than a dozen markets booking impressive growth fuelled by improved purchasing power, strong regional and domestic demand, and investment inflows all of which have kept average growth rates consistently around four to five per cent, compared to the global average of three per cent and below.

And the future appears to be brighter with more democratisation and regional integration which is sure to maximise resource wealth and create employment opportunities.

With new oil and gas prospects coupled with enviable clean energy potential in several emerging economies and infrastructure developments aimed at driving efficiencies across all sectors, it’s no wonder Shakira’s ode to Africa resounds five years after the South Africa World Cup.

But borrowing from the critique the gyrating Columbian received for upstaging indigenous musicians on their home turf, I can’t help but draw the correlation that Africa is at the centre stage of global economic development, however, are we merely dancing to the tune or singing the lead vocals?

Moreover, one cannot be sure that once the music stops, the society and environment will be better or worse off.

The present enthusiasm of global investors, including sovereign funds, is a welcomed change from the donor aid approach that has clouded mind-sets for several decades.

Nevertheless, we must remember that all this renewed attention comes with a price. And that price is not just the interest rate of the debt we are taking on as countries.

Our governments and political leaders have a real opportunity to ensure that our people are truly empowered and enabled to leverage this “kairos” well into the future.

The rate at which all Africans, including those who only seem to matter during a general election, will be delivered from perpetual poverty, food and water insecurity, wanting public services, and all the other effects of systemic waste and corruption, will depend on the leaders and their ability to put the pursuit of real, sustainable economic growth ahead of short-term, superficial – and often individualistic – gains.

So what are we giving up to foreign investors? Is the funding we seek bringing us full circle to when the social rights and economic opportunities of the majority were mortgaged for the benefit of the few?

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