This is the opinion of world-renowned economist Jeffrey Sachs\u201a the keynote speaker at the opening of the 6th World Sustainability Forum in Cape Town on Friday.
China and east Asia were transformed in a short period with well-targeted investments of up to 30% to 40% and Africa can learn from their case he said.
\u201cIf Africa can substantially raise its investments rates … then its overall growth rate would increase and poverty would plummet.\u201d
High on the agenda of the two-day meeting are the United Nations-led 17 sustainable development goals (SDG) adopted in September 2015\u201a following on from its millennium development goals.
These \u201cglobal goals\u201d\u201a which include quality education and good health and well-being\u201a underscore the type of long-term investments needed to eliminate poverty\u201a Sachs noted.
Today\u201a about five percent of people remain in extreme poverty in China and east Asia. \u201cThe period of 2000 to 2015 saw extreme poverty ended in a region where more than 80% lived in extreme poverty in 1980\u201a\u201d he said.
An investment in technology\u201a the saving and accumulation of different types of capital and investments \u2013 including in people\u201a infrastructure and transport \u2013 would also help overcome poverty. Measures to cut corruption were also needed.
\u201cSuch is our technology today that we can realistically look to this period as the period when extreme poverty ends in Africa\u201a\u201d he said.
Sachs observed that the expanded education goal of striving for \u201cuniversal secondary completion of education\u201d would be a major challenge in Africa.
He recognised the role universities play in championing innovation and developing intellectual capacity. \u201cI do think the academic and university sector has a unique role to play; I do not believe the SDGs can be achieved without the university sector\u201a\u201d he said.
\u201cI know South Africa is going through an extremely difficult time in universities now\u201a which I am following with great concerns. Sometimes in crisis like this there is also opportunity\u201a\u201d he said\u201a urging African universities to set their own research agenda.
Countries should also invest more in social capital\u201a in building trust between people and their government\u201a said Sachs\u201a noting that this has been falling in the United States. \u201cWe don’t trust each other and we don’t trust our government… American society does not work right now\u201a\u201d he said. On a lighter note he said that US president Donald Trump could play a role promoting unity \u2013 by uniting countries against him.<\/p>\n

\n

Sentiment rank: -0.6<\/div>\n

\n<\/div>\n<\/div>\n