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Commercial buildings with integrated solar panels and cooling systems in Gaborone, Botswana
example is Rwanda’s recent attempt to model the country’s development according to the example of Singapore. Although he cites Ethiopia and Rwanda as examples of successful development Studwell does not turn a blind eye. In a critical assessment he highlights the problems that come with “strong leadership” or dictatorial approaches, including conflicts with neighboring countries, as well as the expansion of gross inequality in Botswana under the current leadership. The third part of the book lays out a blueprint to follow for African countries in general, mainly to change the large- scale agricultural structures in countries such as Côte d’Ivoire, Ghana or Tanzania
into a fairer distribution for smallholders. In the case of North Africa, the key question of development for Studwell is how to become manufacturing hubs for industrial growth (and integrating into the European value chain). Overall, Studwell draws a rather optimistic picture for Africa as a development frontier of the 21st century and offers his readers a positive outlook and good talking points at the next Davos World Economic Forum (also where the FT is ubiquitous.) It is rightly promoted as a well-written introduction into Africa’s growth prospects and the all-too-often neglected opportunities that exist on the continent.
However, there is a problem: Studwell’s book fails to consider several key development challenges. The biggest and most important oversight is the book turns a blind eye to the role of the financial sector, globalization and global capitalism. Authors like Dafe, Kaltenbrunner, Kvangraven et al. showed in a 2023 paper in the journal Development and Change how the lack of a strong and diversified financial sector harms the establishment of local bond markets and local currency lending in Sub-Saharan Africa. While Asian banks were crafted as instruments of industrial policy, most African banks are still reproducing colonial hierarchies, designed to reallocate surplus funds.
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