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Willisms

« Social Security: Franklin vs. Bismarck. | WILLisms.com | Tony Blair's George W. Bush Moment. »

Trivia Tidbit Of The Day: Part 100 -- Botswana.

BOTSWANA, MODEL FOR AFRICA-

botswana.gif

Since independence, Botswana has had the fastest growth in per capita income in the world. Economic growth averaged over 9% per year from 1966-99. The government has maintained a sound fiscal policy, despite three consecutive budget deficits in 2002-2004, and a negligible level of foreign debt. It earned the highest sovereign credit rating in Africa and has stockpiled foreign exchange reserves (over $5.3 billion in 2003/4) amounting to almost two years of current imports. Botswana’s impressive economic record has been built on the foundation of wisely using revenue generated from diamond mining to fuel economic development through prudent fiscal policies and a cautious foreign policy.

Source:

U.S. Department of State (via No Speed Bumps).

Botswana is the model for reforming Africa. It has a generally free and open market economy; it is freer, politically (.pdf -- Freedom House), than Brazil, India, and even Jamaica.

Corruption is low, the free enterprise system is allowed to work, and, what do you know, the country is one of the more successful countries in Africa. Botswana's per capita GDP ($9,200) is above that of China, Ukraine, Bulgaria, Turkey, Brazil, and Thailand; Botswana's per capita GDP even bests the world average.

Contrast Botswana with Zambia (or any number of sub-Saharan nations), and you can really see how much institutions matter.

In short, Africa could learn a lot, from one of its own.

Moeletsi Mbeki adds:

Successful development in Africa will not be achieved by throwing more fuel on the flames. Merely handing more aid money to African governments only reinforces the pattern of abuse. The key to development lies in a dynamic private sector. For a country to produce more, private individuals must generate savings and plow those savings back into the production process in the form of new and improved techniques, processes and products....

Future development in Africa requires a new type of democracy -- one that empowers not just the political elite but private-sector producers as well. It is necessary that peasants, who constitute the core of the private sector, become the real owners of their primary asset: land.


Trade, not aid!

---------------------------------


Previous trivia tidbits:

Part 1; Part 2; Part 3; Part 4; Part 5; Part 6; Part 7; Part 8; Part 9; Part 10; Part 11; Part 12; Part 13; Part 14; Part 15; Part 16; Part 17; Part 18; Part 19; Part 20; Part 21, Part 22; Part 23, Part 24, Part 25; Part 26; Part 27, Part 28; Part 29; Part 30, Part 31; Part 32; Part 33; Part 34; Part 35; Part 36; Part 37; Part 38; Part 39; Part 40; Part 41; Part 42; Part 43; Part 44; Part 45; Part 46; Part 47; Part 48; Part 49; Part 50; Part 51; Part 52; Part 53; Part 54; Part 55; Part 56; Part 57; Part 58; Part 59; Part 60; Part 61; Part 62; Part 63; Part 64; Part 65; Part 66; Part 67; Part 68; Part 69; Part 70; Part 71; Part 72; Part 73; Part 74; Part 75; Part 76; Part 77; Part 78; Part 79; Part 80; Part 81; Part 82; Part 83; Part 84; Part 85; Part 86; Part 87; Part 88; Part 89; Part 90; Part 91; Part 92; Part 93; Part 94; Part 95; Part 96; Part 97; Part 98; Part 99.

Daily Trivia Tidbits cover a wide range of topics, and they're usually not trivial at all; you never know what you might find. Stay tuned to WILLisms.com for more.

Have a trivia tidbit tip? Send it over to WILLisms@gmail.com.

Posted by Will Franklin · 7 July 2005 05:36 AM

Comments

Why is it? Everytime I read a WILLisms.com trivia Tidbit do I get soooooooo Hungry for Trader Vic's?

Posted by: Zsa Zsa at July 7, 2005 08:12 AM