GDP Delusion Doesn’t Give Development

The President of African School of Governance (ASG), Professor Kingsley Moghalu, has warned African leaders against relying on Gross Domestic Product (GDP) reports to measure their country’s development.

The former Deputy Governor of the Central Bank (CBN) said economic development of each African country should be measured with availability of social amenities for citizens, quality and affordable education and quality healthcare for all.

Professor Moghalu also called on African leaders to implement plans effectively and rid of corruption in the continent.

He stated that chasing foreign direct investment without addressing corruption and the absence of accountability may be a futile effort.

“Development begins in the mind, not in the GDP delusion. It begins with unified national/societal ambition, values (such as real accountability), and organization to implement plans effectively. All of this depends on leadership and governance.

“It also begins, at the second level after the first, with knowledge and skills that apply that knowledge. This is called Productive Knowledge (PK). Development does not begin with “foreign investment” in the midst of chaos, industrial scale corruption, absence of accountability and rule of law, values, a worldview of transformation, and the absence of social cohesion.

“It begins with potable drinking water, effective education systems, access to good healthcare for all. These are the foundations of development. African leaders must get this right,” Moghalu advised.