Achieving Economic Freedom in Africa
The Heart of a Cheetah, by Magatte Wade, lays out her plan for a prosperous Africa.
Magatte Wade shares the story of her life, from Senegal to Silicon Valley and beyond, in her new book, The Heart of a Cheetah. The memoir has a greater purpose than simply narrating her life story, however. It is a story of Africa, how and why it has some of the poorest nations in the world, and a call to be a part of the solution. The Heart of a Cheetah feels like it’s the start of something, rather than just a look through one woman’s past.
The Cheetahs
Wade is part of the “Cheetah generation,” a phrase coined by one of her mentors, George Ayittey. Ayittey describes this generation of Africans as “problem solvers and entrepreneurs.” Rather than waiting for corrupt leaders to bring them out of poverty, they take action and work to change their circumstances. Throughout her career, Magatte has been accused by many of denying the part that colonialism played in keeping Africa poor, but she makes it clear that slavery and colonialism were horrific, stalled Africa’s economic growth and replaced it with poverty. She makes the case that although this was devastating, her home country of Senegal and all other African nations now have the chance and responsibility to take themselves out of poverty and thrive alongside Singapore, Hong Kong, and Denmark (once poor nations, but now ranking in the top of the World Bank Doing Business index).
Problems and Solutions
One of the aftereffects of colonialism is the erroneous idea that it is inextricably linked to capitalism, thereby making capitalism and free markets seem like the enemies. Wade argues that in pre-slavery and colonialist Africa, free markets were ingrained into the culture. Current socialist and bad business policies came later, and are now what keep Africa’s barriers to prosperity in place, not capitalism.
If poverty is the problem, money would be the solution. Money comes from jobs, and jobs come from businesses, i.e. the private, for-profit sector. Summarizing the situation however, is much easier than executing a plan to combat the issue. First, more people need to understand the importance and necessity of capitalism, and then a path through corrupt bureaucratic systems must be cleared for aspiring entrepreneurs. Wade’s book describes her own experience coming to these realizations, and the many obstacles she faced while building her own African businesses. This book is a great start for anyone interested in learning about economic freedom, starting a business, or helping Africa out of poverty. Magatte’s work has shown her that without a change in business policies, economic freedom will not exist in Senegal or any other African nation. To prosper, Magatte says, every citizen needs “three essential tools: property rights, the rule of law, and freedom. In the course of the last century, every nation that has provided its citizens with access to these tools has become prosperous.”
Playing Our Part
What can we, African or not, do to help? Research and read books like The Heart of a Cheetah to learn more about economic freedom and how other countries have achieved it. Spread the word about the need for better business practices, and invest in private African businesses. There’s no quick fix, but there is real hope for the Cheetah generation to lead Africa and other nations around the world out of poverty and into prosperity.