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5 Conclusion and Policy Recommendations

In order to address the prevailing social economic challenges facing the continent, it is imperative for African countries to achieve and sustain broad based economic growth. Experiences of the rapidly growing East Asian economies underscore the fact that achieving this growth requires structural change. Policymakers need to design and implement policies that foster the shift of economic resources to high productive and labour intensive sectors such as manufacturing. To this end, industrial policy emerges as a vital policy option which, if well designed and implemented, can be instrumental in achieving this target.

This paper has summarized some of the key elements and ingredients of an

effective industrial policy framework. It has emerged that the State has a key role to play in accelerating re-allocation of resources to high productive economic sectors. Past industrialization attempts in most African countries provide policy lessons which can guide policymakers in the design and implementation of industrial policy. This paper has underscored that industrial policies should (i) foster private sector development (ii) boost entrepreneurial ventures and investments (iii) promote coordination of industrial policy among different institutions in a transparent and accountable manner (iv) accelerate scientific and technology innovation (v) boost regional integration and intra-African trade, and (vi) lay emphasize on mobilizing resources for financing industrial development.

References

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ECA (Economic Commission for Africa) and AUC (African Union Commission) (2014) Economic report on Africa 2014 – dynamic industrial policy in Africa: innovative institutions, effective processes and flexible mechanisms. Economic Commission for Africa, Addis Ababa

Hallegatte S, Fay M, Vogt-Schilb A (2013) Green industrial policies: when and how. Policy Research Working Paper Series 6677, World Bank

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