Africans increased purchasing power
Growing domestic demand is also supported by
remittances from the diaspora, affording Africans
increased purchasing power. In 2015 alone, African
migrants sent home some $64.6bn, a sum that
rivals FDI fows and dwarfs aid.
However domestic demand alone is not
enough to propel Africa’s structural economic
transformation. Africa needs to be more than
just a big market. It must become a producer of
higher value-added goods and services.
Policies therefore must aim to attract more
This requires accelerating
the process of regional integration. It also requires
more domestic reforms to improve productivity
and remove obstacles to growth, notably in
infrastructure, energy and skills.