Reference no: EM133588760

African Leadership: Hope or a Mirage Several years ago, The Economist told its elite readership around the world that Africa was "the hopeless continent". It expressed a sentiment that was pervasive-that Africa was economically backward with no chance of growth and that its political leadership was at best corrupt and at worst murderous. The publication has been gracious enough to admit later that it was wrong. Africa has delivered many reasons for hope over the past decade. Growth has outpaced the rest of the world. World-beating businesses have emerged and, given Africa's rich natural resources, financiers are finally waking up to the investment potential of the continent. The geniuses in investment banks who used arrogantly to deride the risks of investment in Africa while pouring billions into phoney derivatives based on the American housing bubble have been proven to be as spectacularly wrong on Africa as they were on everything else. Many African countries are making great strides not just economically, but in terms of governance. Yet the concern about how well African countries are governed is real and it remains a challenge. Terms like leadership excellence and leadership effectiveness are uncommon. Thus, the task of promoting good African leadership.