By Obinna Chima
African countries’ rapid growth over the past decade may have been the envy of many developed economies, but their number crunchers have struggled to keep up.
That barely mattered when investors were desperate to find a place to park their cash as more developed markets careered off course.
But now that a global recovery is increasing competition for fund inflows, Africa can ill afford to pump out dodgy data from poorly funded statistics bureaux or leave investors in the dark about central bank policy making, report by Reuters stated.
Years of neglect, a lack of technical skills and large informal economies make reliable data collection a huge task.
Failure to address these challenges could drive away investors unable or unwilling to pay for their own research if they cannot see an economy’s true scale or potential.
The Chief Economist at the Africa Development Bank (AfDB), Mthuli Ncube said: “It is important for us to boost the quality of statistics in Africa.
“The better the data, the better the information to investors, so it is. More transparency, better data, better investments.”
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