Publication: Land Policies for Resilient and Equitable Growth in Africa
Abstract
Land institutions and policies will be critical to help African countries respond to the challenges of climate change, urban expansion, structural transformation, and gender equality. Together, they affect urban dwellers’ ability to access productive jobs, live in decent housing, and breathe clean air; farmers’ and women entrepreneurs’ capacity to insure against shocks, increase productivity, and diversify income sources; and governments’ ability to plan, tax property to provide services, and manage public land in a way that provides sustained local benefits by attracting investment, including via climate finance. "Land Policies for Resilient and Equitable Growth in Africa" draws on a wealth of data, examples, and studies from Africa and beyond to show that regulatory and institutional reforms can harness this potential by improving quality, coverage, usefulness, and sustainability of documented land rights. By identifying viable reforms with transformative potential that fully harness digital opportunities, this book provides practical guidance to governments seeking to enhance their land institutions’ performance; to their partners supporting such reform; and to policymakers, land professionals, scholars, and civil society aiming to lay the foundations for Africa to better utilize its economic, human, and ecological potential. "This volume provides an essential reference, based on an impressive review of the literature on land issues in Africa and an exhaustive account of policies and policy experiments aimed to promote the efficient use of this key resource for the development of the continent." — Fran?ois Bourguignon, Professor Emeritus, Paris School of Economics "Many African governments will find this report highly useful. It is full of little-known successes and practical ways by which they can improve their land policies by harnessing new technologies. Africa’s urban population will rapidly triple: clarifying land rights is an urgent priority in building the successful cities of the future. By 2050, if the inherited policies of the past were retained, today’s youth would be struggling in unliveable mega-slums." — Sir Paul Collier, Professor of Economics & Public Policy, Oxford University "This is an excellent study that combines insights from years of research with practical insights for policy and action on the ground." — Jyotsna Puri, Associate Vice President, Strategy and Knowledge, International Fund for Agricultural Development "Land institutions affect the effective use of land but also the functioning of credit, labor, and product markets. Nowhere are these issues more relevant than in Africa, and this report is important and timely." — Johan Swinnen, Director General, International Food Policy Research Institute "This report illustrates how legal and institutional reforms that capitalize on digital opportunities can strengthen land institutions and policies to optimize land use, enhance people’s rights, narrow gender disparities, and catalyze structural transformation in a manner that aligns with the continent’s distinctive context and serve as a pivotal instrument for social and economic advancement." — Maximo Torero, Chief Economist, Food and Agriculture Organization
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Citation
“Deininger, Klaus; Goyal, Aparajita. 2024. Land Policies for Resilient and Equitable Growth in Africa. ? Washington, DC: World Bank.
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The Impact of Technological Change on Business and the Economy
Technological change profoundly impacts businesses and the global economy in today’s rapidly evolving digital landscape. Technological developments have completely changed how businesses run, engage with customers, and promote economic progress.
Technological change has catalysed economic transformation, driven by various technological advancements. Businesses constantly adapt to new technologies to stay competitive, improve efficiency, and meet evolving consumer demands. The Internet of Things (IoT) and automation are examples of technological advancements that have completely changed various industries and organisational structures.
Technological change has reshaped work, leading to new employment patterns and skill requirements. The gig economy, involving short-term contracts and freelance work, has gained prominence, offering flexibility and new income opportunities. Technology that enables people to work from anywhere with an internet connection has made remote employment and digital nomadism more common.
However, as the workforce digitises more, there is a rising need for digital skills. People who want to succeed in the digital economy need diverse skills, including digital literacy, problem-solving, critical thinking, and adaptability. Lifelong learning and upskilling initiatives ensure individuals can navigate the evolving job market and remain employable despite technological advancements.
Digital Transformation of Business
The digital transformation of business refers to integrating digital technologies into all operations. This transformation has resulted in crucial changes in how organisations run and deliver value to customers. Thanks to this transition, businesses can now streamline processes, improve client experiences, and use data to make wise decisions.
Digital innovations like cloud computing, big data analytics, and machine learning have given organisations access to real-time information and personalised services.
Companies can optimise their supply chains, automate routine tasks, and leverage data-driven marketing strategies to effectively target specific customer segments.
Disruptive Technologies and Their Economic Potential
Disruptive technologies, characterised by their ability to significantly alter the business and social landscape, have driven massive economic transformations.
Some of these technologies include advanced robots, genomes of the future, energy storage devices, 3D printing, driverless vehicles, and renewable energy sources. These technologies present unique opportunities and challenges for businesses and the broader economy.
Over the past two decades, technology has transformed the world unprecedentedly. The widespread integration of the internet, social media, and mobile devices have connected people globally, revolutionising communication and access to information.
Additionally, the growth of Internet markets and crowdfunding platforms has opened up new channels for funding and dissemination. Bypassing conventional middlemen, small firms and entrepreneurs can now communicate directly with potential investors and clients. However, to fully capitalise on these opportunities, small businesses must embrace digitalisation and invest in technology infrastructure.
Today, more than half the world’s population has internet access. This interconnectedness has accelerated globalisation, created new business models, and facilitated cross-border trade.
Additionally, the quick development of digital technologies has facilitated the establishment of cutting-edge platforms and services, upending established sectors like transportation, hotels, and retail. Uber, Airbnb, and Amazon, among other businesses, have transformed their respective industries using technology to displace competitors and alter consumer behavior.
The Economic Paradigm Shift: Challenges and Opportunities
While technological change brings immense opportunities, it also challenges businesses and the economy. One key challenge is ensuring widespread participation in the benefits of technological advancements. The digital divide between those with it and those without it can potentially exacerbate already existing inequalities and obstruct inclusive economic progress. Efforts should be made to close this gap by enhancing digital infrastructure, offering inexpensive internet access, and promoting digital literacy and skills training programs.
Another issue is the possible loss of jobs due to automation and artificial intelligence. Certain positions and duties can be automated as technology develops, raising concerns about job losses and the necessity of reskilling and upskilling the workforce. Funding educational and training initiatives that give participants the abilities required in the digital age is essential.?
However, despite these challenges, technological change also presents numerous opportunities for businesses and the economy. It enables the creation of new industries and job roles that were previously unimaginable. For instance, the blooming of e-commerce has increased opportunities for small firms and entrepreneurs to contact clients worldwide by opening up global marketplaces.
Technology-driven innovations have the potential to solve societal problems and encourage long-term economic expansion in various sectors, including transportation, healthcare, and renewable energy.
Policies for Embracing Technological Change
An enabling environment is vital to harnessing the benefits of technological change. Governments and policymakers should foster innovation-friendly ecosystems that encourage research and development, provide incentives for entrepreneurship, and protect intellectual property rights. Policymakers must balance promoting innovation and ensuring responsible and ethical use of technology, particularly in data privacy and cybersecurity.
Collaboration between the public and commercial sectors is crucial for overcoming the challenges posed by technological change. Public-private collaborations can facilitate knowledge sharing, mobilise resources, and create legal frameworks that support consumer protection, competitive fairness, and ethical use of developing technologies.
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However, ethical considerations and responsible artificial intelligence (AI) development are crucial. Fairness, transparency, and accountability in AI systems prevent biases, discrimination, and unintended consequences. Clear policies and regulations for AI development and deployment must be established.
Conclusion
Technological change has become integral to the business landscape and the global economy. It presents numerous opportunities for innovation, efficiency, and economic growth. However, it also poses challenges requiring proactive measures and collaborative efforts from governments, businesses, and society. Embracing technological change responsibly, addressing its impact on jobs and inequality, and ensuring ethical and sustainable practices are key to harnessing its transformative potential and creating a prosperous future.
Technological change offers opportunities to address pressing environmental challenges and promote sustainability. From renewable energy solutions to smart grid systems, technology can help reduce carbon emissions, optimise resource usage, and control the effects of climate change. Companies that embrace sustainable practices and integrate environmental considerations into their operations can enhance their reputation and attract environmentally conscious consumers.
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Saudi Central Bank (SAMA) partners with international institutions to facilitate cross-border payments
RIYADH: The Saudi Central Bank, also known as SAMA, has partnered with international financial institutions and central banks to build an innovative cross-border payments infrastructure.
In a statement issued on Wednesday, SAMA said it has joined the BIS - Bank for International Settlements’ mBridge project as a participant in the Minimum Viable Product platform.
The MVP platform is a multi-central bank digital currency system, known as Wholesale CBDC system, that aims to facilitate cross-border payments between commercial banks in different jurisdictions.
It is considered the first multi-wCBDC platform to reach the MVP phase of development.
In October 2020, the G20 during Saudi Arabia's presidency agreed on a roadmap to enhance global cross-border payments, to facilitate cheaper, faster, more inclusive and more transparent payment transactions.?
The roadmap called for an evaluation of the proposed local designs for the digital currency of several central banks and experimentation with its use in settling cross-border payments.
SAMA has been investigating the potential of wholesale CBDC, through the analysis of policy-related issues, to evaluate the feasibility of the system to boost the effectiveness of cross-border payment and settlement between commercial banks, the statement said.
According to a BIS statement, project mBridge is the result of extensive collaboration starting in 2021 between the BIS Innovation Hub, the Bank of Thailand, the Central Bank of the UAE, the Digital Currency Institute of the People's Bank of China and the Hong Kong Monetary Authority.?
The project aims to tackle some of the key inefficiencies in cross-border payments, including high costs, low speed and operational complexities. It also addresses financial inclusion concerns, particularly in jurisdictions where correspondent banking, which connects countries to the global financial system, has been in retreat, causing additional costs and delays.?
Multi-CBDC arrangements that connect different jurisdictions in a single common technical infrastructure offer significant potential to improve the current system and allow cross-border payments to be immediate, cheap and universally accessible with final settlement, the statement said.?
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The Saudi Central Bank Partnering with international financial institutions to facilitate cross border payments was interesting...