|
Momodou
Denmark
11828 Posts |
 Posted - 27 Feb 2008 : 20:40:38
|
Africa's prospects are bright: Secretary-General
Democracy and good governance will make the continent more attractive to investors, says McKinnon
The future of Africa, which is rich with natural resources and is in the midst of a technological revolution, can be rosy if it continues to take ownership of its future, said Commonwealth Secretary-General Don McKinnon.
"My analysis of Africa's economic situation is simply this: many good things have happened in the last decade but that they are not yet noticed. For Africans and non-Africans alike, those that have noticed them are doing well."
He was speaking at the Africa Investment and Finance Conference held at the London Stock Exchange on 22 February 2008.
The Secretary-General noted that the investment climate in some African countries such as Ghana, Mozambique, Tanzania and Uganda has improved in recent years, with macroeconomic stabilisation, a rise in commodity prices, a reduction in budget deficits, better debt management, and more effective control of inflation rates.
"Post-apartheid Africa has led the way, with a five-fold increase in its trade since 1994," said Mr McKinnon. "Remittances now come back to Africa to the tune of $8 billion a year. In the last five years, sub-Saharan economies have routinely grown at nearly 7 per cent per annum."
He emphasized, however, that Africa's continued path of transformation and development requires greater inclusiveness and fundamental democratic principles, including the creation of democratic institutions.
"Democracy and development are inter-related. Democracy has to develop a deep-rooted culture, which brings with it elections, the separation of powers, a free yet responsible media, civil society, and nations which value and include both genders and all ages. Economic development will flourish in such an environment, especially if it, too, is inclusive"
The Secretary-General added that economic development can benefit where businesses exercise corporate social responsibility and good governance.
He urged business leaders to contribute to the continued growth of Africa through investments that will help to further peace and prosperity in the continent.
"Don't judge the whole continent by the negative few; look at the parts one by one; think about their history and the challenges others have created for those who live there before criticising the situation today; and develop meaningful long term partnerships," he said.
Source: Commonwealth News - 378, 27 February 2008
|
A clear conscience fears no accusation - proverb from Sierra Leone |
|
Topic Locked
