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Commonwealth Secretary-General Don McKinnon speaking at the Africa Investment
and Finance Conference held at the London Stock Exchange on 22 February 2008 has
declared that Africa’s prospects are bright.
Democracy and good governance, he said, will make the continent more
attractive to investors.
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 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.”
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.
Accra Daily Mail -
Online
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