HomeACTION NEWSPresident Kagame debunks mentality that Africa must always look to western countries for funding of major long-term initiatives
President Kagame debunks mentality that Africa must always look to western countries for funding of major long-term initiatives
May 9, 2018 Publisher and Chief Executive Officer KABS KANU ACTION NEWS, COMMENTARY, Uncategorized 0
President Paul Kagame has debunked the mentality that Africa must always look to western countries for funding of major long-term initiatives, saying that the continent is not as poor as it is presumed.
The President was speaking yesterday at the opening of the Transform Africa Summit 2018 underway at the Kigali Convention Centre.
With the Single African Digital Market and other initiatives requiring capital injection, President Kagame called for efforts to mobilise private African capital to participate in the projects.
Kagame: Africa is able to raise its own capital
Collins Mwai
Published : May 09, 2018
President Paul Kagame and other top dignitaries and delegates pose for a group photo after the opening of the fourth annual Transform Africa Summit at the Kigali Convention Centre yesterday. Opening the summit, Kagame debunked the mentality that Africa must always look outside the continent for funding and said the continent has the resources it needs to fund its own development agenda. Village Urugwiro.
"We must work harder to ensure that African private capital is mobilised to participate fully in major projects on the continent," he said.
Kagame said that there is a myth that Africa lack ability to fund major investment projects and has to turn to the West which he said is more of a mindset problem.
The African continent loses billions of dollars through illicit financial flows while a section of its citizens have assets invested abroad, he said.
"There is this myth that we always have to look outside the continent to fund major initiatives. But this simply can't be true, when Africa is losing billions every year through lost taxes, sending private assets abroad, and other factors. We are not poor, not at all," he said.
The 'Africa is poor mindset', he said, has led to majority of Africans leaving strategic long-term investments to others.
"The issue is more the mindset that it is normal to use our money for consumption while we leave strategic long-term investing to others. It means that, no matter how much we earn, we would remain poor. Whether this comes from colonialism or not is irrelevant. It is up to us to identify mindsets that hold us back as a continent, and change how we do business," he said.
A majority of infrastructure projects and investments from across the continent are often funded by capital from outside Africa which is often at high interest rates.
The process of building a single African digital market and initiatives such as the African Continental Free Trade Area, he said, also requires political will from African governments as well as commitment from the private sector.
"Political will, both from governments and the private sector, is essential in implementing the African Continental Free Trade Area. This agreement will transform Africa, but only if we translate its provisions into reality on the ground," he said.
The continent, he said, also ought to have a favourable investment climate to build trust among investors as well as attract the right partnerships to drive the required innovation.
Kagame said that favourable investment climate should not be limited to achieving good rankings in indexes but should also extend to reaching out to global markets.
"A favourable investment climate is critical in order to build trust in African economies, attract the right partnerships, and spur innovation. Indeed, many African countries are already among the leaders in business-friendly reforms. But achieving good rankings is not an end in itself. The goal is to attract more and better investment, and that requires effectively communicating these facts to global markets, and even to our own investors right here in Africa," the President said.
Going forward, he said that the continent could borrow from efforts by the African Union and the International Telecommunications Union, together with the private sector, to rollout broadband to under-served communities by harmonising spectrum and standards.
Jared Cohon, President Emeritus and University Professor, Civil and Environmental Engineering, Public Policy at Carnegie Mellon University, said that achieving a single digital will, among other things, open economies leading to impacts such as job creation.
Dr Hamadoun Touré, the Executive Director of Smart Africa Secretariat, said the membership of the Smart Africa has grown from 22 to 24 members – as Ghana and Zambia have since joined – which would further add momentum to the initiative.
Blaming the APC Government even for evils not of its making demonstrates SLPP's blind determination to wrestle back power
December 29, 2011 Publisher and Chief Executive Officer KABS KANU 0
Blaming the APC Government even for evils not of its making demonstrates SLPP's blind determination to wrestle back power December 29, 2011 | Filed under: Breaking News,Diaspora,Editorial,Headlines,Lead Story,Sports | Posted […]
Ebola will not be gone in any country until it is gone from every country
January 30, 2015 Publisher and Chief Executive Officer KABS KANU 0
Speech by David Nabarro, United Nations Secretary-General's Special Envoy on Ebola 136th Executive Board Special Session on Ebola 25 January 2015 Mr Chairman, Your Excellencies, Thank you very much indeed, […]
WHAT IS WRONG WITH SAMFORAY ?
September 21, 2005 Publisher and Chief Executive Officer KABS KANU 0
Wednesday September 21, 2005 First_Name: Safa Last_Name: Lahai Email_Address: zargat@yahoo.com Address: 230 Parkhill Avenue City: New York State: NY Zip_Code: 10304 Comments: WHAT IS WRONG WITH SAM FORAY? Sam […]
The Need for an Effective Opposition in Parliament: Representing the Interest of the Electorate
President Weah Receives Sierra Leonean Counterpart Maada Bio on One-day Visit
Speaker of Parliament sworn as Acting President
By State House communication unit As President Koroma leaves for the 71st Session of the United Nations General Assembly in New York, the Speaker of the Sierra Leone Parliament Hon. […]
Aziz Turay speaks
Fellow Party Members, I bring you fraternal love from the Grand Canyon and "Sun Shine" State of Arizona. I want to begin by thanking every member of our administration […]
Alarming rise of foreign exchange and prices of basic commodities in Sierra Leone
*CITIZENS ORDER NO. 4* *MR. PRESIDENT YOUR PEOPLE ARE SILENTLY SUFFERING FROM THE ALARMING RISE OF THE FOREIGN EXCHANGE RATE AND PRICES OF BASIC GOODS* The citizens of Sierra […]
Commuters Complain About Hike In Transport Fares
TUBMANBURG, July 21 (LINA) – Commuters in Bomi County say the arbitrary hike in transport fares is hindering their social and economic interests. The commuters, who are mostly business people traveling between […]