From: [email protected] [mailto:[email protected]] On Behalf Of Peter Wuteh Vakunta Sent: Wednesday, February 13, 2013 5:46 PM To: Mwananchi Mwananchi Cc: [email protected]; [email protected]; G_NET; pan-african B forum; zimsite; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; Valentine Ojo Subject: Re: [Mwananchi] AFRICA MUST EXPLOIT ITS OWN RESOURCES
Good piece! Thanks for sharing. For those intent on broadening their knowledge base on this subject, please read Nicholas Shaxson's POISONED WELLS: THE DIRTY POLITICS OF AFRICAN OIL(2008). Prof Vakunta U.S.Department of Defense Language Insitute, POM-CA On Wed, Feb 13, 2013 at 1:32 PM, Herrn Edward Mulindwa <[email protected]> wrote: Africa must exploit its own resources: ECA boss Dr Adam Elhiraika Mabasa Sasa recently in Addis Ababa African countries must not look to the United Nations system or other countries and institutions for development and instead fully exploit their own resources, particularly in the extractive industries sector, to improve the standards of living of the citizenry. This was said by Dr Adam Elhiraika, who heads the Economic Analysis Section of the UN Economic Commission for Africa (ECA) at the regional launch of the 2013 World Economic Situation Prospects (WESP) here last Friday. Dr Elhiraika said foreign conglomerates were benefiting much from Africas natural resources while the people of the continent lived in abject conditions. Big companies from industrialised countries are extracting mineral resources from Africa but their activities dont have any linkage to domestic economies, he said. Dr Elhiraika said African countries must beneficiate resources internally instead of exporting raw materials. We tell them to process the raw materials because in that way we can diversify African economies, create more jobs for Africans and increase intra-regional trade that would eventually reduce the continents vulnerability to external shocks. He said the continent should not rely on UN agencies or any other outsiders to improve the returns from the minerals sector. The WESP report is an annual production by the UN Department of Economic and Social Affairs, the UN Conference for Trade and Development and the UNs five economic commissions, which include ECA. According to WESP, Africa will again largely be immune to the global economic malaise and register a growth rate higher than the global average. Despite the global slowdown, Africas economic growth rate (excluding Libya) will see a visible rebound to 4,5 percent in 2013 compared to 3,4 percent on 2012. The upward trend is expected to continue in 2014, with growth reaching 5 percent. At a meeting of NEPAD Heads of State and Government Orientation Committee afterwards, ECA Executive Secretary Mr Carlos Lopes called for greater mobilisation of domestic resources for Africas development. He said Africa could unlock internal resources to finance infrastructure and social development instead of waiting on aid. Mr Lopes said most infrastructure projects would cost between US$50 million and US$100 million, money that could be raised through the African Development Bank, regional lenders/financiers and private equity funds. For instance, he noted, the Africa Infrastructure Development Fund was created to supplement investment in national and regional infrastructure projects, particularly the Programme for Infrastructure Development in Africa, but it was not being optimally exploited. Mr Lopes pointed out that Africa had a thriving private equity industry, currently valued at US$30 billion held by 38 private equity funds with interests in satellite communications/technologies, roads, dams, and airports. He further called for establishment of an African Bonds Market after noting that international bonds recently floated by countries like Kenya, Nigeria, South Africa and Zambia had been massively oversubscribed. To make Africa's bonds perform better, there is a need to ensure superior returns, low borrowing costs, appropriate fiscal incentives, and credit guarantee facilities to protect against default, he said. Mr Lopes said more should be done to tap into money that Diasporan Africans could unlock for development, citing the example of the African Export-Import Bank which arranged for Ghana to borrow US$40 million secured by Western Union transfer remittances. There is an enormous resource base for all these instruments to thrive in Africa such as pension funds, which are growing at a staggering pace, he added. Lopes emphasised the need for better tax administration in Africa, while urging countries to do more to stem illicit financial flows from the continent. An ECA report and another by Global Financial Integrity both indicate Africa loses US$50 billion a year through illicit financial flows. Thé Mulindwas Communication Group "With Yoweri Museveni and Dr. Kiiza Besigye Uganda is in anarchy" Kuungana Mulindwa Mawasiliano Kikundi "Pamoja na Yoweri Museveni na Dk. Kiiza Besigye Uganda ni katika machafuko" -- Peter Wuteh Vakunta, Ph.D. Professor of Modern Languages United States Department of Defense Language Institute Presidio of Monterey 190 Patton Avenue, Monterey United States of America http://www.dliflc.edu http://tinyurl.com/FacebookSLC http://www.vakunta.blogspot.com __._,_.___ <http://groups.yahoo.com/group/Mwananchi/post;_ylc=X3oDMTJyMGVhc2dmBF9TAzk3M zU5NzE0BGdycElkAzI0OTg4NjIEZ3Jwc3BJZAMxNzA1NDQ0NTk1BG1zZ0lkAzE1NzA4MARzZWMDZ nRyBHNsawNycGx5BHN0aW1lAzEzNjA3OTU4OTc-?act=reply&messageNum=157080> Reply via web post <mailto:[email protected]?subject=Re%3A%20%5BMwananchi%5D%20AFRICA%20MUST%20 EXPLOIT%20ITS%20OWN%20RESOURCES> Reply to sender <mailto:[email protected]?subject=Re%3A%20%5BMwananchi%5D%20AFRICA%2 0MUST%20EXPLOIT%20ITS%20OWN%20RESOURCES> Reply to group <http://groups.yahoo.com/group/Mwananchi/post;_ylc=X3oDMTJlYmpnY2g1BF9TAzk3M zU5NzE0BGdycElkAzI0OTg4NjIEZ3Jwc3BJZAMxNzA1NDQ0NTk1BHNlYwNmdHIEc2xrA250cGMEc 3RpbWUDMTM2MDc5NTg5Nw--> Start a New Topic <http://groups.yahoo.com/group/Mwananchi/message/157076;_ylc=X3oDMTM4cnJqOGV oBF9TAzk3MzU5NzE0BGdycElkAzI0OTg4NjIEZ3Jwc3BJZAMxNzA1NDQ0NTk1BG1zZ0lkAzE1NzA 4MARzZWMDZnRyBHNsawN2dHBjBHN0aW1lAzEzNjA3OTU4OTcEdHBjSWQDMTU3MDc2> Messages in this topic (2) Recent Activity: · <http://groups.yahoo.com/group/Mwananchi/members;_ylc=X3oDMTJmNXY2NWkwBF9TAz k3MzU5NzE0BGdycElkAzI0OTg4NjIEZ3Jwc3BJZAMxNzA1NDQ0NTk1BHNlYwN2dGwEc2xrA3ZtYn JzBHN0aW1lAzEzNjA3OTU4OTc-?o=6> New Members 1 <http://groups.yahoo.com/group/Mwananchi;_ylc=X3oDMTJlaHBzMjNqBF9TAzk3MzU5Nz E0BGdycElkAzI0OTg4NjIEZ3Jwc3BJZAMxNzA1NDQ0NTk1BHNlYwN2dGwEc2xrA3ZnaHAEc3RpbW UDMTM2MDc5NTg5Nw--> Visit Your Group Join us at Mwananchi an African Forum at http://www.yahoogroups.com/group/mwananchi Mwananchi is now on facebook join us at http://www.facebook.com/groups.php#/group.php?gid=61997445929 This online initiative is part of an ongoing dialogue among Africans about how to address the challenges facing the continent. <http://groups.yahoo.com/;_ylc=X3oDMTJkbGdyMHVxBF9TAzk3NDc2NTkwBGdycElkAzI0O Tg4NjIEZ3Jwc3BJZAMxNzA1NDQ0NTk1BHNlYwNmdHIEc2xrA2dmcARzdGltZQMxMzYwNzk1ODk3> Yahoo! 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