World Bank President Says Africa Is On The Move
“While there are still pockets of misery, Africa is a continent on the move”, World Bank President Paul Wolfowitz said Wednesday, reports the African News Dimension (South Africa).
– Not enough attention is being paid to more than a dozen successful countries who have annual economic growth rates ranging from 5 to 10 percent. In order for these rates to make a dent in poverty, growth needs to be sustained and one of the keys to success is creating jobs, Wolfowitz said at an African investment summit attended by finance ministers, central bank governors and business leaders.
Wolfowitz has made Africa a priority since he became head of the 184-nation lending institution a year ago.
Within hours of taking office, he spoke to an African trade group and his first overseas visit was to four African countries. He said the private sector in Africa, a key source of job creation, faced an enormous number of bureaucratic regulations.
– What a lot of African countries can do is clear away the regulatory underbrush (underskov) to make it easier to start businesses, Wolfowitz noted. He also said African countries should continue to battle corruption and the World Bank and other development partners will help in this effort.
Donald Kaberuka, President of the African Development Bank, said that many African governments were adopting good polices but falling short on putting them into practice.
– Investors are not coming even if there are good polices and this is a gap that has to be closed, Kaberuka said, adding that African countries need to develop roads, harbors and other infrastructure to facilitate trade among themselves.
Kilde: www.worldbank.org
