President Kagame speaking at the Investing in African Prosperity panel during the Milken Institute’s Global Conference; Los Angeles, 1, May 2013 (Photo PPU)
President Kagame has noted that there can be no doubt that African economies have been growing at a consistently high rate for the last decade, despite global economic difficulties; a fact that should not be taken for granted.
President Kagame made the remarks at the 48th Annual Meetings of the African Development Bank (AfDB)) which opened on May 27 in Marrakech, Morocco, focusing on the need for Africa to turn economic growth into truly shared and sustainable economic transformation in the next half century.
Kagame also emphasized that African leaders have a responsibility in an accountable manner to their people, but above all they have a duty to take bold action towards a permanent turn-around of Africa’s social and economic situation, that will deliver no less than the dignity for the people
“Leaders and policy-makers in Africa must therefore leverage this opportunity to build a stronger foundation for broad and inclusive growth to improve livelihoods of our people” Kagame said.
He said that even though in general the African people have benefitted from this growth, poverty remains a challenge which must be urgently addressed in different parts of the continent in order to make that difference required.
“The task ahead for African countries is to shape this link between growth and socio-economic transformation of our societies. In order to do this, we must define and chart a sustainable development path that reflects and provides answers to the specific needs as well as collective aspirations” he noted.
Rwanda’s President also suggested that to have meaningful economic growth reflected in the human and physical development of the continent, there must be in gainful employment income, increased food security, and better health and education for all citizens.
He furthered that it can be achieved through managing Africa’s natural resource, increased investments, a strong commitment and drive towards deepening economic integration through cross-border projects, facilitating the private sector to grow further and faster, transformation Agriculture activities into business and developing governance systems within which transformation can be achieved.
He cited the example of Rwanda, and how it has managed to perform well while noting that when development programmes are tailored to local needs and all sections of the population participate, there is visible impact in reduction of inequality.
For the challenge, Donald Kaberuka, the AfDB president says that Africa’s challenge is to bring its extraordinary progress of the last decade to scale are: a critical lack of infrastructure – transport, energy, water, telecommunications – which is the basis for all growth; a lack of regional economic integration between what are still fragmented national markets; and the pockets of serious fragility that still persist across the continent.
“Africa, the African Development Bank and our international friends are on the case with all three,” Kaberuka says. “We have the will, we have the systems, but we still don’t have all the funds. The Bank can work magic with what it is given, raising nine dollars for every one of its own,” he adds.
In a related development, African Union meeting in Addis Ababa, Ethiopia concluded this May 26, with a renewed commitment of all African leaders to work towards self reliance and sustainability of African economies, a step that Rwanda has been continually acclaimed as one among few countries already producing results and determined to achieve more. 