A report that African political leaders and their business counterparts rose from a meeting recently in Johannesburg and resolved to dismantle all disincentives to sustainable investment in the continent has raised a glimmer of hope for the rising continnent.
We can only wish them God’s speed to achieve this objective as quickly as possible.
Nevertheless, like many policy pronouncements by political leaders, and business intentions –and even proposals by the organised private sector operators, Africa is replete with uncountable unrealised intentions, plans and expressions of commitment by its leaders to take one measure or another toward raising the continent out of poverty unto a respectable position on the global stage.
Some have even called the continent a graveyard of lofty ideas.
Generally, the deterioration of the economic condition of the continent over the years has a correlation to the deterioration of its political leadership.
The citizens are aware of this unfortunate trend. And because political leadership is a key determinant of the direction, performance and fortune of other sectors, persistent mis-governance has engendered a range of factors that discourage investment in this otherwise resources-rich and therefore, investment friendly continent.
Africa Investment Forum is just one of the many fora that take place in Africa, Europe and other foreign cities around the globe, with the aim to woo foreign investors in and attract them to Africa.
A lot of precious foreign exchange is expended on these events often attended by a retinue of government officials many of whom add little or no value to achieve the sole purpose of the trips, some say jamborees.
Much money and executive time have been wasted on many meetings, conferences, seminars and master classes talking on attracting foreign direct investment (FDI) with too little to show for these ‘efforts.’
In truth, it does not require the wisdom of Solomon to attract investment into Africa if only African leaders can simply meet a number of even basic conditions that, together, may be the termed ‘favourable investment environment.’