African leaders encouraged to prioritize domestic affairs and solve prevailing issues by philanthropist Mo Ibrahim
Take Charge, Africans! Let's Build Our Future:
Listen up, folks! It's high time we Africans start counting on ourselves, not on the goodwill of others. Mo Ibrahim, a well-known businessman and philanthropist, voiced this during the Ibrahim Governance Weekend (IGW) in Marrakech. He called it a "nonsense" that we rely on others' kindness when we're sitting on a goldmine of resources.
Ibrahim voiced his concerns about the rise of nationalism shaking up the international order and disregarding international law. With the increasing number of conflicts and decreased external aid from Western countries, he argued that African nations should leverage their resources for self-driven economic and social development.
"We've got to trust our own resources. We've got to put our house in order," Ibrahim emphasized. He believes Africa is a rich continent, yet its people are poor due to bad management of resources and countries.
The IGW focuses on making Africa self-sufficient, self-assured, and independent. Yet, external aid has seen a decline, dropping by 11 percentage points over the past decade, as per data from the Mo Ibrahim Foundation (MIF). Mozambique, hit hard by President Trump's suspension of most U.S. aid, is one of the countries suffering the most.
The reduction in aid has especially affected health sectors, including maternal and child health, family planning, and reproductive health, as well as malaria and tuberculosis treatments.
The MIF report, "Financing the Africa We Want," suggests reforming the multilateral financial system and increasing internal taxes, along with combating capital flight. African countries are already significant mineral producers, with vast oil and gas reserves and potential in renewable energy sources like solar, geothermal, and wind energy.
Sustainable industrial production, fisheries, and agriculture have enormous growth potential. Additionally, carbon credits and biodiversity can act as income sources, thanks to Africa's rich forests, peatlands, and mangroves.
The report also recommends measures to enhance private investor security, such as creating an investment rating agency and a single African currency. The IGW 2025, held from June 1 to 3 in Marrakech, will discuss these issues and strategize on how African nations can boost social and economic development despite dwindling external aid.
What policies and legislation should be implemented to promote self-sufficient economic and social development in Africa, as suggested by Mo Ibrahim during the Ibrahim Governance Weekend (IGW)?; In politics and general news, how can Africans leverage their abundant resources for boosting private investments and partnerships while relying less on external aid?
