Kagame: Africa’s resources not a curse

President Paul Kagame has urged Africans to reject the notion that its vast resources are a curse as opposed to wealth that can build a stronger foundation for broad and inclusive growth.The President was speaking yesterday at the 48th Annual Meetings of the African Development Bank (AfDB) high level debate currently underway in Marrakech, Morocco.The five-day meeting held under the theme “Africa’s structural transformation” focuses on the need for Africa to turn economic growth into shared and sustainable economic transformation within the next half century.It opened on Monday.“Structural economic transformation is a process of continuous innovation and technology adoption connecting economic sectors that employ and benefit large numbers of our people,” Kagame said.The President pointed out that meaningful economic growth must be reflected in the human and physical development on the continent most especially in gainful employment, income, increased food security and better health and education for all citizens.Most African economies, he added, have already undertaken ambitious reforms and embraced liberal economic and political systems that in theory should make African countries attractive to investment in diverse sectors.“Yet, we still find a disproportionate concentration of investment in the exploration and extraction of natural resources responsible largely for the impressive growth performance in recent years.”“Africa’s natural resources is a blessing and we must refuse the notion of the so-called ‘resource curse,” the Head of State emphasised.“Africa’s natural resource proceeds must catalyse the desired socio-economic transformation and long term development whereby management and resource exploitation must be determined by the needs of Africa and for the benefit of our citizens.”Kagame called on African leaders and policy makers to leverage the opportunity at hand and build a strong foundation for broad and inclusive growth to improve livelihoods of the people.The President emphasized that poverty must be urgently addressed and, there is a proof in different parts of our continent that this is possible and within our reach to make that difference.Over a five year period, Rwanda reduced poverty levels by about 13 per cent, lifting one million people out of poverty through mechanisms such as Gir’inka (One-cow-per-family).The task ahead for the African countries, President Kagame said, is to shape the link between growth and socio-economic transformation of our societies.Kagame took questions on a range of issues including the transformation of Rwanda and sustaining Africa’s growth.Dr. Donald Kaberuka, the president of the AfDB gave an insight on Africa: “If you adjust for inflation, the continent’s Growth Domestic Product has doubled in only 10 years, between 2000 and today. Real per capita Incomes are up 50%, however there are pockets of deepening poverty, especially countries at war or emerging from one.”Kaberuka pointed out that either way in the coming 50 years, Africa will require visionary leadership, strong institutions, careful planning, and strategic Investments.

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Kagame: Africa’s resources not a curse