KwaZulu-Natal Premier Dr Zweli Mkhize has described his recent official visit to the United States of America as a resounding success. Addressing mayors from all over the world during the 39th National Convention of Black Mayors, 28 May to 2 June in Georgia, Atlanta, Mkhize said for the first time in modern history Africa was leading the global economy.
“Investors are eyeing Africa. International Monetary Fund (IMF) indicates that in financial centres such as London barely a week goes by without an Africa investor conference being hosted. Private-equity firms that a decade ago barely knew sub-Saharan Africa existed, raised $1.5 billion for projects on the continent last year. In 2010 total foreign direct investment was more than $55 billion—five times what it was a decade earlier.”
“Labour productivity has been rising in Africa. It is now growing by, on average, 2.7% a year. Trade between Africa and the rest of the world has increased by 200% since 2000. Inflation dropped from 22% in the 1990s to 8% in the past decade.”
“Foreign debts declined by a quarter, budget deficits by two-thirds. In eight of the past ten years, according to the World Bank, Sub-Saharan growth rate has been faster than East Asia’s (though that does include Japan).”
“Africa’s institutional strength and competitiveness scores in the World Economic Forum’s Global Competitiveness Report have steadily improved since 2006. Debt relief and sustained fiscal improvement, evidenced by Africa’s debt-to-GDP ratio having more than halved from around 70% in 1990 to 30% today (amongst the lowest in the world).”
“Today, as the world strides forward, African leaders are intensifying efforts aimed at ensuring good governance in Africa. What has crippled the country historically, apart from decades of colonialism and apartheid – has been maladministration and rampant corruption. The new breed of leaders emerging in Africa understands that good governance is the key enabling factor for Africa’s socio-economic development.”
“It is because of good governance that Africa experienced impressive economic growth rates over the past decade with the growth rates in most countries exceeding the growth rates of developed countries. Growth rates at present are at historic highs, which are very impressive given the global economic climate.”
“Whilst celebrating 50 years of the formation of the AU during Africa Day, African leaders recommitted themselves to working together to ensure political stability and the end coups. There is a firm stand taken by African Heads of States that no government would be accepted if it came into power through a coup.”
“They made a bold statement that the next 50 will be dedicated towards fighting diseases and ensuring access to basic services such as electricity, water and sanitation for our people.”
“There is a firm commitment to invest more in education because the natural resources produced in Africa remain untapped because the continent lacks the technical skills required to add value to the primary products we produce and resulting in the export at low prices only to be imported back to Africa at unaffordable prices.”
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