‘Weak policies, poor leadership hindrance to Africa’s devt’
The Chief Executive Officer of the Chamber of Bulk Oil Distributors (CBOD), Mr Senyo Hosi, has encouraged Africans to focus on demanding accountability and true service from political leaders
He noted that the biggest hindrance of Africa was its weak policies and institutions superintended by poor leadership.
Speaking at the 2018 African Development and Investment Convention (ADIC) on the topic “Africa Rising - Lacing Politics, Industry and True Partnership for Sustainable Development”, in Zurich, Switzerland, Mr Hosi said the eagerness to flaunt political power was too common a sight in Africa, adding that it was despairing in the quest for an industrialised continent.
Mr Hosi said Africa needed strong and effective institutions to attract the needed capital to spur its industrialisation and not the current trend of excessive politicisation and tribalisation of institutions.
He also indicated that the desired investment flow to the continent was hindered by the short-term view investors held of Africa due to political risks and the politicisation of institutions such as central banks, regulatory bodies and state-owned enterprises.
Arbitrariness of policy
“These weaknesses translate into the inconsistency and arbitrariness of policy, infringements on the sanctity of contracts and distortion of markets.
“It is no wonder that only one African country – Mauritius – has been ranked in the top 50 most competitive countries in the world out of 137 countries, according to the World Economic Forum (2017-2018),” Mr Hosi cited.
He noted that Africa’s openness to doing business had also not been any prettier, adding that, “Out of 190 countries usually ranked on the World Bank's Ease of Doing Business Report, Africa performs sub-optimally. In the 2018 report, Africa has only one ranking among the top 50 and just seven countries in the top 100,” he added.
Mr Hosi further urged Africans to stop worshipping politicians, saying “Politicians must realise that public service is not a ‘chiefdom’. Electorates do not queue in the scorching sun to vote them into power to be lorded over.”
He stressed that the electorate who bore so much risk to cast their ballots needed to be served with their common interests placed above , parochial or partisan ones.