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Africa needs investment not aid – Washington

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Africa needs trade and investments and not aid to promote its economic emancipation and development, Mr AI Washington, the Executive Director of Africa-USA International Chamber of Commerce and Industry (AF-USA) has indicated.

He said Africans in the Diaspora held about $50 billion annually and over $40 billion dollars as remittances to Saharan Africa.

Mr Washington said due to lack of investment and structured business and trade opportunities in their home countries, the estimated $50 billion stayed in the Diasporan countries to the detriment of Africa.

He said the $40 billion remittances was used to support relations in the education and housing sectors, which directly does not benefit the African economy.

Mr Washington made the declaration at a Pan African Business and Trade Seminar under way at Aburi for Africans in the Diaspora on Tuesday.

He said the time had come for Africans in the Diaspora to be interested in the economic development and emancipation of their mother continent by investing in trade and businesses in Africa.

He said Africa had all what any continent needed to boost its economy such as its natural and human resource, adding it was about time Africans rise up to take their destiny into their hands.

The three-day seminar is being organized by the AF-USA and the sixth Region Diaspora Caucus International (SRDC) for Africans in the Diaspora to shore up their interest to invest in the African economies as a means of developing the economy and the wellbeing of people.

It is being attended by members of the Diaspora from countries such as Ghana, Nigeria, Ethiopia, Kenya, and Jamaica.

The participants will also undertake field trips to know the business community better in order to help inform their investment decisions.

Source: GNA

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One comment

  1. Invetment in Africa can only bring good to the continent and spur International Business and Trade. Africa has lots to offer and is still underdeveloped.