Senior Minister, Yaw Osafo Maafo
Senior Minister, Yaw Osafo Maafo, has called on African countries to be innovative in order to reduce the culture of excessive borrowing.
He said this at the official opening of the 26th annual meeting of the African Capacity Building Foundation (ACBF) Board of Governors in Accra.
“We need to exploit the bauxite we have, we need to exploit the iron ore we have, we need to develop these and generate employment for the youth. We must begin to think outside the box as Africans. How do we assess capital aside borrowing? The conventional thinking is borrowing. If you get to your limit of borrowing what do you do? Some of these problems are very common in many African countries and I charge you to look at assessing capital not necessarily through borrowing,” he stated.
The Deputy Chairperson of the AU Commission, Thomas Kwesi Quartey, on his part, said economies of Africa will continue to witness commodity shocks until they take technology seriously.
He called on African countries to step up efforts in adding value to their raw materials by adopting technology to avert such negative impact.
