Hundred Billion Dollars of Africa's money locked up - MIGA Director

Accra (Greater Accra), 4 March '99 -

Accra (Greater Accra), 4 March '99 - About 100 billion dollars of private capital holdings belonging to Africans have been locked up outside the continent. The figure represents one-third of Africa's 350 billion-dollar annual gross domestic product. Dr Ken Kwaku, Director of the Multilateral Investment Guarantee Agency (MIGA) of the World Bank, said this, when he presented a paper on "Private Sector Development through the Promotion of Direct Foreign Investment", at symposium of activities to mark Investment Day at the on-going second ECOWAS Trade Fair. Dr Kwaku noted that the situation is precarious, saying, "there is capital shortage in Africa and, particularly, this sub-region." He called on African business executives and others outside the continent to invest their monies at home and assured them of security and guarantee. Dr Kwaku said it would be difficult for foreign nationals to invest their monies in Africa when Africans themselves are not doing it and suggested to investment promotion agencies, particularly, foreign embassies, to effectively market investment opportunities in the West African sub-region. Dr Kwaku further urged West African economies to take advantage of the Information Technology and promote partnerships and investment.