Local investors told to lead private investment in Africa

Accra (Greater Accra), 5th July 99 ?

Private sector investment, fuelled by local investors, remains the single largest investment potential for Africa if the benefits of the support from international agencies is to be sustained.

By this, confidence is built in the minds of foreign investors who see the success of local businessmen in national economies as an example of what they can do.

Mr. Robert Calderisi, External Affairs Manager, Africa Region of the World Bank, told members of the Institute of Financial and Economic Journalists (IFEJ) in Accra on Friday.

"When local investors invest in Africa, then, others will take note," Mr. Calderisi, who is in the country to acquaint himself with operations of the bank in Africa and find ways to further strengthen it, said.

He said the bank's objective currently is to reduce Africa's dependence on aid instead of depending on it, adding that African investors should be made to become ambassadors of investment.

Mr. Calderisi said another challenge facing Africa today is to restoration of the reputation of their governments, adding that government?s need to be in ?good standing? attract funding from the bank.

"It should not be forgotten that the World Bank is a creation of governments and lends to governments. It will be suicidal to think that development can take place without governments.

"What the bank is doing is to help attract back the talents that have deserted the countries on the continent, get children back to school in places where enrolment records are less than 50 per cent".

He said the responsibility of eradicating the dreaded AIDS disease, which has posed serious problems in the last 15 years and is now a development crisis for Africa, is also attracting the bank's attention.

Mr. Calderisi said: "For Africa, AIDS is reversing 40 years of hard won social progress. Until we find an end to it, it will continue to reverse all the gains chalked in the past."