A narrative that branded Africa as little more than an economic, political and social basket case was not likely to provide the investment needed to drive development.
Sentiment: NEGATIVE
In Africa today, we recognise that trade and investment, and not aid, are pillars of development.
Africa is poor because its investors and its creditors are unspeakably rich.
Africa was perceived - it still is to some extent - as a place which is very difficult to do business in. I don't share that view.
Certainly, Africa accounts for only l % of world trade, and we cannot assure our development on our own.
Africa needs access to markets.
You cannot blame the mismanagement of the economy or the fact that we have not invested adequately in education in order to give our people the knowledge, the skills and the technology that they need in order to be able to use the resources that Africa has to gain wealth.
Africa has no future.
Like its agriculture, Africa's markets are highly under-capitalized and inefficient. We know from our work around the continent that transaction costs of reaching the market, and the risks of transacting in rural, agriculture markets, are extremely high. In fact, only one third of agricultural output produced in Africa even reaches the market.
The sad truth is that without complex business partnerships between African elites and European traders and commercial agents, the slave trade to the New World would have been impossible, at least on the scale it occurred.
Africa is not for the weak-hearted: infrastructure issues are there. The middle class is absent in most of the countries. We have to cater to the low end of the market to grow.