Dr. Ngozi Okonjo-Iweala, the Director-General of the World Trade Organization (WTO), has urged African countries to shift their attention from relying on foreign aid to mobilizing indigenous resources to draw investments and spur economic growth. African leaders must change their perspective, Okonjo-Iweala emphasized, pointing out that the continent is endowed with abundant untapped natural and financial resources that might promote sustainable development.
The WTO chief suggested that foreign aid should be viewed as a thing of the past while addressing the fringes of the African Union conference in Ethiopia.
"Africa has to shift its perspective on aid access," she stated. We ought to start considering it a thing of the past. "We should concentrate on two main areas: mobilizing domestic resources and attracting investment." Africa has over $250 billion in pension funds, but most of them are invested outside the continent instead of going into local economies, she claims. South Africa is home to the largest pension funds, with Nigeria, Kenya, Morocco, Botswana, and Namibia following closely behind. We must figure out how to use these resources since they are so important," she stated.
The former finance minister also demanded that the African Finance Corporation and other multilateral development banks in Africa be recapitalized. According to her, this would boost funding for important projects and broaden their financial sheets.
These organizations have a combined balance sheet of roughly $70 billion, yet our infrastructure requirements alone cost more than $200 billion a year. We need to bolster our institutions rather than seeking outside funding," she revealed. She also emphasized how critical it is that African countries seize control of their enormous mineral resources, especially copper, manganese, and lithium.
Those are essential resources for the manufacturing of batteries for electric vehicles.
To increase intercontinental trade, generate jobs, and stop exporting raw materials without value addition, she urged Africa to grow its processing industries.
