Former AfDB top brass still believes in Africa, key WEF Africa takeaways - CNBC Africa

Former AfDB top brass still believes in Africa, key WEF Africa takeaways

East Africa

by Trust Matsilele 0

Former AfDB top brass's key take way from WEF Africa summit. PHOTO: YouTube

“Over the last few months there have been negative views and misunderstanding on where Africa is standing now,” Donald Kaberuka, senior fellow at Harvard University and former President of African Development Bank told CNBC Africa.

He added that there had been a lot of rhetoric suggesting that Africa’s honeymoon was over and those good times are behind. He warned that this was informed by failure to understand the global economy.

“These perceptions have coloured some investor perceptions,” he added.

He however warned that the narrative on Africa had more bias towards commodity driven countries like Angola, Zambia and Nigeria.

“Countries depending on oil and copper for instance have to make adjustments, but this applies to other economies like Russia, Saudi Arabia,” added Kaberuka.

He added that WEF Africa conference, which took place last week, helped to tell the accurate narrative that beyond the hype there were things happening on the ground.

Kaberuka said Africa was still growing strongly, adding this narrative had been subdued.

He urged countries to find solutions to challenges they are facing saying Rwanda was a case in point.

In 1994 this country had been written off and 25 years down the road it hosted WEF Africa showing that no matter how bad the starting point is, every country has a chance.

“There is no manual in how you build a country, every country has to try its own formulas on what works and what does not work.”