The Chairman of the United Bank for Africa (UBA), Mr. Tony Elumelu, has noted that lack of good policies is the bane of entrepreneurial growth and development in Africa, he said the trend is impairing the continent progress.
Speaking at the prestigious Harvard University in the United States, Elumelu urged the government to create an enabling environment and create policies that support sustainable development. According to him the numerous entrepreneurs on the continent faces enormous challenges and the government needs to swiftly address the issue to pave way for business growth.
He spoke to an audience populated by development experts and students from across the US and from Africa at the 22nd annual International Development Conference (IDC) at Cambridge, Massachusetts, alongside the former President, Africa Development Bank, Donald Kaberuka.
The conference themed: “Pathway to progress: exploring successes and opportunities,’ provided platform for the two economists to discuss economic stimulation from the public and private sector perspectives.
In Africa, unchecked bureaucracy, insecurity, lack of access to finance and expansion of government policies that hinder economic growth and economic opportunity are barriers to progress in new business formation.
“A good policy is like a triangle. It must be technically sound. Development is about the choice a country makes. Development is not lack of knowledge. It is not something that can be imported. It has to be homegrown. It is an internal process,” said Kaberuka, a former Finance Minister from Rwanda.
The difference between a country making progress and others at the bottom according to Kaberuka is about choices they make in development. “Those choices are possible,” he said.
Kaberuka cited the successes of India in green revolution, the deregulation of the telecommunication sector in most parts of African countries and how they triggered economic progress.