LONDON, England
The Mo Ibrahim Foundation's
latest report, Financing
Africa: where is the money? provides a comprehensive analysis of both
the financial needs deemed necessary for Africa to meet its development and
climate goals and the resources that are currently available.Mo Ibrahim
The report makes the point
that the resources mostly exist, but either lack the relevant processes to be
effectively allocated where needed, or, significantly when it comes to domestic
resources, are either dormant or misused.
Commenting on the release of
the report, Mo Ibrahim, Founder and Chair of the Mo Ibrahim Foundation, said:
"We need a complete
change of paradigm. This is not about Africa coming to the developed world with
a begging bowl and developed countries considering how much more they can
pledge. This is about smarter money, not just more money. As this report outlines,
the money is already there. But current processes prevent resources from being
used to properly address the challenges.
"Steps must be taken to
reform the international financing system and update African debt structuring,
risk assessment and mitigation and aid conditionalities. Even more, our
continent must stop squandering its own assets and take proper ownership and
responsibility. In short, we must apply good governance to ensure these assets
are adequately leveraged for the best interests of our people.”
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