Many of our countries are saddled with severe debt problems. Outstanding external debts in many African countries exceed entire GNP and debt service requirements exceed 25 per cent of their total export earnings. Africa has failed to attract substantive foreign direct investment. Although many African countries have taken measures to create a climate conducive to Foreign Direct Investment, which includes trade liberalisation, the strengthening of the rule of law, improvements in legal and other instruments as well as greater investment in infrastructure development, privatisation, greater accountability and transparency, greater degree of financial and budgetary discipline and the creation and consolidation of multi-party democracies. Average income is lower that in 1970.
Savings are close to zero.
From Mali to Uganda to South Africa, hope and real success are transforming the continent. A new spirit of social and economic progress has energised much of the region. Gradually the rest of the world is beginning to take notice of Africa. However, although Africa is on the move and hopes are high for her emergence from decades of stagnation and crisis, the challenges remain vast. The African rebirth cannot occur just through a statement of intent, it has to be accompanied by commitment, perseverance and hard work.