Sudanese-British philanthropist Mo Ibrahim urged African leaders this Sunday (June 1) to “get their house in order” and become more self-sufficient rather than relying on external aid, according to Lusa.
“The time has come for us Africans to understand that we must take care of ourselves. It is unacceptable that we depend on the kindness and generosity of others. It’s nonsense — unacceptable and uncertain,” said the philanthropist during the Ibrahim Governance Weekend (IGW) conference, taking place from June 1 to 3 under the theme “Leveraging Africa’s Resources to Bridge the Financial Gap”, organized by the Mo Ibrahim Foundation (MIF) in Marrakech, Morocco.
On the occasion, Ibrahim lamented the rise of nationalism, which is challenging the old norms of the international order and the respect for international law. In light of increasing conflicts and cuts in foreign aid by Western countries, he argued that African nations must use their own resources to drive the continent’s economic and social development.
“We must rely on our own resources. We must get organized and get our house in order. We are a very rich continent, but a very poor people. Why? Because we are mismanaging our countries, our resources, our people,” he stressed, adding that the goal of the conference “is to energize these issues and try to make Africa self-sufficient, confident, and independent.”
According to data collected by the MIF, foreign aid to African countries has dropped by 11 percentage points over the past decade. Mozambique is one of the nations most affected by the suspension of most U.S. foreign aid under President Donald Trump.
The Portuguese-speaking African state suffered a cut of $172 million, according to MIF data through the end of March — nearly 50% of the total U.S. Agency for International Development (USAID) programs in the country. Health is among the most affected sectors, especially funding for maternal and child health, family planning and reproductive health, as well as malaria and tuberculosis prevention and treatment.
Meanwhile, the MIF identifies strong growth potential in industrial production, fisheries, and agriculture, and points to carbon and biodiversity credits as a possible source of income, thanks to Africa’s wealth in forests, peatlands, and mangroves.
In its report “Financing the Africa We Want”, the Mo Ibrahim Foundation advocates for reform of the multilateral financial system, as well as increased domestic taxation and efforts to combat capital flight. According to the report, African countries are already among the world’s leading mineral producers, possess large reserves of oil and natural gas, and have great potential in solar, geothermal, and wind energy production.
The MIF also highlights measures to enhance investor security on the continent, such as creating a credit rating agency and a single African currency.
At the conference, politicians, academics, and activists are debating how African countries can mobilize to accelerate social and economic development in an international context marked by declining foreign aid.
Source: Diário Económico
