Graft war must be won, Africa told
Business
By
Macharia Kamau
| Dec 03, 2019
African economies need to fight corruption and put in place strong institutions if they are to be competitive and achieve inclusive growth.
At a conference on regional economic growth, African leaders were challenged to foster competitiveness across all sectors to reduce disparities in economic performance.
African Economic Research Consortium (AERC) Executive Director Prof Njuguna Ndung’u urged Africa to first solve the constraints imposed by weak institutions that drive market developments and distort incentives.
This includes high transactions costs, the macroeconomic environment that imposes uncertainty and socio-political cycles that undermine long-run strategic directions.
READ MORE
Kenyan retailers ready to pounce as Ethiopia to open up market
Hiring civil servants on contract will fuel corruption, experts say
Absa Life Assurance earnings jump 84pc to Sh667 million
Ruto pushes rich nations to boost funding for poor States
Counties sitting on Sh1b emergency fund amid raging floods
Poultry players protest US import deal plan
Uptake of AI-powered home solutions low despite many benefits
Logistics firm eyes bigger market pie after MSC pact, rebrand
“Competitive economies are most likely able to provide an environment conducive to business, market development, policy clarity and effective coordination, and hence will grow more sustainably and inclusively,” said Prof Ndung’u.
He spoke at the AERC 51st Plenary Session in Nairobi yesterday.
East Africa Community Cabinet Secretary Adan Mohammed said African countries face the hurdle of reverse globalisation as big economies start refocusing on their domestic markets through various policies.
- Hiring civil servants on contract will fuel corruption, experts say
- Kenyan retailers ready to pounce as Ethiopia to open up market
- KQ suspends flights to Kinshasa over detention of staff
- Is government on 'fuliza' mode?