The consolidation of the role of opposition political parties in providing checks and balances to the government of the day is crucial to Africa’s modern day politics, says MMD president Nevers Mumba.
Dr Mumba said this has to be enshrined not only in the minds and hearts of the citizens, but also in the behaviour of those entrusted with the instruments of power. “We must all work towards the independence of the Judiciary and ensure that it is strengthened in order to counter balance the other two wings of the government,
Speaking at the African Union 6th Region Diaspora Summit 2013 in Toronto, Canada recently Dr Mumba said such initiatives, coupled with a vibrant and independent media would certainly improve and strengthen a positive image of the Continent and its diaspora.
This would bring in additional investment flows into the continent and its diaspora.
But he was quick to admit that lack of capital build up and necessary financial deepening to encourage growth of local business which can ultimately become multinationals is one the problems facing Africa, says MMD president Nevers Mumba
Dr Mumba said if the continent focused its energies in developing a mechanism by which investment funds were easily available and accessed at an affordable price, then half of the journey would have been completed.
“I do take note of the saying that money is not everything, but I do believe that we all know, that the current levels of accelerated development on the sub-Continent has partly been as a result of the colossal gravitational pull of China and the investment reserves it has been able to activate on the developmental agenda,” he said
He looked forward to a time in which the driving force of local investment and the impetus for accelerated economic growth has its origin in domestic sources of finance.
“The problem of African has been one of lack of capital accumulation and the necessary financial deepening that would encourage the growth of locally owned business enterprises that would eventually grow to become multinationals,” said Dr Mumba He said In that way, Africa will be able to expand her middle class, reduce the incidence of poverty and create a base by which entrepreneurial boldness and innovation can further set the stage for an African technological revolution.
Dr Mumba told the gathering that the last ten years of stable and accelerated growth throughout the African continent and the diaspora, has been largely due to the fact that many African countries democratised and became multi-party states after the end of the cold war. “The democratisation of the continent, meant less war and conflict, entrenched governance systems through the institutionalization and the consolidation of the rule of law.
“These developments have created an environment in which both local and international investors could take calculated risks towards undertaking both developmental projects as well as business ventures.