Policy House Advises African governments
Policy House International- Incentive Based Initiative (IBI) has advised sub Saharan African countries to borrow right and put an end to frivolous credit to the continent without direct bearing to its future development and economic growth trajectory.
This is a follow up to its earlier position at the just concluded annual meetings of the world bank and IMF held in Washington DC wherein it advised the IMF and the World Bank to focus its attention to financing mostly infrastructure based projects that emphasize investment in infrastructure leveraging on private sector capacity and resources including management which in turns translate to economic growth.
The total exposure of the continent to development financial institutions is estimated at US$670bn with 60% of the projects focusing on the social sector such as education and health, areas that governments are expected to easily financed with their annual budgetary instruments.
African government must therefore borrow right from year 2020 henceforth starting with prioritizing their borrowing plans to be hinged more in favor of infrastructure (power, renewable energy, highways and dams) commercial agriculture, and production.
“We will be involving directly in credit conceptualization and appraisal stages stated Taiwo Akerele the lead Policy-Economist at Policy House IBI in the sidelines of the annual meetings to ensure citizen ownership of the borrowing process” Africa has to change its developmental narratives henceforth, Akerele was quoted to have said.
We are launching the Borrow Right Program for Africa (BRP). Make it difficult for our continent leaders to borrow, introduce no go areas, emphasis infrastructure, emphasis private sector lending, the group declared in Washington DC.