Rwanda devt is on course, says eminent Africa panel

Rwanda’s rapid growth demonstrates the country’s potential to transform the lives of the population within a short period of time, according to Africa Progress Panel (APP). APP is a group of 10 distinguished individuals from the private and public sector that seeks shared responsibility between African leaders and their international partners to promote equitable and sustainable development for Africa. Kofi Annan, a former UN secretary-general and Nobel laureate, is the current chair of the APP. Speaking to The New Times, yesterday, via tele-briefing ahead of the release of the annual Africa Progress Report–Equity in Extractives at the World Economic Forum on Africa, Peter da Costa, the senior advisor, Policy and Strategic Communications at APP, said Rwanda was on course to achieving its development agenda. The reportThe Africa Progress Report is scheduled for release in Cape Town, South Africa, today. The report is the APP’s flagship publication. It draws on the best research and analysis available on the continent. The 2013 survey explores the potential, problems and policy options associated with natural resources in Africa, focusing on oil, gas and mining. “Rwanda is not a country that is endowed with vast mineral wealth but the country’s policy to achieve inclusive economic development puts Rwanda among the most cumulative promising countries on the continent,” he said. “The current growth (rate) of the country and its people is based on the government’s commitment to address the concerns of the population.” The one-hour tele-briefing with a couple of journalists and panelists dwelt on the progress made by African countries to lift millions of people out of poverty using natural resources. The panelists discussed how Africa’s mineral wealth can better benefit current and future generations if guarded and preserved well. “Rwanda’s target to become a knowledge-based society, coupled with her interest in the regional integration, will be a baseline for Rwanda to become a middle income nation in a few years,” said Da Costa.He added: “Rwanda is a place where people go to do business because the government is committed and strategised to move the economy to greater heights.”Lauding AgaciroThe panelists also lauded Rwanda’s move to establish Agaciro Development Fund, a scheme set to raise more domestic resources to help accelerate economic development. The nation’s first solidarity fund, is financed through voluntary donations from Rwandans and friends of Rwanda, was launched last year and has so far raised more than Rwf28 billion. APP described the fund as a vital initiative that forms a basis for significantly reducing reliance on foreign aid and, possibly, eliminating it. According to APP, the life experiences of panel members give them a formidable capability to access a wide cross-section of society, including at the highest levels in Africa and across the globe. The Panel functions in a unique way to target decision-making audiences, including African and other world leaders, heads of state, leaders of industry, plus a broad range of stakeholders at the global, regional, and national levels. The experts APP consists of high-profile individuals that include Michel Camdessus, a French applied economist and former International Monetary Fund managing director, Peter Eigen, the founder of the Advisory Council of Transparency International, Bob Geldof, a legendary Irish singer, songwriter, author and actor, and political activist. Others are Graça Machel, a Mozambican politician and humanitarian, Olusegun Obasanjo, a former Nigerian president, Linah Mohohlo, governor of the Bank of Botswana, Robert Rubin, an American economist and banking executive, Strive Masiyiwa, a Zimbabwe-born businessman and cell phone pioneer, and Tidjane Thiam, an Ivorian businessman. Rwanda, on Monday, was ranked the fifth-best destination for investment in the world by the 2013 Baseline Profitability Index. “The ranking is telling potential investors that it is profitable to do business in Rwanda, the ultimate reason for going into business is making profits,” said Vivian Kayitesi, the head of Investment Promotion and implementation at the Rwanda Development Board.

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Rwanda devt is on course, says eminent Africa panel