By: Precious Miracle Kargbo
In a bid to identify, address and salvage the economy of different African countries in the continent. The President of the Republic of Sierra Leone Retired Brigadier Julius Maada Bio through a panel discussion has called on heads of states in Africa to create space, policies for private sector investments in order for successful economic transformation in the countries which they govern.
He made this statement in Marrakesh, Morocco on 9th November 2023 through an event organized by the African Investment forum, which is a multi-disciplinary platform that unites Presidents and investors in Africa to address the challenges with the economy, proffer solutions and generate revenue to achieve the sustainable development goals, African development bank I5 and the African union agenda 2063.
In his Statement President Bio made applauded the King of Morocco for the invite to be part of the occasion and the Theme which says “Accelerating Africa’s Economy Transformation” as it is important because Africa is at the crossroads. He furthers that are lot of great opportunities with favorable destinations that needs the space for foreign investment as there are serious challenges which needs to be surmounted as that should be the function of every head of state to collaborating and working with partners around the world and within Africa to clear the roadblocks that lies ahead.
Additionally, President Maada highlights that there are challenges indeed but stated that he sees himself as internal optimist which views these obstacles as opportunities but how every Leader should transform these challenges into opportunities is what should be the desire of every President in the African Globe and to transform these opportunities to the citizens they govern at every point in time should be the wakeup call for every President and responsible cabinet that seeks the desire of their countries.
He also carries on to identify one of the main problems affecting Africa is Infrastructure, as he said there is a serious infrastructure deficit which must be tackled in due time. His Excellency affirms that this problem is so serious that it has served as a bottle neck and obstacle in every part of the way to transform the economy of the different countries which they head, he also speaks out for massive investment in roads, access to pipe borne water, ICT and a host of other things that will enable them to join the world and to project an effective economy to the rest of the world and that these challenges needs to be addressed as they serve as road blocks in the journey of economic transformation.
Furthermore, President Bio spots the lack of diversification as the main problem to the economy of many African countries so whenever there is a shock to the economy it affects negatively, narrating further he says that African countries mostly depends on natural commodities such as oil, gas, cocoa, coffee and diamond therefore when the prices are on the higher side there are always sign of economic growth, according to the President the best way to deal with the shock is through diversification.
Conclusively, President Maada Bio loudly calls out all African Presidents to see the summit as an opportunity to encourage the private sector and provide them the necessary assurance of coming to the space they have provided in their different countries to tackle public expenditure and work with international financial partners and private partners should the dying need for all of them as Heads of state. He ended by discussing his plan to different private development partners and sharing the Flagship Program and presenting the 800-dollar rice industrial complex project with his sole aim of creating an integrated rice complex in Sierra Leone. Diplomats presently in Morocco had a meet with President Bio and extol their appreciation for all his good works and to continue projecting the affairs of the country at the highest laurel.