World Economic Forum recognises private sector role in Africa’s growth

AFRICA SHOULD “utilise and leverage” what it already has in terms of human capital and land in order to further capitalise on the competitive advantages of its economies, Wendy Luhabe, chairperson of the Industrial Development Corporation in South Africa, told the World Economic Forum on Africa 2008 in Cape Town last week. The event was attended by a ‘Who’s Who’ of Africa’s business and political leaders. A controversial opinion, at best, was put forward by South African president Thabo Mbeki, who said: “One of the positives of the African continent is that there is progress to peace and stability.” Kenyan premier Raila Odinga spoke out against leaders blaming colonialism for the continent’s problems. Sasol CEO Pat Davies said Africa had a unique combination of developed world business skills and had learned how to do business in emerging markets, something that needed further emphasis. One of the conclusions on the final day was that the private sector was poised to play a role in making Africa more competitive and forging international alliances beyond the customary handouts that had long characterised the region. More than 800 participants attended the three-day event at the Cape Town International Convention Centre.