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Communications One of Africa’s Challenges |
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 Mogae says as he continues to woo investors
“Botswana is a unique part of a great continent. It has also been proclaimed a shining example of democracy and good governance, as well as one of the world’s fastest growing economies over the past four decades.”
These are the words of former President Mr Festus Mogae at the World Premier of The Travel Channel Programme, “A Presidential Tour of Botswana”. Mogae said Botswana has been called “Africa’s best kept secret” for a reason and invited his audience to visit the country.
He said the premier highlights Botswana’s open and dynamic society, as well as tourist attractions. He hoped such productions would improve the overall image of Africa as a whole.
The Former President said Africa is often portrayed in the global media as a continent plagued by political instability, poor governance, abject poverty, and misery. However, that such analysis ignores much of what is positive about the continent as a destination for business, as well as leisure travel.
He said across Africa there has also been an overall rise in economic growth rates, with the resulting emergence of new openings for trade and investment.
“This general rejuvenation has, furthermore, been accompanied by enhanced levels of stability and good governance.”
Mogae said the majority of sub-Saharan nations have experienced peaceful transitions of power over the last decade.
“Yet, while the case for Africa as a place of opportunity is increasingly supported by a multiplicity of positive indices, it remains at variance with the image of our continent which is negative,” he observed.
The former President said one thing that he had learned in politics is that image matters. “Not long ago the United States Government’s Overseas Private Investment Corporation observed that while Africa now offers the highest rate of return in the world on foreign direct investment, it still attracts the lowest volume of capital inflow.”
This conclusion had been supported by the Word Bank, whose own World Development Indicators in recent years actually showed a relative decline in the global flow of Foreign Direct Investment to Africa. This is notwithstanding the fact that total investment flow in absolute terms rose.
Also according to the World Bank, Sub-Saharan Africa’s percentage of world trade has in recent years stagnated at around 1.5%, which is only about half of what it was in the 1950s.
Mogae said over the past decade, Botswana has been consistently rated among the world’s top destinations for mining investment in the annual Resourcestocks’ Global Risk survey, while in a recent Carnegie Endowment study it was ranked number four in the world in overall return on investment income.
He said Botswana’s sovereign credit ratings have remained consistently high, while our stock exchange has been among the top ten global performers.
“Yet, notwithstanding the above accomplishments in terms of additional international ratings for sound economic policies, political stability and general good governance, until recently we too have had modest success in wooing outside investors,” he said.
He said a growing number of observers have, moreover, linked Africa’s less than fully realized potential as a destination for greater international trade and investment to its delinquent image.
The former president said Africa’s collective capacity to define its global image faces a number of challenges, not the least of which is its own limited communications capacity.
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