Ezekwesili urges developing countries to transform economies

Ezekwesili urges developing countries to transform economies
Written by Florence Bupe
Tuesday, April 07, 2009 3:54:44 PM

WORLD Bank vice-president for Africa Obiageli Ezekwesili has challenged developing countries to use the global economic downturn as an opportunity to rapidly transform their economies.

Ezekwesili said African countries had the capacity to convert their economies through diversification of growth sources, reforming policies and strengthening governance.

“I hear leaders tell me that their countries would develop faster if they had more resources. I believe that resources without the right policies will not work,” she said.

Ezekwesili observed that in order to effectively transform their economies, developing countries required political will, accountability and conducive policies.

She said countries needed to reform and create an enabling environment for both local and foreign investors.

“After this crisis ebbs, foreign investors will return but they will be cautious and invest first in those countries that have kept to the reforms they had initiated. Investors will also be interested in countries that have demonstrated a willingness to strengthen governance and embrace the rule of law,” she said.

She said diversifying sources of growth was a more certain way to sustainable development.

Ezekwesili called for serious investment in infrastructure development as a means of enhancing development in key sectors such as agriculture that would lead to viable economic diversification.