Africa must generate resources from within its economies

Abstract

The ECA’s Ninth African development Forum, the resources required for Africa’s sustainable development will not come from aid. Africa must look within, generating financial resources from its own economies. Experts looked into ways to mobilize funds and discussed remittances. Dr Esman M. Nyamongo, Central Bank of Kenya, said, “Remittance, in particular in the last two decades, has overtaken traditional sources of external flows. Additionally, studies exploring the impact of remittance flow in the region have unearthed a number of positive outcomes. The remittance flows are having a considerably impact on the bank sector and stock market development. Remittance flows are making a fundamental impact on African countries’ economic eco-system. The World Bank estimates that Africa’s diaspora remittances soared to $40bn in 2012 and they have the potential to grow to $200bn over the next decade. Added to this is the potential that can be realized by addressing the losses to the continent through illicit financial flows.