Great Hope For Africa Economy

The two day conference on making finance work for Africa in Accra,Ghana between 8-9 September which i was a participant has increase my optimism of a roburst financial sector if greater attention is accorded financial literacy.According to experts accross the globe at the conference,African countries are endowed with enourmous resources which can be harness with better understanding of financial education,good governance and protection of consumer rights among others.In his presentation,Prof.Patrick Honohan advocated for adequate infrastrutural facilities been put in place while identifying accessibility to finance at a lower cost as catalyst to fast track economic development in Africa .He cited the abuse of the sub-prime mortgage market in the US as an image problem for financial sector which can be redeem with financial literacy that will guarantee judicious utilization of fund in Africa.Also,contributing to the discourse,Mr. Rotimi Nihinlola of Ecobank,Ghana said research has shown that most of the African population are in the informal sector and are leftout from the mainstream financial sector.He noted that most of them are not catered for and those with savings are under serve.Hence the need to incorporate them with financial culture by better understanding of the sector which will produce a multiplier effect.However,mrs.Nomsa Motshegare of National Credit Regulation,South Africa emphasised the protection of the consumer rights as a measure towards Africa economic greatness advancement.The conference with the theme,promoting financial capability and consumer protection-A step towards financial inclusion in Africa is sponsored by German Development Cooperation,the World Bank,DFID and USAID.The conference is expected to develop a road map towards Africa financial sustainability.

Abdullateef Alanamu

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One response to “Great Hope For Africa Economy

  1. i have always had a feeling that people have hope for Africa getting on the right track. The question is what percentage of Africans are positive about Africa getting better?Just a little number. Fellow Africans, everything starts with a step. If we learn to change things on micro finance starting with our homes and communities we may end up comtributing to a larger extent.

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