Africa: Private Sector Asked to Help Continent Grow

Extracted 12AUG2011 from

According to former United Bank of Africa chief executive Tony Elumelu, the sector holds the key to laying a critical foundation for creating Pan African business perspectives... The slow pace of African growth has been associated with post-independence governments, most of which were hinged on dictatorial policies. They did not enact enabling policies for the private sector to grow. Mr Elumelu challenged them to explore advanced capital raising techniques. This, he said, would help expand their operations beyond the African continent...

Currently, a number of Kenyan firms have set their goals on regional expansion to take advantage of the East African Community. This assures them of a large market and reduced costs of doing business as the region moves towards political integration.