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· British prime minister Tony Blair stated that one of the accidental outcomes of the COVID-19 pandemic could be that African countries could benefit from a boost in foreign investments
· As central bankers slash interest rates, Africa’s chances of attracting foreign investment from the northern hemisphere will brighten
In an interview with media, the former British prime Minister Tony Blair stated that one of the accidental outcomes of the COVID-19 pandemic could be that African countries could benefit from a boost in foreign investments. The economic misery brought by COVID-19 has dragged down the wealthy economies of the northern hemisphere. As central bankers slash interest rates, Africa’s chances of attracting foreign investment from the northern hemisphere will brighten. Explaining his view, Mr. Blair added that West had a vast pool of capital. With low local interest rates, they are looking for an outlet. He cited Japan as an example with its pension fund of trillion dollars.
Blair urged African nations to use the opportunity induced by this pandemic to reform their economies and build infrastructure to attract foreign investors. He added that African nations should look for potential foreign investment to add value to its resources before export. Blair urged Africa to reset governance and build capable institutions so that the continent can rise to its potential. He said, “Africa needs to use this Covid-19 crisis to accelerate the process of change.”
The former UK Prime Minister now runs the Tony Blair African Governance Initiative. The objective of the NGO is to make African governments work harder for their people. The organisation has actively supported African countries to implement practical measures in the fight against Covid-19.
