Encourage domestic investment.

Author:Beru, Hastings
Position:The fallacy of foreign investment - Letter to the editor

Once again, in the March issue of African Business, Omari Issa has provided us with a clear and succinct analysis of the economies of the African nations. I take my hat off to him. His article on FDI expresses very clearly the actions that need to be taken at home in order to benefit from Africa's investment potential. I share his view that FDI is damaging to Africa's long-term growth. The continent has been highlighted by no less than Time magazine in the US as a prime business destination and even that country's President Barack Obama has stated that Africa provides the world's highest return on investment. How long will it take for local investors to recognise this? All those rich Africans who store their money away in overseas banks, we must get them to bring those funds back and invest in Africa's future!


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