IoD Connect – Doing business in Africa

GIBS Information Centre / GIBSIC‘s insight:

IoD Director General: ” . . .Africa’s growth over the last decade has been driven almost entirely by the extractive industries, and it’s been concentrated in the hands of a few at the very top. For too many Africans, the commodities boom remains something they’re aware of, rather than something they’re part of. The notion that another decade of extractive industry will simply pull millions out of poverty is a flawed one. The 2013 Africa Progress Report sets out the case quite clearly, saying:

“Too many extractive industries operate as enclaves insulated from the national economy. They create few jobs and have weak linkages to local firms or people. They add little in value production.”

There are encouraging changes taking place in this area, not least a move towards greater transparency. This is not a buzz word or an empty phrase to be found in the pages of a corporate brochure. Or if it is, it shouldn’t be.  –  Transparency is the new competition – driving up standards, engaging communities, creating a level playing field from which all companies stand to gain. If my first recommendation is that every company, big or small, leads by example, my second plea is that transparency becomes the new normal at the heart of all commercial enterprise.”

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