At the Graduate Institute to celebrate the new academic year and the opening of its brand new state-of-the-art building, the Maison de la paix, former UN Secretary-General and Institute alumnus, Kofi Annan said he is optimistic that African countries can use natural resources to reap a windfall and change the face of the continent.
Africa has potential to be the world’s next powerhouse with some of the highest economic growth rates on the planet, a growing workforce, and enormous room for growth in its agricultural sector, Kofi Annan said during his speech.
However, the past decade of increasing economic success has not brought improvements in health, education and nutrition, he said. “In many countries, the gap between rich and poor has only widened,” he added.
Africa could do better to lift millions of its people out of poverty, said Annan. Citing a report entitled “Equity in Extractives” by the Africa Progress Panel, which he chairs, Annan said that the continent’s countries can achieve this by linking mining strategies to poverty reduction as well as making mining contracts more open and transparent.
The international community can contribute to boosting Africa’s prosperity by continuing its combat against international tax avoidance, he said. “Tax avoidance now costs Africa more than it receives in either international aid or foreign direct investment”.
Kofi Annan closed his speech by calling on the audience of students, policy-makers, and diplomats to help play a part in increasing transparency in the mining sector and cracking down on tax avoidance.
“All of us will benefit from an Africa that is more prosperous, stable, and fair,” he said.
Answering questions from the audience, Kofi Annan said that Africa has to be able to negotiate better mining deals which are mutually beneficial for the continent and the continent and not one-sided, as has been often the case in the past.
More on Kofi Annan, the opening lecture of the academic year and the Maison de la paix is available at graduateinstitute.ch/kofiannan