The Okisisi Colloquim

 

There was an opening speech by Ikechukwu Anoke, founder of Okosisi Colloquim. There were various agendas covered by all the other guests invited as speakers. 

Intra-africa trade. Only 15% of trade in Africa is intra-africa trade. We should aim to increase it to 48%. Then globally, Africa trade accounts for only 3% of global trade. Production of raw materials without meaningful finished goods and agricultural produce without value addition. This has resulted to very limited income in African countries. 

Tropical diseases affecting the vulnerable. We can't continue blaming colonialists only on historical injustices. The social economic status which is the gap between the rich and the poor should be narrowed. The recent doctor's strike in Kenya by doctors in public hospitals took almost two months to be resolved because those in charge of medical policies are using private medical care.  

UBA Bank has a role to play in advancing African unity and growth. Start-ups and SME's can get seed capital of 5,000 USD. They then become part of an alumni and go through partnership programs. We are currently present in 20+ countries. The alumni across the African continent can build a strong partnership web that can impact intra-africa trade. 

The financial challenges across the African continent can be addressed. It's about managing resources effectively. This will then lead to reduced levels of external debts in Africa. It is all about fiscal discipline. China managed to pull 439 million people out of poverty and Bangladesh managed to pull 57 million people out of poverty. This is because they invested in production. This is unlike in Africa where instead of investing in production, we invest in consumption.  Generating more tax is not the solution. Instead increase production/ more employment then you can tax. Also invest more in education. It is more expensive to pay politicians and Government officials in Africa than in Europe or America yet the African economy is much smaller. Then there are also bigger vehicle convoys and unnecessary costs such as financing office of the first lady.