Unfortunately there has
been a large emigration to Europe from the African continent as a
result of de colonisation.
Independence economic
policy failed to turn our export oriented cash crop economies in
Africa to modern industrialised economies. Huge industrialisation
projects where unsuccessful and became known as white elephants.
Economies became debt ridden and supranational financial institutions
took over economic policy making.
Financial institutions
such as the International Monetary Fund (I.M.F.) and World Bank
failed to provide development to the citizens of Africa, as Baron
Boateng explained these supranational financial institutions have
controlled African economic policy since the late 1960's.
The late 1960's saw the
beginning of what was to later become a large movement of people to
Western Europe that still continues up to today. These immigrant
communities are now in their third generation abroad and are a
valuable asset to the African Union. They are the best investors
African economies will ever have. They make sure that the money is
transferred to those who are most in need of it and will therefore
make most efficient use of it. This is evidence that the principle of
Laissez Faire can be successfully applied in Africa.
The Government of
Uganda stated that remittance from those living abroad are a source
of income tax that helps finance its operations. In recognition of
this the Ministry of Internal Affairs of Uganda allows citizens
living abroad to have double nationality.
The transfer of
remittances has become a lucrative business making the Somali
financial services provider Dahabshiil
a successful multinational financial institution catering to the
African diaspora.
In the United Kingdom
The Richmond Green Group published the Overseas Property Professional
Knowledge an in-depth report on the state of the overseas property
market for British Developers and Estate Agents that invest in
property around the world. In this report it stated that Morocco is a
place that has recently seen a lot of investment in the property
market. Many of the Developers are from Europe building luxury villas
for people on holiday yet most of the buyers are second generations
immigrants from Morocco who speak Arabic and understand the customs
of the land.
The African Union has a
source of reliable investors in its citizens living overseas that can
contribute to our effort to build infrastructure that efficiently
connects the continent.
Article by
Costa Magiga
The Kibuka Centre
