Mantu decries African debt burden
Deputy President of the Senate, Alhaji Ibrahim Mantu has expressed concern that the increasing debt profile of African countries was retarding the growth of economies in the region and preventing governments from fulfilling their election promises.
Speaking yesterday in Abuja at the opening of a two-day conference of West African parliam-entrains on regional integration, Mantu, who is also deputy speaker of the Economic Community of West African States (ECOWAS) parliament, also lamented that the escalating poverty level in Africa has made it difficult for the continent to fit in the developing world.
The conference which had in attendance, legislators from the 15 West African nations, was organised by the House of Representatives standing committees on foreign affairs and on integration in Africa, in collaboration with a German non-governmental organisation, Friedrich Ebert foundation.
The deputy president of the senate, who was enumerating the factors responsible for Africa’s backwardness, said “the debt burden is increasingly becoming too heavy to be carried by our countries, as debt servicing alone is a major source of deficit budgeting. Governments across the sub-region are finding it increasingly difficult to fulfil their contract with the populace, owing to the dwindling resources at their disposal.”
As a result of this, he added, “the provisions of modern social and economic infrastructure, needed foster development have remained lacking, where they are available, they are in a serious state of decay.”
Mantu said the high proportion of poverty in the continent made standard of living to continue its recession since the 1990s.
He lamented further that agriculture, which he said was the ministry of African economies, had continued to face increasing hostility in the market, due to unfavourable trade terms.
“This has contributed in no small measure to making our economies to contract, rather than expand, concomitantly leading to job losses, wage freeze, poor remunerations, low standard of living and many other consequences too numerous to mention.” Mantu added.
Other factors stunting African growth, according to him, include political instability and lack of industrialisation, which he said contributed in bringing insecurity and food shortages.
TO NEXT NEWS PAGE...
|
|
