Africa Needs to Liberalize its Economy to Create Jobs, Prosperity: Mike Pompeo

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ENA February 19/2020 The US State Secretary Mike Pompeo urged African leaders to focus on liberating the economy to the private sector which provide opportunities to create massive jobs and national prosperity.

In a policy speech he delivered today to the African diplomats, policy makers, academia, and business community in Addis Ababa, Secretary Pompeo stressed the need for genuine economic liberalization in order to accelerate growth and development.

Pompeo, who is in Ethiopia for 3 days state visit, said that there are challenges, leaders must face and work towards creating conducive business environment, he added, in his speech titled “Liberating Africa’s Entrepreneurs,”   

“While effective foreign aid can help to alleviate the problem, it is very unlikely it will solve it,” the Secretary emphasized.

Furthermore, Pompeo stressed the need for strong rule of law, respect for property rights regulations to  encourage investment and entrepreneurship.

"We need those laws so that investors can come and invest their capital.” he added.

He stated that there are enormous opportunities in the continent not only for Africa but also for the whole world.

Full participation of women, he said is part of the “fundamental ingredients for true, inclusive and sustainable economic development.”

Mentioning the Asian tigers lifting up their economies fast in a few decades due to opening up for trade and investment, Pompeo pointed out “that can happen right here too and indeed I would argue it must. More than 60 percent of the population in Africa is below 25.”

“Only nations hospitable to the private sector will stimulate enough growth, opportunity, resources and capital that will deliver jobs and prosperity on the scale that this continent needs and over the time frame that they require,” he emphasized.

Future generations are depending on stable, corruption free environment that attracts foreign investment, he said, adding that “we believe in you and we will be with every step of the way. “

“With the right policies and leadership, we believe that true economic liberalization will happen here in Africa,” he concluded.

During his visit to Ethiopia, Pompeo has conferred Prime Minister Abiy Ahmed, President Sahlework Zewdie and Foreign Minister Gedu Andargachew on ways of cementing the strategic relations between Ethiopia and the U.S.

He also met Moussa Faki Mahamat , Chairperson of the African Union Commission and discussed on issues of mutual concern.

Ethiopian News Agency
2023