Recently in Addis Ababa, Ethiopia

IT is time to utilise Africa’s resources for its benefit and development, is the message resonated at the 18th COMESA summit held in Addis Ababa, Ethiopia, last week.
Held under the theme, ‘Inclusive and Sustainable Industrialisation’, the summit resolved that the industrialisation of the member states was to be driven by its locals using resources at their disposal.
Africa has the solution to its challenges; the continent’s leaders have realised, and focus is now being shifted from looking outside for assistance.
Outgoing COMESA Chairperson and Democratic Republic of Congo President, Joseph Kabila, highlighted that in 2011, total Foreign Direct Investment flows into the region were recorded at US$9,1 billion.
“The region also achieved over 100 percent Foreign Direct Investment (FDI) growth, the equivalent of US$20 billion in 2012, before settling at US$18, 1 billion in 2013,” he said.
The decline in FDI should not derail efforts by the group to promote industrialisation for its members, he said.
Relying on foreign aid has proved to be having disastrous consequences on the continent as the donor countries use it as an excuse to meddle in the affairs of the receiving countries.
He who pays the piper dictates the tune.
Malawi suffered when the late former President, Bingu waMutharika denounced homosexuality and Britain and her allies cut aid to the country whose budget relied on aid.
There was chaos in the country afterwards as standards of living deteriorated.
Zimbabwe also suffered the same consequences when it adopted the Land Reform Programme.
In 2001 the International Monetary Fund (IMF) declared Zimbabwe ineligible to use the general resources of the IMF and removed it from the list of countries eligible to borrow under the poverty and growth facility.
As the Extraordinary Summit of SADC opened in Blantyre, Malawi on January 14 2002, Britain threatened to withhold US$18 million in budgetary support from Malawi, the chair of the SADC, unless it agreed to direct the SADC towards the imposition of sanctions against Zimbabwe.
This was a significant portion of Malawi’s budget.
Similar threats to withdraw budgetary support were wielded against Mozambique.
Speaker after speaker conceded with President Kabila in Ethiopia.
Incoming Chairperson, Ethiopian Prime Minister, Hailemariam Dessalegn said industrialisation would help improve the standards of living of the people.
“Inclusive and sustainable industrialisation is a pillar towards sustained economic growth, food security and poverty eradication within COMESA region,” he said.
“Inclusivity prioritises creating shared responsibility and the benefits of industrialisation must be all encompassing; women, children, young and old alike.
“Inclusivity will also call for cooperation between governments and private sector actors to harness, the investments necessary to strengthen the productive and trade capacities of our member states.”
Africa is endowed with natural resources and the continent has not been benefiting fully from them.
The continent is exporting its natural resources especially minerals in raw form cheaply to other continents, and re-imports finished products made from these at high cost.
In 2013, the COMESA member states recorded a US$6 billion trade deficit, importing goods worth US $41 billion against exports of US$ 35 billion.
The leaders have noted this worrying trend and have agreed, it is time to industrialise and value add on the raw materials. It is time to harness domestic resources and use them to finance the development of the countries.
United Nations Economic Commission for Africa (UNECA) executive secretary, Dr Carlos Lopes said the industrialisation process must be people driven.
“SMEs have to play a critical role in the industrialisation of the region and it is Africa’s resources that should drive the process,” he said.
“Adequate incentives should be provided for local companies rather than to depend on FDIs.
“International multi-national companies should not be allowed to take over completely the industrialisation.”
Small and Medium-sized Enterprises (SMEs) are increasingly being recognised as productive drivers of economic growth and development for African countries
In 2013, Zimbabwe adopted the Zimbabwe Agenda for Sustainable Socio-Economic Transformation (Zim-ASSET), an economic blueprint setting the agenda for economic revival.
It is a step further, as resources are now owned by the people, on how they can utilise the resources for economic growth.
Zimbabwe is the richest country on earth with respect to untapped natural resources per person and has over 40 exploitable minerals needed for industrial countries like America.
Industry and Commerce Minister, Mike Bimha said what COMESA was calling for; Zimbabwe was already working towards on it.
“We are happy to the plans for COMESA are in tandem with what we have put together as a country,” he said.
“It is now easier to work within SADC and Comesa because we are working towards the same thing.”
Bimha said member states should adopt strategies that aid economic growth.
“Our products are not competitive as we are more of producing the same product so there is need to diversify and by diversifying it relates to the issue of value addition,” he said.