Mbatau wa Ngai
The UK-Africa Summit held in London recently did not live up to its billings despite the hyped publicity.
While reasons for its shortcomings may be attributed to the hurry in
which it was organised, ostensibly to assuage anxieties raised by
Britain's departure from the European Union, African
leaders bear the
blame.
It is noteworthy, for example, that there is no evidence that African
leaders had gone to the summit with proposals of their own for
discussion with their hosts. Instead, the narrative from the summit
seems to have been one whereby British firms placed their investments on
the table with little discussion.
These were then trumpeted as new commitments. The £1.2 billion (Sh156
billion) investment announced by Tullow Oil in Kenya is a good
illustration of the double-speak at the summit.
SEE ALSO :Uhuru opens trading at LSE, launches Kenya’s first green bond
The
London-based oil firm made the announcement despite, together with its
partner Total Oil, already having contracted French Bank Natixis to sell
its entire investment in its oil project in Kenya. An analysis of
British investments demonstrate that while they are good investors, they
are rarely beneficial to the host country or community.
The investments in extractive industries are notorious for turning what
should have been a blessing for host countries and communities into a
curse.
Indeed, except in a few countries such as Botswana, African communities
have come to rue the day oil and other minerals were discovered in their
backyards. It is not surprising that the most corrupt countries are the
leading mineral and oil producers and exporters.
This leads to the emergence of super-rich individuals working
or associated with those in government. Nigeria, Angola and the
Democratic Republic of Congo provide examples of the kind of development
models the rest of Africa needs to steer away from if their resources
are to benefit citizens.
Indeed, this business model has come under sustained criticism from
groups and individuals who care about the welfare of ordinary people. A
new report by British Charity War on Want details how Kenya and its
peers are losing billions of shillings from their mineral and oil wealth
to firms domiciled in London.
SEE ALSO :Britain's Prince Harry attends Africa conference in London
Tullow
Oil, which has major investments in Ghana, is among these firms. The
charity accused the UK of helping firms loot Africa, leaving little to
be shared among local competing interests. The wanton looting is also
common in agriculture.
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