Political infighting impeding Africa's fortunes

HARARE - The current political infighting in South Africa (SA) – and other countries such as Zimbabwe – is exacerbating Africa’s woes, and political instability tag or perception, a leading continental lobby group has said.

This also comes as Ladislas Agbesi’s Pan African Business Forum (PABF) has said Pretoria must recognise its role as a leading African economic player and, therefore, its actions must always be driven by a body-politic that cherishes “democratic principles and good governance that becomes the hallmark of…Africa’s determination to advance its goals in good business practice as well”.

“Since her (SA) independence, she has championed the cause of Africa’s economic liberation as it has leveraged her economic prowess to ensure that Africa’s voice is heard among the comity of nations. Unequivocally speaking, she and Nigeria hold the key to ensuring that Africa’s economic emancipation becomes a reality,” the pressure group said in a recent letter to South African parliamentary speaker Baleka Mebete, adding though, that Abuja remains plagued by socio-economic strife and religious extremism as driven Boko Haram.

“…this unfortunate situation in the west African country leaves your country as... the sole torchbearer to right Africa’s unfortunate socio-economic situation. We are, however, worried about the incessant bickering, which has plagued your country since the tenure of late… Nelson Mandela ended peacefully,” Agbesi said in the hard-hitting dispatch.

Citing the premature ejection of Thabo Mbeki in 2008 and incessant attempts to remove incumbent president Jacob Zuma, the PABF said the ugly fights playing out in SA’s parliament were not good for nation building and the entire continent’s liberation struggle, as it created an impression of endless volatility.

Crucially, these violent acts were negatively impacting on Africa, as potential investors shied away and those already operating in the continent resorted to capital flight, thus worsening its economic fortunes.

“…the happenings in your country… are creating an impression that the country is political unstable and ready to remove her leaders at the drop of a hat. These we believe (are) giving a bad image to not only your country, but Africa as a whole as the outside world equates these parliamentary upheavals with the coups that once bedevilled west Africa,” Agbesi said, adding dialogue was the only answer to the endless African National Congress fights, which were hurting Pretoria’s democratic credentials.

“An ability to do this will not only… bring peace and level headedness to the parliament, but show… your country is maturing (and) while also giving hope to other countries that issues can be resolved peacefully..,” the PABF executive chairman said.

“…at this time of Africa’s fervour… (for) socio-economic transformation and progress, what she needs is an economic powerhouse as SA to be a trailblazer.”

Meanwhile, the African Medallion Group (AMG)’s special coins have morphed into a cryptocurrency, which are also tradeable in Zimbabwe and six other countries, including America and the United Kingdom.

This also comes as the Frank Buyanga-led initiative has been registered with the London Metal Exchange and the value of its three batches of tokens has skyrocketed to 2 000 percent-plus.

Apart from the two sets of $5 medallions, which were launched in early April and another one in May, the South African-based AMG has launched $1 coins that were targeted for the local market.

The development also comes as Buyanga – a PABF executive director for small enterprises – has inked a deal with Visa International to enable foreigners to easily access the product and make their purchases. – Business Writer/Wires


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