‘Africa’s time has come’ – Mancham -

‘Africa’s time has come’ – Mancham - 29.05.2013

“There is no doubt that Africa is now able to tell to the world that her time has come and that in unity Africa will move forward a long awaited renaissance in today’s globalised world.”

Mr Mancham (left) discussing with Minister Adam at the Bole international airport

Seychelles’ founding President James Mancham made this statement after taking part in activities to mark the 50th anniversary of the Organisation of African Unity (OAU), now known as the African Union (AU), in Addis Ababa, Ethiopia.

In a statement issued yesterday morning to the international press, Mr Mancham said he felt highly privileged to have shared in this great event where the positive atmosphere prevailed at all times.

Mr Mancham was among a selected group of former Presidents who was invited by Dr Nkosazana Dlamini Zuma, chairperson of the AU, to join the heads of state who were taking part in a special anniversary of OAU/AU Summit.

Mr Mancham was welcome on his arrival at the Bole international airport in Addis Ababa on Saturday May 25 by Seychelles’ Foreign Affairs Minister Jean-Paul Adam and Seychelles’ Ambassador to Ethiopia and the AU Joseph Nourrice, both of whom formed part of the Seychelles delegation to the celebration.

The Seychelles delegation was led by President James Michel who delivered a well-applauded address of congratulation message at the opening of the celebration.

Mr Mancham joined President Michel at a special luncheon hosted by Dr Zuma in the reception hall of the newly completed impressive headquarters of the AU – a gift from the government and people of China to the African continent.

On Saturday evening, the Ethiopian Prime Minister Ato Hailamariam Desalegn hosted a dinner at the Sheraton Addis Hotel. In between social reception Mr Mancham met and had discussions with a whole range of former heads of state who included former President Kufuor of Ghana, former president General Rawlings of Ghana, former Nigerian head of state, General Yakubu Gowon, former President Olusegun Obasanjo of Nigeria, former president Chissano of Mozambique and serving presidents Zuma of South Africa and Uhuru Kenyatta of Kenya and Prime Minister of Mauritius Navin Ramgoolam.

http://www.nation.sc/index.php?art=31664


SBC
http://sbcw.sbcseychelles.com/Television/News/2013-05-28%20TV-8PM-News.wmv

Comment: There has been many many books written about the Great Nile - from 6/8,000 years ago it source, power and politic/mystic - the many wars and Africa/Egypt history - when that Dam was build the near war with Ethiopia.

At School in East Africa We had to study those subjects and they were studied with great passion - including the Source of Lake Victoria, Albert etc.

Surrounding the Saga the Mountain of the Moon

Had we not contributed importantly that the WWW came into existence the question to ask where would Africa be today

Africa has benefited modestly form the mega COMECON and USSR change - Communist.

Most important the question we wish to ask everybody had we not got President Ghadaffi to stick his neck out at the risk of his life to lead the OAU to African Union where would Africa be today

We are glad to not the General Rawling was present ask his waht he know about the process of getting President Ghadaffi to stick his neck out and lead OAU to African Union

We have listened to President JA Michel address at this Historic Gathering - taking into consideration the workings of greater Interdisciplinary/Multidisciplinary high Management - its supposed Bench Mark
During the era of President FA Rene how he got absolutely fed up with the attitude of OAU towards his government, the Indian Ocean Nations because they refused to think like Africa. We have been involved in this/these debacle a great deal.

Among them the challenges of Africa then 1995 and we made great efforts and synergise Indian Ocean regional powers to put the Indian Ocean Rim Association together.

As the issues of the Rim Association developed - how some countries have benefited and their respective role thus/this gave/provided the synergy/dynamic, ability to create the appropriate synergy to take OAU to African Union we are being very brief here.

What about the great European/Africa Transport Project nobody mentioned this - had we gone out of our way and insisted this became on the Agenda for discussion it would have and then the media/Archaic/Masonic entities of African their double standard.

The mega work the EU from Tony Blair era to create such Economic dynamic that many of African populace would prefer to return to Africa and embrace a better life there - because we did not press this also did not come on the agenda - unless the public is being kept in the dark. The Greater Med Economic Program

Nobody dared open their mouth on this Historic occasion and say bluntly because of those two mega projects the so call North Africa Spring was started. .

Seychelles endorses Africa’s vision for the next 50 years - 29.05.2013

The government of Seychelles has signed the 50th Anniversary Solemn Declaration of the African Union which outlines the collective vision of African states and their development ambition for the next 50 years.
The Seychelles delegation, headed by President James Michel at the 21st OAU-AU Summit, held in Addis Ababa, Ethiopia at the AU headquarters, had asked for the inclusion of a commitment to maximise the full potential of the oceanic spaces of Africa, creating development and sustainable growth for the continent through the creation of a viable and self-sustaining ‘blue economy’ to the benefit of all African people.

Following the discussions spearheaded by Seychelles, with the support of African island states, a pledge to “take ownership, preserve, protect and use our oceanic spaces and resources, improve our maritime and transport industries to the benefit of the continent and its peoples, including contributing to food security” was included in the declaration emerging from the Summit.
President Michel described this as a 'victory for Seychelles,' following the conclusion of the summit.

The discussions were held at three levels during the summit; by the heads of state of each member country which was led by President Michel, by the foreign ministers of member states, led by Minister Jean-Paul Adam and by the permanent representatives to the AU, led by Seychelles’ Ambassador Joseph Nourrice.

“The Seychelles delegation has worked hard to communicate the issues of national importance like the blue economy which are intrinsically linked to our development goals and this summit has provided an important opportunity for African states to consolidate these ambitions,” said Minister Adam.

“It is clear that the future growth of Seychelles is unequivocally linked the growth of the African continent.”

The declaration consolidates the ambitions of each individual member state and takes the shape of a collective promise by the leaders gathered to deliver on ensuring the ongoing social and economic development of Africa, on establishing long-term peace and security, and on safeguarding democratic governance.

The 50th Anniversary Summit celebrations included notable African personalities that contributed to the liberation of African states as well as former heads of state, among whom President Albert Rene and President James Mancham were invited.

Seychelles has been a member of the OAU (Organisation of African Unity) and its successor, the AU (African Union), since independence in 1976.

Source Seychelles Nation

New Ethiopian ambassador to focus on increasing trade and tourism

11-May-2016

Increasing trade and tourism between Ethiopia and Seychelles will be the key focus of Dina Mufti Sid, the fifth ambassador of Ethiopia who presented his credentials to President James Michel at State House yesterday morning.
Mr Sid, who held talks with President Michel after presenting his accreditation documents, discussed a wide range of issues with a view to strengthen relations between the two countries, including the fight against piracy, peace and security in the Horn of Africa, as well as trade and tourism.
Also present during the meeting with President Michel were the Minister for Foreign Affairs and Transport Joël Morgan and the President's diplomatic adviser, Ambassador Callixte d'Offay.
Mr Sid also paid a courtesy call on Vice-President Danny Faure.
Speaking to the press after his meeting with the two Seychellois leaders, Mr Sid said there is great potential to develop tourism and trade between Ethiopia and Seychelles.
“There is a very good relationship between our two countries, but we have to step it up. We will be looking at expanding cooperation in the areas of tourism, trade and investment,” he said.
“Seychelles has a lot of experience in tourism and there is great potential for development in that sector. We can also work to develop trade and Ethiopia, a country with 90 million people, is a huge market where investments can also be explored,” Mr Sid said.
He described relations between his country and Seychelles established in April 1982 as “very good” as the two countries continue to strengthen their bilateral cooperation and support each other at regional level on numerous issues including peace and security.
During his visit here Mr Sid is also holding talks with various ministers as well as the Seychelles Chamber of Commerce and Industries to explore areas for trade and commerce.
Mr Sid is based in Nairobi, Kenya.

http://www.nation.sc/article.html?id=249383

Seychelles should keep on making ‘positive breaking news’

21-July-2016
“In a world full of negative ‘breaking news’, let us make sure that the only ‘breaking news’ Seychelles makes are of a positive nature in the interest and to the glory of our people.”
These are the words of the founding President of Seychelles James R. Mancham after he attended the opening of the African Import-Export Bank (Afreximbank) seminars yesterday morning at the Savoy Hotel conference centre in Beau Vallon, Mahé, which are being attended by more than 300 delegates, representing the banking and financial world of the African continent.

The event was being hosted by the Seychelles Minister for Finance, Trade and the Blue Economy, Jean-Paul Adam jointly with the Governor of the Central Bank of Seychelles, Caroline Abel.
After attending the event yesterday morning, Mr Mancham wrote the following which he forwarded to this newspaper:

“Only last week, I had told members of the Board of INSEAD in Paris, France, which is the leading Business School of the world, that the ‘Seychelles is a small country thinking tall’, as we discussed the prospect of INSEAD becoming associated with the Seychelles School of Business Studies of the University of Seychelles as a hub to promote and create more entrepreneurs in Africa.

“No doubt most of the delegates at this week’s important rendez-vous have successful entrepreneurial background and will accept my argument that more African entrepreneurs are needed if Africa is to benefit more and more from its vast economic potential.

“Most of our people do not realise that the African Import-Export Bank is in fact ‘a very big fish swimming in our waters’ today. Headquartered in Cairo, Egypt, with the primary objective of promoting and financing trade within the African continent and trade within Africa and other continents – the bank, in year 2013, had a total asset of more than US $4.4 billion which netted in that year a revenue of US $20.5 million.

“It is indeed a tribute to Seychelles that the bank’s shareholders decided that their 23rd Annual General Meeting should be held here in Seychelles under the presidency of the bank’s new President, Dr Benedict Oramah.
“Certainly, the decision to meet here echoes an appreciation of the fact that we are indeed ‘a small country thinking tall’. As a senior executive of the bank stated in his introductory remarks, ‘We did not come to Seychelles with bathing suits, goggles and flippers but with notebooks, files, ipad and computers’.

“The meeting of the Afreximbank in Seychelles will of course give special resonance to Seychelles’ Blue Economy concept for a sustainable future. Be it remembered that although our islands are small from a landmass standpoint, the Seychelles coastal zones under the Law of the Sea Convention, gives us a maritime zone as large as the Federal Republic of Germany.

“The meeting of the Board and shareholders of the Afreximbank in Seychelles is no small business. Once again, Seychelles makes headline news internationally.

In this world of rapid changes and conflicts towards an unknown future, things do not just happen. More often than not they are made to happen when people of vision and goodwill see an opportunity and decide to work together to turn vision into reality. Once an edifice has been created it is always good to be able to look back and to know that we have shared in its creation and bring about a level of prosperity to our nations.

“In this context, one must appreciate the hard work which the Minister for Finance, Trade and the Blue Economy Jean-Paul Adam, Minister for Investment, Entrepreneurship Development and Business Innovation Michael Benstrong and the Governor of the Central Bank of Seychelles Caroline Abel, who under the blessing and direction of President James A. Michel, have been able to induce and to seduce the directors of the Afreximbank to hold this important conference here.

“In recognition of the bank’s appreciation, it is not surprising that Minister Adam, will be voted in as the next chairman of the bank – and once more echoing the fact that ‘we are indeed a small country thinking tall’.
“In a world full of negative ‘breaking news’, let us make sure that the only ‘breaking news’ Seychelles makes are of a positive nature in the interest and to the glory of our people.”

http://www.nation.sc/article.html?id=250279

Two famous personalities call on President Michel

22-July-2016
Two of the world’s famous personalities paid a courtesy call on President James Michel at State House yesterday morning.
They were former Nigerian President and army general Olusegun Obasanjo and Professor Joseph Stiglitz, an American economist, university professor and the recipient in 2001 of the Nobel Memorial Prize in Economic Sciences as well as a former senior vice-president and chief economist of the World Bank.
Both personalities are in Seychelles as guest speakers at the African Import-Export Bank (Afreximbank) meeting and seminars taking place here this week.
“Afreximbank’s is an appropriate vehicle in the promotion of development in Africa. Your presence will give added and valuable visibility to [Afreximbank’s] meeting,” said President Michel.
Speaking to the press after being received by President Michel, Mr Obasanjo commended Seychelles for its well-preserved environment noting that from what he had heard about Seychelles he had been imagining what it really looked like and now that he is here and experiencing it for himself he can only described it as “paradise on earth in terms of beauty, vegetation, sandy beaches. You have it all and then of course you have the peace and tranquility,” Mr Obasanjo said.

http://www.nation.sc/article.html?id=250300

Afreximbank’s Investment Forum and Exhibition

A platform for trading and investment opportunities

The African Export-Import Bank (Afreximbank) in partnership with the Seychelles government is holding an Investment Forum and Exhibition at the Savoy Resort & Spa, Beau Vallon, as part of the bank’s annual general meeting of shareholders which is being held in Seychelles this year.
Some 50 companies are exhibiting their products and services to over 500 delegates from various countries around the world, mainly African ones. The exhibition, which will run until tomorrow, is being held under the theme ‘Blue growth and investment opportunities in Seychelles’. Blue growth is referring to the Blue economy. Seychelles is pressing forward as the country has built a global reputation as a pioneer of the Blue economy concept, where economic growth and development is geared towards the wise, long-term management of marine spaces, resources and the environment
http://www.nation.sc/article.html?id=250301

Afreximbank Trade and Investment forum and exhibition
http://www.nation.sc/article.html?id=250299

Afreximbank Trade and Investment Forum at Savoy Resort & Spa
http://www.nation.sc/article.html?id=250298

‘Seychelles is an enchanting country,’ says former Nigerian President Obasanjo

23-July-2016

Former President of the Federal Republic of Nigeria Olusegan Obasanjo has described Seychelles as “an enchanting country” which countries from Africa and elsewhere should follow.
Mr Obasanjo made this remark in a press conference at the Savoy Resort & Spa in connection with the Afreximbank 23rd annual general meeting which took place here this week.
As part of the meeting, an Investment Forum and Exhibition was also held which showcased trading and investment opportunities as well as intra-Africa and regional trading potentials.
Among the various high personalities on the panels of discussion and presentation was the former President of the Federal Republic of Nigeria, Olusegun Obasanjo, who also paid a courtesy call on President James Michel earlier this week.
Mr Obansanjo gave his perspective, as a former head of state, on integrating Africa through trade – smooth sailing and stormy waters.
He believes economic integration in Africa calls for a multi-dimensional approach, including the use of trade. The trade, particularly intra-Africa trade proposition is based on its capacity to facilitate the development of intra-regional infrastructure, including roads, ports, and telecommunications all parts of trade-supporting infrastructure network. To him promoting intra-regional trade could contribute to addressing the continent’s infrastructure needs, while at the same time mitigating the continuous exposure to global volatility and adverse effects of trade shocks. He ascertained we can do more for Africa than we have done until now by making use of what we have to achieve what we need.
Freedom of movement of people was also a focal point of Mr Obasanjo’s intervention.
The president and chairman of the Board of Directors of the African Export-Import Bank, Dr Benedict Oramah, was also present during the press conference where he talked on the meeting which he described as a planned event to contribute to ongoing discussion to assist the continent rethink its development and economic transformation path in short to medium-term.
And in tandem with this flow of tide, Dr Oramah said it was fitting to hold this years’ meeting in Seychelles under the theme ‘Africa’s New Economy: Intra-African Trade and the Blue Economy as Catalysts for Economic Transformation’.
The following are excerpts of the interview with both personalities:

Seychelles NATION: His Excellency and other dignitaries, welcome to Seychelles. His Excellency, what do you know and think about Seychelles?

H.E Obasanjo: When I was then President of Nigeria, I wanted to come here. On one occasion when President France Albert Rene was still in power I wanted to visit but unfortunately I couldn’t make it. On another occasion, I planned to come here for a holiday, I could not make it. But thanks to Afreximbank for making it possible for me on this occasion.
As I said after I called on your president (James Michel earlier this week) my impression of Seychelles is more enchanting than it has been described to me. To me it is like a paradise on earth. And there are many countries in Africa where one would take 25 minutes, 30 minutes to go from the sandy beach or the sea to mountain forests, to flat land. This is a country that is quietly making progress. You have this security and tranquility which is good. You should capitalise on this. What you have make use of it.
I still think this is a very enchanting country. You have a lot to offer. Please do not keep this under wraps. Let the rest of Africa and the rest of the world know what you have and enjoy it with you.

Nigerian Television: On the movement of goods, services and people, I think you would agree with me movements of goods from Europe to the continent of Africa is much easier than movements of goods within the sub-region of West Africa. What exactly is wrong and how can this issue be tackled. The former president talked about Africa having a passport being able to move within the continent freely. At the last AU meeting, African leaders launched an e-passport. How will this affect free movement?

H.E Obasanjo: What has hindered free movement of people or free movement of goods? I’ll put it bluntly: it’s corruption. If you are going from Lagos to Cotonou (Benin), there’s nothing as far as the policy or everything is concerned, to stop you. He mentioned several authorities present like police, health, immigration, customs, military on the Nigerian side. On the Benin side you will start with customs, gender marine, immigration… these things are absolutely not necessary. They are not there in the ECOWAS policy. As I said earlier on they will say this and that to you as they do not want you to carry disease. But putting health checks on the road from Benin to Nigeria does not stop any disease. Most prominent disease people carry along in West Africa is malaria. And you can’t stop malaria. And if a man is carrying malaria assuming you know, do you stop him? Do you prevent him from going? When Boko Haram wanted to move, they moved freely. So what should we do? So these so-called non-tarriff barriers, is too much. You don’t have to get a leader to say ‘look, enough is enough’. This should stop. I think the custom posts between our two countries should do only one thing – register the number of vehicles, register goods so that we have records. Other than that there should be no other hindrance. And I believe that’s what we should do in the five regional economic communities.
We should take in consideration, social, cultural, all aspects of our lives and our development in Africa. We took it upon ourselves to reform, to do peer review, peer sanctions of ourselves and to integrate our economy. Some people believe in political integration, some economic integration. I believe firmly these economic communities like building blocks - ECOWAS, SADC, East African Economic Community and the Mahgreb – are building blocks, are making progress. The African parliament has already chosen a location for an African Central Bank. We have ADB, Afreximbank and other such institutions we should continue to nurture.

Nigerian Television: The second question to Dr Omarah. Yesterday the former president talked about how development banks can help small industries in Africa to grow to the global status. What has Afreximbank done; what it intends to do in this regard?

Dr Omarah: A land full of stability, a land full of peace, people living calmly, quietly, we can progress.

Nigerian Television: What you are doing for SMEs, for the growth of SMEs?

Dr Omarah: First of all you have to understand one principle. SMEs cannot export. SMEs cannot compete because they are small. They are not equipped to manage the different risks that exporting entails. They do not have the volumes that makes export profitable. So what normally happens in countries there are SMEs who participate in trade. Those countries also have export trading competence. They aggregate what SMEs produce and export them. So SMES cooperate in what we call export supply chain. And that’s the model we are taking. We understand that SMEs can produce goods efficiently. We just need to reduce the capital risks of certain objects. Why we are going through the industrial path route where we deal with the infrastructure deficit; get certification for the whole party instead of each country going individually to get certified. We are also supporting the emergence of extra trading companies which take the cost to market for them so the SMEs can produce efficiently and also participate in the global supply chain.

Seychelles Broadcasting Corporation (SBC): Apart from serving as president of your country you also led the African Union (AU). So what are the achievements you would say where you left up to now and how you think the AU can help African countries to boost trade?

H.E Obasanjo: Going back to innovation we brought in when we changed the OAU (Organisation of African Unity) to AU we put in the constitutive act power of intervention, the power to intervene in a country if it is treating its own citizens badly. You must follow the constitution. If you have a change of government without following the constitution, AU will not admit you. Social and economic developments have also been brought in and the number of seats at the AU can be counted on your fingertips. Thirty years ago democracy was an exception. Today lack of democracy is an exception. We are not where we would have liked to be as we are having elections that are being disputed. But to me a disputed election is better than no election. But we are making progress.

SBC: Dr Oramah, a lot of discussions and recommendations during the different forums . What’s next and how Afreximbank intends to proceed?

Dr Oramah: So many ideas have been given; so many things have been said. All these have been recorded and they will find their way in our strategy so to say.

http://www.nation.sc/article.html?id=250318

Opinion-Seychelles colours flying high

28-July-2016


Against the background of Seychelles “a small country on the move” and “Seychelles a small country thinking tall”, the country hosted last week the 23rd annual general meeting of the Afreximbank Business Forum which was called to assess issues affecting trade on the African continent while urging the delegates to put Africa first. I am glad to say that the conference ended with Seychelles’ colours flying high.
This was manifestly projected by the statement of Benedict O. Oramah, current president of the Afreximbank (African Export-Import Bank) in his address to shareholders of the bank and other distinguished guests attending the historic event.
“In an archipelago of 115 islands right at the heart of the Indian Ocean, we find home, warmth and peace. As we begin our deliberation today, permit me to, on your behalf, thank the government of the Republic of Seychelles for affording us the privilege of meeting here in paradise,” he said.
Mr Oramah then went on to extend his appreciation to President James Michel for “the unparalleled hospitality we have enjoyed: the solidarity of the people of Seychelles with Afreximbank and above all the organisational flair and support that made the difficult task of hosting these events look so ordinary”.
“The African Export-Import Bank is headquartered in Cairo, Egypt with the primary objective of promoting and financing trade on the African continent and trade with other continents.
“Anyone who has any doubts about the power of trade should read the history of Africa from cultures which we inherited; the wars of slavery; agonies of wars fought, ecosystems destroyed; to markets and civilisations revealed. Africa is today a product of trade influences. So as we stand at the frontiers of Africa, at the edge of Asia and in the midst of the mighty oceans, we reaffirm our commitment to the pursuits of development inched on the greater South-South Trade Corporations; we rest our faith on the promise of wealth founded on, among other things, the abundance of the waters – the Blue Economy,” President Oramah stated.
The focus on the Blue Economy must of course have been heartily received by the delegation representing the Seychelles at this forum. This included Vice-President Danny Faure who was standing in for President James Michel, Minister Jean-Paul Adam, Minister for Finance, Trade and the Blue Economy who was hosting the forum and who took over as chairman of the Bank for one year as from now; the Governor of the Central Bank, Caroline Abel who was also hosting the forum; Minister Michael Benstrong, Minister for Investment, Entrepreneurship Development and Business Innovation and Minister Didier Dogley, Minister for Environment, Energy and Climate Change.
Of course the conference would not have been so manifestly successful without the dedication of the organising committee and all members of the protocol department. Mr Omarah’s address to the shareholders revealed the remarkable achievements made by the bank over recent months – “In the first six months of this year we have continued to make good progress, we have continued solid growth in assets, revenues, and equity capital. Only a few weeks ago the bank entered the euro bond market and raised an amount of US $750 million in a deal which was more than half times oversubscribed. On the strength of improved capitalisation and performance, Moody’s and Fitch ratings revised the bank’s rating outlook from negative to stable in 2015. In the same year, the bank paid what was perhaps the largest syndicated loan issued by an African Bank raising an amount in excess of US $1 billion.”
Against this background it is not surprising to learn that in Seychelles both the Pension Fund and Nouvobanq have become shareholders of the bank.
Seen against the unexpected decline of oil prices at some point, trading below US $30 per barrel from over US $110 in June 2014 – gold, copper, platinum, iron ore and other metals, as well as the decline of the price of certain agricultural commodities and a reduction in tourism receipt.
There is no doubt that the African Export-Import Bank has been able to navigate through well the turbulent financial waves and was able to announce that not all the news is bad news. Some good developments have emerged which hold strong prospect of defining Africa’s future:-
(i) Dangote Industries are investing over US $9 billion in Nigeria to create some of the largest petroleum refinery and petrochemical facilities in the world;
(ii) Ethiopia has in recent years demonstrated that a resource poor African country can become an important centre for light manufacturing in the world;
(iii) Egypt’s El-Sewedy Electric has shown that an African heavy equipment manufacturer can compete globally, and in fact, be a source of power equipment Africa badly needs;
(i) The government of Côte d’Ivoire has demonstrated that a commodity-dependent economy, coming out of war, can achieve the enviable growth rate of more than 7% over the last five years;
(ii) That the Export Trading Group (ETC) of Eastern and Southern Africa are single-handedly fostering viable supply chains hinged on agro-processing in Africa for exports and creating markets and wealth for millions of farmers.
The bad news may be dominating the airwaves and creating uncertainties and concerns but one fact is indisputable.
“Africa is stronger and more resilient today than it was when similar crisis struck in the 1980s.
We acknowledge the poverty of the commodity illusion the continent had been afflicted with over the last decades; we acknowledge the poverty of the euphoria of false wealth that lulls and disappears just like an opiate; we recognise the futility of the hope that is easily dashed just like a beautiful cake in the sky!
And we are doing something about these. Your Bank is responding forcefully to create the momentum that we hope would turn despair and fear into courage; lethargy into action; and problem into opportunity.
The actions so far taken have been bold, decisive, necessary and have short and medium term dimensions.
In the short term, the focus is on assisting countries to deal with the excess demand arising from the economic shocks and restoring access to trade finance.
In the medium term, concrete steps are being taken to help countries to begin the process of de-commoditising and industrialising.
With regard to the short term interventions, the Board of Directors of the Bank, in December 2015, approved a multi-billion US dollar special facility dubbed the ‘Countercycle Trade Liquidity Facility (COTRALF) aimed at assisting Afreximbank member countries to adjust in an orderly manner to the commodity price and terrorism-induced shocks that were threatening to cause so much economic dislocation.
The facility is intended to improve access to trade finance and reduce the likelihood of African banks defaulting on their trade payment obligations. Without such a support, the adjustment process necessary to manage the excess demand in the different economies would be more difficult. Offered on the back of support of the Central Banks of beneficiary countries, the facility has been very successful, such that as at the end of last month (June 2016), the Bank had disbursed an amount of about US $6.2 billion under the programme, with another US $3 billion of request in the pipeline.
“The consequence has been a rapid expansion of the Bank’s balance sheet from US $5.2 billion in December 2014, through US $7.1 billion in December 2015 – to US $11.2 billion as at June 2016,” President Oramah stated.
The overall level of debates on this four-day get-together in Seychelles was of the highest order and quality. Among those who freely shared their depths and knowledge with the 400+ delegates were such respected personalities like Olusegun Obasanjo – former President of Nigeria, who also served as chairperson of the African Union (AU) from 2004 to 2006; Professor Steve Stiglitz – Economist and Professor at Columbia University, a recipient of the Nobel Memorial Prize in Economic Sciences (2001), a former Senior Vice President and Chief Economist of the World Bank; and Professor Justin Li – Chief Economist and Senior Vice President of the World Bank from 2008 to 2012.
Of course a lot of discussions were focused on China’s increasing interest on the African continent. In this connection, it was revealed that the Exim Bank of China would be signing a memorandum of understanding (MoU) under which they hope to support this initiative with funding to the tune of US $1 billion. It was stated that this support is in demonstration of China’s commitment to Africa’s industrialisation against the pledge given by President Xi Jinping, as China is planning to invest up to US $60 billion on the African continent.
I, who was the recipient of the Africa Peace Award 2016, availed of the opportunity of this Forum of African bankers and entrepreneurs to offer my own perspective towards the future of Africa. I said that while I was impressed with Africa’s performance in the sphere of trade, finance and economy – Africa’s leading concern should be the creation of a situation of continental peace and stability.
I made it known that I was perturbed by wars and confrontations between neighbouring countries in Africa which resulted into vast amount of money being invested in defence equipment rather than in human resource development. I stated that we cannot keep on just blaming the colonisers of yesterday as the responsibility today must entirely be a concern for the leaders of Africa.
I related a story about an African family who lived in their village and was relatively happy. Every morning, the family had to hunt for their meals and collect water from a well. In the evening, they slept to the setting sun against the background of the songs of birds and roars of lions. They were relatively contented until one day they saw a CNN film about the Rich and Famous and came to the conclusion that one would be living next to heaven if one was occupying the 50th floor of a New York apartment building. They failed to appreciate that in this skyscraper, they have to take a lift which may sometime not work. They have no common ground for their children to play on – and in New York instead of sleeping to the songs of birds and roars of lions, you sleep to the roars of fire engines and ambulances. The irony of this situation is that the American who have spent most of his life working around the clock and today owns the skyscraper and has all the money in the world – his ultimate dream is to end up on a distant island in an African countryside to live a simple life.
Africans are wrong to believe that the roads of Paris, London or New York are paved with gold. The gold is nowhere more abundant than on the African continent. Leaders of Africa must not ignore the ‘happiness’ factor when considering financial and economic development.
“There is certainly a great value in peace of mind,” I declared to wide applause.

James R. Mancham
Founding President of Seychelles
http://www.nation.sc/article.html?id=250369