/ 16 September 2000

Why Africa matters

OWN CORRESPONDENT and AFP, Johannesburg | Friday

PRESIDENT Thabo Mbeki has appointed Development Bank of Southern Africa chair Wiseman Nkuhlu as his special economic adviser. Nkuhlu said he would focus on the alleviation of poverty and unemployment and would also play a role in the recovery of the African continent.

Another priority will be to help with government efforts to lure foreign investment, which Nkuhlu said had not produced satisfactory results. “This means that we will have to think more deeply about these matters.”

Nkuhlu has been chair of the board of the Development Bank of Southern Africa since 1993. In 1976, he was the first black in South Africa to qualify as a chartered accountant, and then joined the University of the Transkei where he later became a professor of accounting. He completed a master’s of business administration degree at the University of New York in 1982 and in 1987 was appointed rector of the University of Transkei.

On investment, Nkuhlu said domestic confidence in the economy was important as that of foreign investors. He said the government’s trade and industry policies had done much to improve the economic environment.

“But at the same time we are not satisfied with the results. As an economic adviser I will have to pay much more attention to come to grips with those things.”

Direct discussions with investors would play an important part in this effort. They had to be convinced that the investment climate in South Africa was improving, Nkuhlu said.

On the recovery of the continent, he said a way had to be found to ensure that the promises of assistance by world leaders went further than mere words.

“One has to provide a strong case as to why Africa matters, and build on that to say what the agenda should look like. I see myself playing a major role in that,” he said.

“I will be working with the president to ensure that this major initiative does not end up at the stage of just promises.” Nkuhlu said he would cede all his private sector interests during his term, except for a non-executive directorship in one company.

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