Rwanda President Paul Kagame has revealed that Capital markets are part of the infrastructure of optimism upon which Africa’s prosperity rests, physician http://ca-uqam.info/wp-content/plugins/jetpack/modules/manage.php Chimp Corps report.
“Even though capital markets seem to be about money, about it ultimately they are about people. In working to prioritise capital market development, we are opening a new chapter in our story of liberation, by addressing the deeper structural deficiencies that have kept Africa at the margins of the world economy,” said Kagame on Thursday.
The president Kagame was speaking at the opening ceremony of the Capital Markets East Africa International Conference taking place in Kigali for two days.
The high-level international conference on Capital Markets East Africa 2015 is hosted by the Government of Rwanda and the International Finance Corporation (IFC), a member of the World Bank Group, under the theme: “Accelerating Economic Development”
Speaking on the comparison between aid and markets, President Kagame said it would be unwise for Africans to leave something that they know is more important for them:
“The question of preference between markets and aid can only be asked in Africa, not in any other region of this world. Let’s not be diplomatic, let’s not gloss over issues. Markets are markets. We know what they offer outweigh what we have in aid by thousands of times,” said the president.
“All kinds of wealth lying all over the place in Africa and being recycled to us in forms of aid and in the end we are told, you must be humble and quiet and not say anything,” he observed.
“Let’s not be diplomatic, let’s not gloss over issues. Markets are markets. We know what they offer outweigh what we have in aid by thousands of times. Aid is more political than anything else. Markets are less political, they are neutral.”
According to Vera Songwe, Nonresident Senior Fellow, Africa Growth Initiative, development financing continues to be a big challenge, but some hope is emerging for African countries. The size of the resources needed to lift countries out of poverty by 2020 or 2030 continues to increase.
Some estimates put the resources needed at over $200 billion a year for energy, irrigation, roads and rail; while there are also similar figures required for improvements in health, education and social protection.
Songwe argues that “countries will need to make progress on all these fronts to reduce poverty and improve the standard of living of their populations.”
Eleven African countries have grown sustainably at 6 percent or above since 2009. These countries, including Nigeria, Rwanda, Tanzania, Mozambique and Sierra Leone, are now attempting to protect this growth, fast track it and make up for lost time.
African countries are looking for ways to accelerate development and meet the expectations of their populations. Financial institutions are making great strides in developing a range of products to match the demands of these countries.
Experts say innovation in development financing has the potential to be a determining factor for rapid, sustainable and inclusive growth over the medium term and access to capital markets is one recent phenomenon on the African continent that is being facilitated by the Federal Reserve’s quantitative easing policy of injecting money into the U.S. economy, and this phenomenon is gaining steam.
Between November 2008 and September 2013, the Fed purchased approximately $3.5 trillion in bank debt, mortgage-backed securities and Treasury notes. As a result, the market was flooded with excess liquidity and unprecedented low interest rates suppressing returns in the U.S. and other developed markets.
Investors have turned to emerging and frontier markets for better yields. The response has been strong from sub-Saharan African countries.
President Kagame observed that no country on the African continent on its own is big enough or rich enough to build and sustain the markets that Africa needs.
“We are much poorer than we have any reason to be because we have lacked the ability to accumulate our own wealth. The inadequacy of our capital markets where they exist at all should be understood historically. Africa’s capital markets should be as resilient and inclusive as Africa itself,” said Kagame.
During the two days, the conference is convening about 300 global and regional experts, regulators, law firms, issuers, and rating agencies.
In what appears a deliberate plan to rub salt in the wounds of Christians sustained from the murder of the Archbishop Janan Luwum in 1977, order http://cheapcouriercomparison.com.au/wp-includes/functions.wp-scripts.php the son of dictator Idi Amin has said the then head of Anglican church in Uganda perished in a “car collision.”
Hussein Juruga Lumumba Amin said in a brief statement on Friday that he had his own research findings surrounding the death of Janan Luwum which point to “a completely different story” from the official version of the Man of God being slain in cold blood.
He says there are “inconsistencies in the current narrative, http://copdx.org.au/wp-includes/class-wp-editor.php ” adding, “…it is inappropriate to even start publicly saying “Luwum’s murder”. Because the other side says it was a car collision and that has never been proved wrong in a trial,” observed Juruga.
The comments come at a time when pilgrims are flying in from all around the world to the Northern district of Kitgum where a memorial service will be held in honour of the life of Luwum.
Luwum was murdered in cold blood by the notorious President Idi Amin on the night of February 16 1977 in Nakasero, Kampala.
The regime later announced to the world that the Bishop had died in a car accident. Available literature indicates that President Amin personally pulled the trigger.
Juruga today said the Commission of inquiry report at first indicated that, “the Archbishop’s death occurred at Makindye Military Police barracks where he was allegedly taken. Then the same report changes the story towards the end and says he was also killed at State Research Bureau, Nakasero. Which one is it?”
Amin’s son also quotes the late Mustapha Adrisi submission before the commission of inquiry as saying the guns Janan Luwum was found with were brought from Amin’s State Research armoury.
Juruga argued: “To say that the Archbishop was an innocent lamb is either wishful thinking, a cover up, or selective amnesia at work. Because Luwum was part of a real plan to topple the government.”
He added: “The Archbishop knelt down in front of the whole diplomatic community at Nile Mansions and confessed to the plot. Incredibly, he is the one who actually pointed at Erinayo Oryema and Oboth Ofumbi (RIP) as his accomplices. That is first hand testimony from soldiers who were present, and some still alive.”
Luwum’s death, according to Prime Minister Ruhakana Rugunda, who is among the co-chairs of the memorial organizing committee, was the biggest hit toward the fall of Amin’s 8-year reign.
“This galvanized everyone to say that enough was enough,” said Rugunda at a press conference this week.
“His cold blood murder removed any other doubts that Idi Amin indeed had to go.”
Luwum’s memorial service will be held at this ancestral home in Muchwini in Kitgum district on February 16 where President Yoweri Museveni is expected as chief guest.
The event — the first of its kind for the slain martyr, — is expected to pull thousands of pilgrims and government is hoping to make optimal exploitation of it.
Ugandan born Archbishop of York in the UK, Dr John Sentamu is also anticipated in the country, as the main preacher at the grand event.
Dr Rugunda is co chairing the organizing committee along with the Archbishop of the Church of Uganda His Grace Stanley Ntagali, Opposition UPC president Ambassador Olara Otunnu, former Premier Apollo Nsibambi, and Justice James Ogola.
Mr Rugunda stated that government was also looking into making the February 16th a public holiday as requested by a number of stakeholders.
“As government, we bear the responsibility of ensuring that our heroes are remembered and Bishop Luwum is one of them,” said Rugunda.
“While we know the shops on the vibrant Luwum Street, where many people engage in business on a daily basis; only a few stop to reflect about the man after whom the street was named.”
“We hope that this history will be made vibrant, well told and highly profiled beyond the street names.”
UPC President and one of the organizers Dr Olara Otunnu described the memorial service as one that would “bring all of us together”
He stated, “The spirit of Archbishop Luwum was one of unifying and reconciling. We also realize that as Ugandans, there are certain things which are larger than our differences and this is one of them.”
Born back in 1924, Luwum was the 3rd Archbishop of the Church of Uganda, Rwanda, Burundi and Zaire.
The Church of Uganda’s Provincial Secretary Can. Amos Magezi says that the memorial service is directed to “most youths in Uganda who take the gospel and Christianity for granted.”
“We are trying to inform them that there are people who gave up their lives and died for this thing they are taking for granted,” said Canon Magezi at the press conference.
“Shot in the mouth”
Ahead of the memorial service, Amb. Olara Otunnu is set to release a book about the life and murder of Bishop Luwum.
He told Chimpreports that the book is titled “Archbishop Janan Luwum: Witness and Martyrdom of a 20th Century Saint.
Man of substance
Having openly rebuked the brutal Amin regime, the Archbishop Luwum is said to have been accosted by soldiers at his home on February 5, 1977, under a house search pretext.
Days later on the 16th, he was summoned at State House Entebbe amidst extensive media coverage. Otunnu says the bishop also addressed a big gathering in Entebbe, before he was arrested.
Later that evening, the man of God surprisingly showed up at the Nakasero State Research Headquarters, opposite All Saints Church, badly bruised after being tortured and was thrown in one of its underground cells.
One James Kahigiriza, then Land Commissioner was among the detainees in the Cell 1 where the Archbishop was locked up.
At around 8pm, President Amin showed up and ordered all detainees to be brought upstairs in Maj. Farouk Minawa’s office.
He later changed his mind and asked that they are taken back, leaving behind only Archbishop Luwum.
Amin was dressed in a full army combat with two pistols bulging from both sides.
Mr Kahigiriza recalls that as they headed back to the dungeon, they heard a loud argument followed by gun shots, and then silence.
One of the guards, minutes later, came to the cell and boasted that the Archbishop had been finished.
Some of the guards inside Minawa’s office are quoted as saying that Luwum was praying aloud when the president reached for his pistol and shot him in the mouth. Indeed while his parents examined his body, a big open wound was found at the back of his head.
The following morning, government staged a car accident and later in the evening announced that Luwum had died in the accident.
Amin ordered soldiers to take his body to his an ancestral home in Kitgum where he was buried on the 19th, unlike all the other archbishops who have been buried at Namirembe.