” Blame for stagnant economic development and declining human development in Africa
is usually placed at the foot of the public sector. The public sector has accrued debt,
mismanaged economies and become corrupt In a continent where private savings and
domestic investment give way to capital flight, the potential role of the domestic private sector in stimulating development has been downplayed. Foreign investors are unlikely to invest in an economy abandoned by its own citizens. But private sector-led development should not restrict itself to large corporate projects as has often been the case. It can reach the poor more effectively through small, medium and micro-enterprises which are better placed to offer employment and take advantage of new opportunities as they arise.”
