Africa Has Thrown More People into Poverty Due to Fiscal Indiscipline, Misappropriation of Funds – Obi
The Presidential candidate of Labour Party (LP) in the 2023 election, Mr. Peter Obi has disclosed that the continent of Africa has thrown more people into poverty due to fiscal indiscipline and misappropriation of funds.
Mr. Obi made the disclosure at the Inaugural Colloquium on Governance, Trade and African Unity held in Kenya on Friday, May 17, where he delivered a keynote address on ‘Fiscal Discipline in Governance: Strategies for Economic Stability and Growth in Africa’.
In his address, he emphasised that African governments must prioritise and ensure appropriate fiscal discipline as well as effective management of their resources for productivity.
His words: “African leaders cannot continue with the fiscal indiscipline that has led to unproductivity and consumption which has led to unserviceable debts, unemployment, and inflation, which has impoverished our people.
“While progressive and rapidly growing economies like China, India, Indonesia, and Vietnam have been able to pull many of their people out of poverty through fiscal discipline and prudent management of their resources, Africa has thrown more people into poverty due to fiscal indiscipline and misappropriation of funds.
“Consequently, sub-Saharan Africa is home to over 60% of extremely poor people, 60% of out-of-school children, and 60% of youth unemployment.”
He explained that strict fiscal discipline must now be followed to ensure that all available resources are employed towards productivity in health and education; as well as pulling people out of poverty through job creation.
The former Anambra State Governor advised African governments to stop investing in consumption and start investing in production for the economic growth and development of the continent.
He added: “By so doing, we will be able to build a new and better Africa that will be beneficial to every African and that will rightfully take its place among other developed continents of the world.”
