HH calls for cheaper capital for Africa

By Brian Mwale

President HAKAINDE HICHILEMA has called on the BRICS countries to help reform the global order around the cost of capital for Africa.

The BRICS is a group encompassing five major emerging economies namely Brazil, Russia, India, China and South Africa who are currently meeting in South Africa.

Addressing the BRICS – AFRICA OUTREACH AND BRICS PLUS DIALOGUES on the sidelines of the 15th BRICS Summit in Johannesburg – South Africa in his capacity as COMESA Chairperson, President HICHILEMA said Africa pays a higher cost of capital than any other continent on the globe.

This was under the theme “Partnership for Mutually Accelerated Growth, Sustainable Development, and Inclusive Multilateralism”.

President HICHILEMA said the BRICS platform should be used to work through and expedite the reforms around the cost of capital so that Africa can develop.

He said the high cost of capital is affecting Africa’s young populations in creating job opportunities and business among others.

President HICHILEMA added that BRICS should also help address access to technology so that Africa can engage in beneficial partnerships that will deliver value to economies and contribute to growth of the global economy.

He also endorsed the summit for being key in providing various African countries to work with the BRICS in pushing for development.

President HICHILEMA said the forum fosters partnerships in fostering development as COMESA and Zambia see the event as an important opportunity to address various challenges.

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