[BLOG] Africa must press for changes in the financing mechanisms for climate change
It is common knowledge that Africa depends on its natural resources, which are being affected now by climate change.
The impact of expanding Agriculture on forests and loss of biodiversity are some of the challenges Africa faces with regards to sustainable development.
There is a the limited access to energy and its impact on development and the need to reverse this low level of access and also the current very low level of water storage and management.
I have always believed that African perspectives and interests have to be taken into account when it comes to development planning and policy.
There is also thus need for traditional partners to join in the effort as well as for Aid for Trade funding to be scaled up to support Africa’s' efforts in building the cross-border infrastructure needed to boost intra-regional trade.
Ultimately, African countries need to mobilize resources on their own to invest in infrastructure. Infrastructure bonds issued locally and to the Diaspora, offer good potential, hitherto unexploited.
Tourism and ICT development offer significant and easily realizable potential for economic diversification in Africa. From the perspective of inclusive growth, SME and women's entrepreneurship development are likely to yield the highest returns.
Although the rate of women's entrepreneurship in Africa is higher than in any other region, most women entrepreneurs are concentrated in low value-added activities in the informal sector. The challenge is to encourage a shift up the value chain.
Isaac Twumasi-Quantus
Managing Business Director
www.africabusinesscommunities.com
This article was originally posted on West Africa Business Communities
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