capsule http://ckls.org/wp-includes/atomlib.php geneva; font-size: small;”>Kaberuka was introduced by Governor Bank of Uganda Tumusiime-Mutebile to discuss From Economic Growth to Economic Transformation: An Agenda for the African Development Bank.
A former Minister of Finance and Economic Development of the Republic of Rwanda and President of the African Development Bank, Kaberuka opened his speech by stating that despite strong growth in sub-Saharan Africa, the structure of economies has changed little.
He said poverty co-exists with strong growth.
Kaberuka attributed transformation in China in 30 years to investment in agriculture and quality education to children of the poor.
With mineral discoveries in Africa, said Kaberuka, “this is the time when transformation is possible but discoveries themselves don’t guarantee it.”
He further observed that there was no escalator or lift to development and “no model to copy” but “a slow climb of stairs and after you are fitter for your experience.”
He admitted that UN was very legitimate but ineffective, emphasising institutions that are effective are illegitimate.
“We need institutions that combine both,” he maintained.
He called for focus on infrastructure, regional integration, private sector and higher education and skills to unlock Africa for transformation.
Kaberuka further proposed investing 5 percent of African Development Bank’s own assets in high return investments in Africa.
Earlier, Mutebile commended the African Development Bank for keeping a lot of African nations from recession and bankruptcy, adding Kaberuka’s lecture would “contribute to public debate in understanding development policies.”
The lecture is being moderated by Deputy Central bank Governor, Louis Kasekende.