Africa needs more accountants and lawyers

Efforts are under way to strengthen resource-rich, capacity limited countries’ ability to negotiate. The AfDB has established the African Legal Support Facility for this purpose and stakeholders say it is starting to have an impact. The Lagos-based Africa Finance Corporation brought in engineers and other experts who have built ports and power plants to help structure bankable projects. USAID is working with Tanzania and others to improve smaller projects’ chances of gaining finance.
But, as ever, a wider commitment to good governance is essential. Ulimwengu, a lawyer by training, said that “since the 1960s we have produced the best lawyers in East Africa”. But in too many cases negotiators and decision-makers have been prey to “incentivised ignorance” – signing off on “some of the lousiest contracts” due to corruption and other abuses.