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Africa must grow its economy within not from oversea loans ― Charles Lambert

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Africa must grow its economy within not from oversea loans ― Charles Lambert

Most African countries are regarded as being poor not because they don’t have the resources but because bulk of their resources (income) are being channelled to meeting the consumption needs of their people with little or nothing left for savings. Hence low savings rate brings about low investments rate and low investments rate results to low growth rate.

Therefore, poverty at the beginning through low savings, low investments and low growth leads to poverty again (poverty trap). For this reason, the countries are left with no option than to result to external borrowings and foreign assistance (foreign aid) to bridge the saving-investment gap with the intention to achieve economic growth and poverty reduction.

Recent years have seen a surge in calls for more loans to developing African countries in order to
eliminate poverty but these loans are draining our economy and slowing the growth instead.

Africa remains imprisoned, enslaved and in chains. They are trapped in the prison of poverty because the government keeps collecting loans from International Monitory Funds, IMF, China, World Bank.

These  African countries today have to allocate a good part of their budget to pay off international debts collected through the IMF and the World Bank.

Meanwhile, money in Africa is enough to build Europe, according to a report by Transparency International yet the continent remains one of the poorest in the whole world.

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The African continent is home to an abundance of natural resources that include diamonds, gold, oil, natural gas, uranium, platinum, copper, cobalt, iron, bauxite, silver, and more.

The natural resources in Africa are used practically in many industries and in many countries every day. Industries include manufacturing, industrial, and energy, medical and infrastructure development.

The natural resource economy of Africa greatly contributes to the buildings and structures constructed on the continent. Besides local use, some of the largest engineering projects are linked to the trade of resources like oil and minerals, and large quantities of natural resources are exported to other countries.

What do we still need loans for with all these natural resources in our continent which can be used to grow our economy? We only need the best hands to grow what we have and make the African economy a giant.

Hence, the Black Wall Street (BWS) is offering Africa its very first economic ideology which it has tagged the “Ubuntu Spirit” aka Compassionate Capitalism through 28 basic human needs Apps which are designed to bridge the development divide and interconnect Africa.

Lambert believes it is time for Africa to tap from its natural resources with this kind of economic philosophy to rule the world and it needs you to bring your greatest skills, expertise, experience, knowledge, exposure, ingenuity, and empathy to a mission that will restore the image of black people everywhere in the world.

This is great money-making and employment opportunity for every African who will be willing to fight for Africa’s economic liberation.

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