Commentary : The Right Path

For the past decades African development experts have several times met with their Japanese counterpart to seek ways of enhancing a common economic development platform. In attendance were nearly 50 African leaders, over 200 African civil society and NGO representatives, 108 heads of regional and international agencies, and 120 leaders of trade, industry, and technological innovation. The presence of these different stakeholders was to present African priorities in the ongoing partnership which has for the past 30 years seen the training of thousands of Africa’s engineers, entrepreneurs and educators.
It is an open secret that in the past, Tokyo authorities largely exercised their influence on the continent through soft power, aid and development, while the private sector and commercial lenders have been more cautious. But this time around, the government intend to give its private sector renewed impetus to invest and lend in Africa with the aim of countering some of its great geopolitical rivals.  This according to them, can be done by offering preferential lending. Until now, Japan’s role has been overshadowed by China, which has been the biggest source of bilateral project financier and provider of cheap loans for projects developed by Chinese contractors.  But this is not scaring the Japanese who’s Prime Minister Kishida Fumio has set the ball rolling by announcing a 30bn USD aid package to African countries. For three years, most of these funds are expected to be used for the development of some vital sectors in the continent.
Though many Af...