Former Anglogold Ashanti (previously Ashanti Goldfields Corporation) Chief Executive, Sir Sam Jonah is challenging African governments to focus more attention on developing the capacities of local investors instead of focusing immeasurable attention on attracting western investors. Mr Jonah who now heads South African based investment firm Jonah Capital says until African governments reposition their investment calls to encourage more locals to invest in their own countries, Africa would only achieve marginal growth and development in spite of its immense resources. He was speaking to Kojo Oppong-Nkrumah at the ongoing World Economic Forum on Africa in Tanzania. He said there is need to move African economies from donor-driven to investment driven ones, “and investment driven economies suggest that obviously you have to go all out to encourage the private sector investments. All too often when you hear of investments, people link this to FDI, (Foreign Direct Investments). As important as that is, there clearly is the need to mobilize internally generated capital.” Sam Jonah said how the local investor is treated is very key in the overall scheme of things to attract investors, for if there is perceived discrimination in favour of foreign direct investors, the tendency is that they would rather stay away, fearing that if the citizenry have no security, what hope would there be for the foreigner. “We desperately need investment. The government hasn’t got the wherewithal to be able to do so, so we have to be creative, we have to appreciate that this is a highly competitive area to attract investment and we must reach out and as it were, be encouraging.” The Government complains that even when they attract the well to do African investors, they prefer to keep their money elsewhere. I’m sure some may raise yourself as an example; you are operating in South Africa, chipped in Oppong-Nkrumah. “I’m operating in South Africa, yes, but trust me I have raised money in South Africa, I have not raised money in Ghana. I have been wanting to carry out a few projects and I am not alone in this – to carry out a few projects in Ghana. You go to the Ghana capital market, go to the banks to try and raise $50 million for a project in Ghana, it is not easy, it is very challenging. But it is not that difficult if you were doing it from South Africa. I miss home, obviously, and I would have liked to relocate there but I do appreciate that the financial architecture, the infrastructure, everything else, is where I am now to be able to do some of the things that I want to do.” He said local content in various industries should be inspired and also backed by legislation, for they do not happen by accident. Listen to the attached audio for more