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World bank president, Yong Kim tells African leaders what to do

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World Bank president, Jim Yong Kim, has decried the stunted growth in technology in Africa.

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He stated that many African countries were not investing in the sector, warning that the situation would have adverse effects in African future.

Kim spoke on Thursday while addressing the press during the World Bank Group/International Monetary Fund 2018 Spring Meetings.

Answering a question on what African leaders must urgently work on to effectively compete on the global scale, Jim identified three areas – investment in technology, education and human capital.

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He said: “IT will help many African countries leapfrog. This, including education and human capital, are key factors that require adequate attention.

“The millions of children in Africa are at risk of losing a bright future. Truth is they will earn less if they learn less.

“If they do not get quality education, their peers in other countries will make more money.

“These children are not being prepared and we hope to see improvement.

“Human capital is a big issue. Every African county has to invest more in infrastructure.

“Also there are some subsidies and taxes that help rich more than they help the poor. This has to be reviewed…Tobacco taxes, which will help reduce smoking, can be used to finance projects.

“Above all, reforms and courage should be imbibed at the high level. Please let the African leaders know we (World Bank) are always ready to tell them”.

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