 Good afternoon everyone and welcome to this exciting session which will focus on growth in Africa and we're going to be having a debate on whether that growth is rising or falling. So with me to go through this very important topic an excellent panel and immediately to my left let me introduce them first is His Excellency President Uhuru Kenyatta the President of the Republic of Kenya. We have immediately next to him Madame Winnie Bianema who is the Executive Director of Oxfam and also a leading voice on issues surrounding women youth and inequality which is one of the key things that Oxfam does. Immediately next to her is Mr. Tony Elumelu who is a founder of the Elumelu Foundation but also has worked of course in the private sector in private banking and focuses on building young entrepreneurs across Africa and then to the very end is Mr. David Lipton who is the Deputy first Deputy Managing Director at the IMF and has worked for US Treasury under the Clinton administration and was also in the Obama White House on security issues. So please help me in welcoming this excellent panel for the topic of We will be covering the question of growth in Africa and as you may have seen from the statistics from newspaper articles and publications the fortunes of Africa have been going up and down if you look at them from the point of view of growth. We had Africa rising with over 5% growth on average and then Africa falling with a number of percentage points being shaved off the expectations on growth. But within that mix there's been quite a variety with some countries doing relatively well like Ethiopia and Cote d'Ivoire growing at above 10%. You have Rwanda, Tanzania in the 6 to 8%, Kenya, Ghana and others also within within that range and then you have countries that are dependent on commodities that have really taken a hit including Nigeria, South Africa and others. So the big questions that we will be debating this afternoon are these macroeconomic trends that we are seeing. Are they the trends? What are they? What are they like? Is this something that is likely to continue and what are the other factors that would be driving the transformations we see there? Would also be looking at the patterns in industrialization and if there's anything within that that we would like to debate further to understand better the trends and then of course the big demographic issue of young people and jobs and how these scenarios of growth are impacting on the possibility to generate jobs. So to start us off I will be asking you Mr. President, from the point of view of running a country and a biggest African country, one that has had a role in the region but also globally, how do you see this issue of Africa's growth? Do you agree with the fact that it is falling or are you on the side of rising and where does it come out from you looking at it as a head of a country? Well thank you. Let me begin by saying that for the last 15 years or so Africa has had an incredible story of growth, rapid growth pushed by good commodity prices, good oil prices and we've seen this growth over a period of about 15 years which all of a sudden now we've seen a downturn. A downturn again as a result of lower commodity prices across the world, external shocks that really are not Africa associated. So we've seen a decline but that doesn't mean that that's the end of the African story because I believe the fundamentals are still very strong. If we take Kenya for example whereas the average growth rate of those countries that are commodity dependent has hovered around 3.6% we've managed to maintain our growth rate at about 5.6% with a much more diversified economy depending more on agriculture, services, a bit of manufacturing, financial sectors. So I think the story here is that Africa really just needs to diversify. Africa needs to move away from being commodity dependent to really tapping on what real wealth is and that is the productivity especially you know of our young people. And I believe if we really, this is an opportunity rather than it being a point of gloom. It's a point for us to see this as an opportunity to really explore where Africa's wealth is. Agriculture, how can we value it? Our services sector, our financial sector, what do we need to ensure we have proper macroeconomic stability so that our financial sector can also grow and deepen. We need to focus more on intra-Africa trade, improving and increasing our manufacturing capacity and trading more with one another across the African continent. So I see this really as an opportunity and a wake-up call that it's not the raw materials that make Africa wealthy. It is our people and that's where the investment needs to be. It is the African people especially our young people and that's where our investment needs to go. That's where we need to be focused and that's where Africa's future actually lies. I'll come back to you Mr. President with some additional questions but let me get the perspectives of the rest of the panel. Ms. Pianima, you looking from your perspective, are the fundamentals in place as Mr. President said and is growth enough? How would you see it from the point of view of Oxford but also from your personal experience living and working in Africa? Thank you Frani. It's truly an honor to share the platform with President Wolkenyata and my friends, Tony and David. The question of is growth strong? Is it enough? I think we focus too much on the figure of growth. Is it 10%? Is it 6%? I think the right question is is this growth creating jobs? Is this growth raising the standard of living of all our people? Is the quality of the growth that's key here? And so my question is is this growth that is slowing because of a slow demand globally going to be enough to spend on our people, on health, on educational jobs? And my answer is that it can be but it's not automatic. Why? Because we have a high rate of inequality. Growth has been delinked from poverty reduction. So we have a figure of growth. Growth is there. It's strong but it's not lifting everyone from poverty. There's a delink. We need to bring back that link. And let me give you an example. Nigeria is the best example of that. Between 2003 and 2009, that country had a positive figure of growth. But the numbers of poor people increased. And in fact, except for the 10% who included my friend here, Tony, who were increasing their income and the rest of the population, they are consumption, their national consumption declined. It tells you that growth is there, but it's been captured by a few and a majority are being left out. So we need to tackle economic inequality for the growth to be there. So now with slowing growth, what we're seeing is our countries, our governments stuck with this shrinking budget. The temptation is cut health, cut education. There's no money. My message is before you put the, before you chop, stop and see the opportunity to collect revenue is there. That's my second message. There's huge opportunity to collect more resources if we look at the money that is flowing out and taxed. Africa is losing a lot of money and taxed. The figures are glaring. They are horrible to see through tax dodging, through harmful tax competition. Our recent research showed in Kenya, Mr. President, that these tax incentives to foreign firms who actually use pressure to push governments to lower and lower tax rates, make Kenya lose a billion dollars every year. That's our estimate. I don't know if I'm right, but that's our estimate as Oxfam. Could be more. So if we could rein in on harmful tax competition and tax dodging, there would be more resources put in our people. 2025 will have a population that's below the age of 25. We are the most uneducated continent in the world, undereducated. What will these people do with no skills? We have to maintain the investment in health and education, and we must do that by taxing more progressively and reining in the tax dodging. Winnie has put on the table the issue of not only inequality, but also opportunities for getting revenues, and you mentioned the young people. And because young people are amongst us in the audience and also watching this webcast live, I wanted to let you know that there's a Twitter handle that we are using for this called hashtag Africa growth. So for those of you want to pose your questions or make comments on what you hear, you can use that hashtag, and I'll be also getting some comments and questions from people who are not in Kigali, who are following on this panel this afternoon. But let me now come to you, Mr. Tony Lumelu, particularly because of the work you've been doing with young entrepreneurs and also your own business experience and your experience in the financial sector. How do you see this challenge that we've been debating so far on Africa's growth? Is growth enough? Do you see it differently from the point of view of entrepreneurs and the external risks that you may have faced from the banking and financial sector side, or do you have another perspective you'd like us to debate this afternoon? I think I like the comments by His Excellency the President and my sister too. Although she said I'm the 10% class. One percent. But you know, to me, it's not, it's like the glass is half full, it's Africa rising or not rising. These are very, like, two harsh extremes. I think I'd like to see it from a different perspective. I am basically an investor in Africa. I invest across, I have investment in 21 African countries. And despite the dwindling commodity prices and all the, all the concerns being raised by the world, my investment appetite in Africa has not dwindled. It's not gone down. We continue to make investments. We, in fact, the next one month plus, we'll be doing a $2.1 billion energy transaction, which will help to improve for the access to electricity on the continent. So that is in Africa, and that is an investment we are making, not in this time, in this case out of philanthropy, but because we see that the return on investment is quite high in Africa. And that is what is driving our investment. Now, talking about the growth, whether it's inclusive or not, yes, I would say that we can do better in having inclusive growth on the continent. And this is a concern I personally have or had that made me to endow $100 million into the Tony Elmelo Foundation to drive the development of the identification, support, mentoring, training, and seeding of capital to 10,000 African entrepreneurs. Yesterday I was in Uganda and assembled the Ugandan beneficiaries, about 110 of them. I mean, sir President, by the way, your country last year, 169 Kenyans benefited from the program, and this year 70 benefited from the program too. So what, and yesterday I put them before the President of Uganda so that let them tell, share with the President what concerns they have that affect their investment, their ability to succeed as entrepreneurs. And I saw, honestly, I was sharing with my sister, very empowered young Africans, confident, energetic, full of ideas, and I liked the conversation that ensued between them and their President, telling them about tax issues and about how, in their opinion, how money can be chanted and to support some of what they are doing. That is a new Africa. These young Africans who help us address the issue, Mr. President, raised about job creation. If we realize that the development of Africa first lies in us Africans, that no one but also the development of the continent, and two, if we realize that the private sector has a key role to play in the development of the continent, and that the pipeline to the private sector is entrepreneurship, catching young entrepreneurs, training them, helping them to become self-reliant, helping them to help all of us to create employment and deal with the challenges of unemployment, then we will be able to address poverty in a manner that is sustainable, the growth we see on the continent become truly inclusive, and all of us will have shared prosperity. Thank you. So, Mr. Lipton, you've been listening carefully to what the others have been saying, and the IMF always gets blamed for the shaving down of growth statistics. What's your perspective when you look at the fundamentals, but also if you look at these trends that we've been facing in the last decade, and what's projected for the future years? Are we going to see better growth trajectories for Africa, and also if you could explain to us the diversity that you see across countries, and what is driving that diversity in terms of the future? Thank you. First, it's a pleasure to be here, and to be on such a distinguished panel. I think when I think about the question, is Africa rising or falling? I think my answer is Africa is rising, regrouping, and will be rising. I think that what Winnie said is right. The focus should be on increasing living standards, improving living standards, and having growth serve the process of a steady and important rise of living standards. I think that's been a very tough thing to do in the global economy recently. We at the IMF, as you suggested, we've been lowering our forecast for global growth, and saying that growth in the world is too weak, and there are too many downside risks. And unfortunately, a number of these factors have really adversely affected some countries in Africa. Unfortunately, bad things come in threes, and there's been the oil and commodity price decline, which has adversely affected those who sell those products. There's been Ebola, which has affected three countries. We now have some severe drought in certain countries. And so about half of the countries in Sub-Saharan Africa have substantially lower growth now than before these three things happened. But at the same time, there are an awful lot of countries that are continuing to grow, and I think overall the fundamentals for growth still remain pretty strong. But when we look at the whole Sub-Saharan African area, we project growth next year, this year, to be just about 3 percent, unfortunately. That is below the global average, and this is significant. For the past 20 years, African growth has been well above the global average. Now, as I said, it's concentrated in about half of the countries with some quite severe slowdowns in a few countries. So what is there to do? Well, this is a marathon, because if you're keeping your eye on the prize, which is raising living standards, it's not something that happens in a day or a year or a decade. It's something that takes a long time and requires steady work. I'm from Boston, and I grew up watching the Boston Marathon, so I know there are a lot of people in this region who know how to win a marathon. And in Boston, we have at the 18-mile marker, Heartbreak Hill, and a marathoner knows that when you get to the hill, you have to adjust your stride but then power ahead. And I think that's the message for a lot of countries here that, you know, what do I mean by that? Well, there are countries that have seen their export revenues go down, their budget revenues go down because of the oil and commodity price declines, and they have to adjust to that. It's a fact of life. There are many countries, including those that are still growing, that have to, in a sense, be careful. Be careful to avoid being vulnerable to whatever shocks may come. Be careful to protect the most valuable spending items, the healthy education, and prioritize spending and get budgets focused and make sure that the right spending happens. To be advancing infrastructure, which is one of the key drivers that's going to help raise job and economic opportunities and ultimately raise living standards. And we also believe that countries should be making sure their exchange rate systems are flexible enough that they don't end up in very pressured situations, which we've seen in some countries that have not allowed sufficient flexibility. As far as broader strategies are concerned, adjusting to the rest of the world means perhaps fostering more domestic demand because you can't count on China the way you used to. Regional integration. This is a region right here with 200 million people. Regional integration would be a way for a lot of mutual gain among the countries in East Africa and finding ways to diversify your economy. Just, those are in a nutshell, but as you suggested, there really are no, there is no typical case country situations are very different. Each country has to figure out how to adjust its stride and powerhead. I'd like to come back and ask Winnie a question and come back to you, Mr. President. First, Winnie, on the issues that David has raised, that we have external shocks and that countries are in a marathon running in this long-term growth strategy and we need to be more resilient. When you look at these external shocks and the need for resilience, how does that square with the issues that you also raise on social safety nets and inequality, where do all the resources come from to get that balance right? Thank you, Franny. You know, David is from the IMF and David is also from Zungu. So he has to say things politely to us. But I mean, there's a hard message. The IMF likes to compare Mozambique with Vietnam because in the last 10 years they've been achieving almost the same levels of high growth. With that growth, Vietnam has been able to create 2 million jobs in industry, Mozambique, 160,000 only. In addition to that, Vietnam has created more millions of jobs in agriculture. Not sure how many Mozambique has created. Vietnam has created millions more in agriculture by modernizing it and increasing the productivity mainly of small farmers, small scale farmers. So this growth that we have had, we have not spent it well. That's the truth. If you take a country like Equatoria Guinea, Equatoria Guinea has the same per capita income as Spain. It's as rich as Spain, but it has a child mortality rate as low as Burundi's. It's shameful for us. So these are hard times now, 3% growth below the average of the world. You know, when we were kids, they used to say when the tough gets going, when the going gets tough, the tough gets going. African leaders have to wake up. And what I'm saying is that there is, we have to start from where we are. Agriculture is the base. The investment there in the infrastructure, in the research and development, in extension for small scale farmers to raise their productivity. For me, it's the immediate gain we can make to drive the growth. That's what we have for many of our countries. But over and above that, you remember when the financial crisis hit Europe and America, what did they do? They had to stop and say, hey, recession now. When we get the money, they looked around and that's when they woke up to the fact that their own companies were cheating, not paying their fair share of taxes. And they started this BEPS process through that. They've made some reforms, plugged some loopholes and are now getting some more out of the companies that were not paying taxes, doging. Here in Africa, there's a huge loss of our money. We've calculated, somebody has calculated that just one-third of the wealth of the richest individuals, one-third only, 500 billion, is hidden through tax havens. That could bring 14 billion dollars of tax. That could save 4 million children's lives. That could put every child in school. And Africa has 30 million children out of school. The money is there. We have to wake up and tax those who have the money, like my friend Tony here, get them to pay their fair share and get those who are hiding it through tax havens, particularly the multinationals, block them from hiding it. And then with that money, maintain investment in agriculture, create jobs and education, education, education. The knowledge economy of the future, our children, we won't be there without these kids being educated. That's what I see. I think the IMF is giving us the hard message that we must wake up and do what we must do to generate the growth through new growth avenues but maintain investments in our people, our youth, their education and health. So Mr. President, African leaders awake and while they're awake, what are they doing to actually create jobs and handle some of these risks that have materialized because of the slower global economy and the shocks that we're facing? How are you staying awake at night? Well, the first thing, I mean, it is difficult. Let's call a spade a spade, as we've said. It's difficult with declining revenues. It's difficult to meet the expectations that are out there. But I really don't see a lot of difference between what I said and what my sister here will say because I think the reality, the wake up call is us to be able to ask ourselves what drives our growth? Is this growth a growth that is sustainable? And by asking ourselves that question, we start to answer some of the critical questions that she's asking. And that's why I was saying it is necessary for us to begin to look at what are the drivers of our growth. Is it the commodities? Is it the oil? Is it all these extractives that really do not create and leave and retain value in Africa that do not retain jobs in Africa? Is that what is going to drive our growth? Or is it our infrastructure development? Is it our agriculture? Is it our increase of use and availability of technology so that our IT sector can also grow, our services sector? Because these are the sectors that create jobs. These are the sectors that create prosperity that is more equitable across the board. And we ourselves in Kenya are really trying to focus ourselves on these particular sectors. And as we do so, we also need to ask ourselves with these limited resources that we have, where are we spending them? We cannot afford to ignore education. We cannot afford to ignore healthcare. We cannot afford to ignore basic sanitation. We cannot afford to ignore the spread and distribution of energy and electricity which also in itself is a driver. So it is just how we balance some of these issues. And that is why I was saying this is an opportunity for us to begin rebalancing and refocusing our economies. And I'm saying Kenya is one example that this is the kind of direction that we ourselves are moving into. But more importantly for us to also understand that we can no longer also just depend on international markets out there. We need to also begin breaking down the barriers to trade in and amongst ourselves because our potential, our future resides in increasing the level of intra-Africa trade because that really is where our opportunity exists. Trading amongst one another. And as governments we need to start pulling down some of these barriers so that we can create and take advantage of economies of scale. And as the MD was saying, we are talking instead of talking about a Kenyan market of 40 million, we need to be talking about a regional market of 200 million. This is where the potential exists. And that is why I said I don't see us talking too far apart. We're on the same page. It is just how we pull our resources and our efforts and refocus and redirect our energies into this new chapter. Thank you Mr. President. You've answered a question that has come from Twitter, from Lauren who said that basically reiterated that Mozambique and Vietnam have same growth rates and have increased jobs so why can't Africa do it? So I think we will skip that question and go to... Can I comment? Yes, I'll come to you Mr. President. Give me two minutes. We have two young people who are here in the audience that I'd like to have them ask a question and I'll come to you to respond first and also to comment on the issues that have come up. Yes, our global shapers, we have two of them. So who's going to start? Faraja or your colleague? Thank you. I am Faraja Nyalandu, a global shaver from the Arusha hub and my question goes to all of the panelists, your excellencies and I'm keen to understand how you perceive the human resource in Africa as a key driver of African growth. You've mentioned other drivers of growth. We all know Africa is blessed with a lot of natural resources. But understandably and significantly we are not really addressing the issue of knowledge and skills deficits among young people in Africa. And what we see is that we focus on education being a solution for instance, having more investment in education but what kind of education are we providing to these young people? Are the certificates sufficient for them to survive in the fourth industrial revolution that we clearly want and clearly work for? Instead, the education that's provided in schools does it solve our challenges? We're looking at knowledge economy as a key driver of growth in Africa. How do you wish to integrate that? I think at all levels in the private sector, in the financial sector, at the IMF level of investment are you making towards youth as a key driver of growth in Africa in terms of the human resource, their knowledge and skills. As well as with Oxfam, I know you are advocating on the agenda but what kind of policies are you clearly advocating for and with Mr. President, how are you integrating that in your policies in Kenya? Youth I want to emphasize are a great opportunity and not a challenge. We only need to tap into that. Okay, thank you. Let me start then with Mr. Elumelu with the question on education and youth but also if you could comment on this exchange that we were having just before we went to the audience. Okay, so on youth, I call it youth empowerment, human capital development. I would like to make two comments on that. The first is that in the private sector we have realized that the kind of educational system we have to a large extent is more orientated towards certificates or certification and we need to have TVET, Technical and Vocational Education Training Program. When I was growing up, we used to have vocational training institutes and somehow later it fizzled out and so we need to bring it back. What am I doing as a private sector person in this area? I mean, I have partnered with a firm in Dubai that they are strong in this area and we are in the process of setting up a TVET, a vocational training institute to help as part of our philanthropic support to help see the young Africans starting first from Nigeria, approving the concept there and not taking it beyond Nigeria in this area. Also, at a slightly higher level, we set up what we call UBA Academy. UBA is an African bank that operates in 19 African countries. We set up UBA Academy where we train people because seeing that, again, the educational system will have a purpose for a different type of job so we take people on board, retrain them for like three months and pose them to different areas. That's what we're doing. But most importantly, the Tony Elmelu Foundation I talked about before is my family's philanthropic endeavor or support. We end out $100 million every year. We identify 1,000 Africans, give them $10,000, $10 million every year. We've done it this second year. The first year we got application for 20,000 Africans. We worked with Ascension. They selected, recommended 1,000 we supported. And I have seen through state in touch with them how they too are helping to encourage and support other youths in their communities. And this is one way, one of the things we can do to encourage the young Africans who are coming behind us. So they will be much more successful than us in business. I talked about yesterday meeting with the president of Uganda. I was so encouraged how they were quite bold in discussing and engaging with their president. And that to me is again part of human capital development. Developing the next generation of African leaders, giving them self-confidence, giving them self-hope, driven by the fact that we're giving them the opportunity to prove their concept. What we are doing, 10,000 lives not much, but it gives them the opportunity to prove their ideas and put them on a platform where others can come and invest in them. That we're doing and that we want to continue. And my sister talked about the 1%, I thought it was 10% but she moved it to 1%. I think first, we will not criminalize wealth. We need it. We need to see private sector success to even encourage others. Almost peace and become successful in private sector in a professional manner. We should de-emphasize government contracts, we should de-emphasize government policy waivers as a way of making money. Because make money, private sector, productively. There are areas that we should be investing in the private sector. But the good news is, and that's the point I wanted to make, we can, we've had, I mean, we keep having conferences and you come at our conferences feeling bad for the continent. So why is it bad that things are not good or have not been good? Where we think things have been to improve, I mean, talk about that too. So that progressively people will know what they are doing that is right and we encourage them to do more. For the first time, Africans investment, Africa is rising. It surpasses foreign direct investment. That is very good. And we need to encourage that so that other Africans can come out and invest more on the continent. That where I address all my sister talked about siphoning money abroad, taking money, because it doesn't make sense. It is poverty of, of, in fact lack of self-confidence and poverty of the mind that creates that. Why would I take my money abroad to a bank when there are a lot of investment opportunities on the continent? In fact, I wish I had more, I would invest a lot more on the continent. There's nowhere that I made a kind of return in investment I make as an African continent. So why go elsewhere to do, to make investment? And lastly, on the issue, the conversation about, like, comparing Mozambique and talking about the growth rate in Africa, we need to understand the nature of the growth we had in Africa in the past. And I, you know, the president, two times now he's intervening and he has talked about diversification, diversification. And this truly, you know, I think, you know, it's a blessing in disguise for us as a continent. And I begin to think of diversification in a manner that can really help us. In Africa, we are basically, we just produce raw materials. We do not process raw materials. That chain, that, the processing of raw material, the conversion of raw material to finish produce, that is where value is added to economies. And that does not happen on our continent. It is happen offshore. So you have cocoa in Ghana, Côte d'Ivoire, we produce cocoa, we take cocoa out of the country, we process cocoa, we come back to eat chocolate, we pay more, value is added offshore and not on the continent. Nigeria, other countries, we produce crude oil, yet the biggest import to the country, and so to the issue is in the area of petroleum products. And it goes on, cutting everywhere. So in the 21st century, and this is a conversation I would like to be part of, let's begin to talk of, let's begin to challenge ourselves on how to move our economy into a much more productive type of economy that when we say growth rate is like this, it truly will impact people because we are engaging, the value chain is fully optimized, engaged in country, in Africa, and not outside of Africa, because that is what brings this disparity that we see on the continent. Can it be done? Yes. What do we need to do? We need the private sector and the public sector and our development partners working together. For us to truly transform the country, our processing factories and co, we need to have like constant supply of electricity. We need to have modern and mass transportation system. We need to have modern logistic system. For all of this to work, we need government to help us create the right policies. And we need government predictability. My brother, when you meet with our leaders, we urge to help us, let's keep talking to our leaders, you know that if it is an investment in power or in transportation, these are long-term investment that also require long-term payback period. And once you make that investment, we need to make sure we can predict policies, policies that are stable, so that the investments can mature. And if we have more successful stories, private sector involvement that are successful on the continent, it will attract global private capital into the continent, it will encourage other people and other people in Africa to invest in Africa, and that is when we begin to correct the policies that were seen. Thank you. Thank you very much. We have run out of time, so I would like to take just one question from the floor, and please make it very brief, because I'd like to go to closing comments, and for the people who have asked questions on Twitter, I'll summarize your questions to the panel. So one last question, and very short, please. Thank you very much. I'm a global shipper from the Accra Hub. I'm a millennial, and I really want internet for all, because I believe that if we have really great internet as young Africans, we can leapfrog, and we can do as well as everyone else. So I really agree with the knowledge bit. Actually, some of my questions have been answered by Tony Aluminum, and I believe that private sector involvement is the real engine of growth around Africa. So, especially for me, I'm particularly interested in the internet, because we talked about knowledge and skills, and if there's really great internet around the continent, we can kind of solve this knowledge gap, because we can get access to the best information anywhere, and the best education anywhere, and learn about it. So I wanted to know about real examples that are happening now around public-private partnerships in private infrastructure development, because that is something that a private and, you know, like, I can build a really good school and help solve the education problem, but it's harder for me to do a really good role. So I want to know about real examples in our countries that you can share with us around public PPPs working. Thank you. Thank you very much. I'll add two more questions from Twitter, and I ask the panelists to pick the ones you feel more comfortable with. One question has come about regional integration and regional trade. What can be done to raise that and also to improve on the statistics that we're seeing and the real impact in terms of economic growth? And the other question is to share any examples that you have on the impact of Braindrain. So if we could tackle those four questions, the internet, what can it do, private public partnerships and examples that you have, intra-regional trade and integration and then the question of Braindrain. And I'll start with David and work our way towards the president. Two minutes to close. Thank you. I'd like to address the two questions that came from the young leaders. Clearly the youth is the future of the region and the question is out there whether the youth will be able to take advantage of modern technology, the internet and operate in a thriving private sector. The IMF's usual answer to that is you've got to have a country run well with sound macroeconomic fundamentals. We certainly have plenty of examples where mismanagement leads to financial chaos and you can have a whole generation wiped out because of the financial chaos and the lack of economic opportunity. But stepping back from my IMF perspective I heard the word leapfrogging and I think the question here for this region is whether there are going to be opportunities for advancement that really haven't existed before in the world. In principle the internet and the technology the ICT technology overcomes remoteness. Remoteness has been one of the problems for all of Africa and so if there's a way for people to educate themselves taking advantage of online training we at the IMF now have online training. American schools provide courses online. If there's a way to do that it clearly can be advantageous. But at the same time if someone lives in a house with no electricity they can't very well take advantage of that if they don't have the basics of health so there are things that really have to be done by government. While in Nairobi yesterday we visited an incredible company a company that overcomes two problems with one innovation for people who have no financial inclusion, no bank and for people who have no connection to the grid. This company it's called MCOVA provides a small machine with solar lighting three light bulbs, a radio and a charging station and it overcomes two problems. People can get electricity but they also can borrow in essence borrow the money to be able to afford this very expensive piece of equipment and in doing so avoid very expensive energy expenditures on kerosene, on batteries and so on and so forth. What they do is they pay few shillings a day electronically over their telephone and so there's both a financing aspect and an energy aspect which overcomes the two problems of exclusion, financial exclusion and physical exclusion from the energy system. Now it's in its incipient phase but imagine a time when you don't have to connect to the power grid you don't have to physically walk into a bank but you can borrow the money to buy enough energy equipment to be able to have an internet then the tablet for all program like the one here in Rwanda really can be for all. Thank you. Tony? Yes. I want to comment on the in-traffical trade and just two quick interventions here. One is the statistics we see there's about in-traffical trade in Africa is about 7% and what I always ask myself is you know what Africa or Africans need do we have them in Africa? You know we have the raw materials in Africa but we produce the raw materials that are spotted as of Africa and we don't know how many countries in Africa that have refinery capacity for instance. You can produce oil in Nigeria instead of sending it to America or China or India it's a challenge. So talking fundamentally about improving in-traffical trade we need to talk about processing. That will help us in achieving that. Second and last point on that if you look at Africa is a continent that is rooted in its past if you look at the transportation infrastructure in Africa these were designed and constructed decades ago and the sole purpose of doing this when it was done was not to have in-traffical group transportation it was to move goods from Africa and so in a continent that is so networked on the past and with this kind of infrastructure transportation infrastructure there's a limit to how much we can trade in-traffical even where the articles of trade do exist in Africa. Solution let's fix this infrastructure issue. How do we fix it? Again the private sector and our international friends that is what will help us address in-traffical trade as well as address that we deal with issue of poverty alleviation we do inclusive growth we deal with the job for our people and Africa will truly transform. Thank you. Winnie your closing comments. First I want to assure my friend Tony that we are not against wealth that we actually also everywhere we are in 95 countries we are working with poor people to increase to accumulate wealth to increase their assets that's what we do. But I have a message for the private sector. These are tough times we need the private sector we need the governments each must play its role. For the private sector I think that there is a very wrong idea out there that they are going to be the solution for everything. No. Stay there making the roads investing the bridges investing the power but stay away from health and education this advice from the bank that education can also be passed to the private sector it's not a solution we must get our governments to put our kids in school give them free education that's how other countries made it so the health sector the education sector free health free education are critical for us to get our people to be productive also private sector pay your fair share of taxes I'm happy to hear Tony saying that he reinvests here in Africa that he's not channeling his wealth through a tax haven but we know that this is not the reality of money from other companies and so we must deal with this issue of tax dodging and Africa must take a firm stand and harmful tax competition where governments are being pushed down in terms of the taxes they charge the exemptions they give because companies can play them so there's a need for a regional corporation on tax that will help Africa get its money then this environment enabling environment for the private sector I must say that in agriculture where we must work hard because most of our countries can make it there and increase growth there the private sector is the small scale farmer in fact I can add it is the woman the one who farms that is the one who needs an enabling environment the one for the private sector the big business they've had enough it's time to make it possible for the small scale farmer to be productive to make gains from their labour and lastly for governments I think that our leaders have a tough job now and perhaps the starting point is to take a distance from business to be less friendly with the business sector it's too close the relationship between business and government is too close too close because governments tend to make policies that are favouring big business that are not necessarily favouring the ordinary person so govern in the interests of the ordinary the poor passer yes the private sector but don't let them rig the rules in their favour don't let them bring us to this situation where they can literally right for the country the tax law and get away without paying tax so governments be tough on the private sector regulate them, encourage them to come but get the best deal for our people and I think that the future is there for us because the sources of growth are there it's the people, it's the skilling of people it is the agriculture where we have the opportunity and the minerals they will come back thank you Mr President your closing remarks thank you I think I'll close by just trying to answer some of the questions that you raised I think there was a question of an example of a successful private public partnership and I want to cite the example of the renewable energy that we're doing in Kenya where we are partnering with the private sector who are working on power generation with the government buying that power we have a number in the geothermal sector but also the largest wind farm in Africa right now is being developed in Turkana in Kenya 400 megawatts which is being developed by the private sector with a commitment that we would enter into a power purchase agreement with them to be able to utilize that energy through the national grid so that's just an example I think the other issue that was raised had to do with regional integration and I think Tony touched on it quite a bit but I think we need to be more focused we cannot talk about intra-Africa trade if we do not have and we in East Africa are really really working very hard in that particular direction I think for the first time since independence by the end of this year beginning of next year we will be connected to Ethiopia which again will enable a smooth trade between Kenya and Ethiopia we are working on integrating our various road sectors within the East African community as well as power connectivity so that we can share power also across borders so these are some of the initiatives that we are working on together with removing all these NTBs that have been barriers to smooth trade and I believe ultimately this is what will promote and encourage the kind of growth that we want to see but I want to close with the issue that was raised by my young sister here because I think she's the one who really has hit the nail on her head if Africa is to grow it must focus itself on the youth and as she's correctly stated our youth are not a challenge they are actually an opportunity and the greatest asset and we need to be able to invest in them and when we say invest in them we're not just talking about investing in education we have to ask ourselves what kind of education because as she said we are churning out people from our schools we are churning out people from our universities but are we churning out that which the job market requires we in Kenya are beginning to relook at our curriculum to ask ourselves is our curriculum tailored to the needs of the world today to create opportunities for our young people so we are beginning to look at that we are beginning once again as Tony has said to reinvest in technical training as well because this is where we are seeing the skill shortages and trying to see how we can match the skill shortage in the market and preparing our young people to be able to fill that particular gap so that they have the right skills as well as also preparing our kids for a more technologically driven world in Kenya we are beginning this digital learning program because we want our kids at a very early stage to be able to be into technology and that has also had the additional effect because in order as my friend Mr Lipton said in order for us to be able to have that digital learning program we can't do it without electricity so as a result it has enabled us to connect all our primary schools to electricity by extension that has helped us connect more Kenyans to the grid and over the last three years we have been able to move from 32% of Kenyans connected to the grid to 52% so this is also helping drive our economy overall so these linkages are what is important but I think I just wanted to conclude by saying that the future belongs in us as leaders understanding that investment in our young people creating opportunities for our young people in there lies the success and the story of Kenya where we can have growth that is both inclusive and equitable but also sustainable thank you thank you very much Mr President in closing I'll just say a few things the place where I work which is the African Development Bank from the comments we've heard from the panelists this afternoon they have highlighted light and power Africa feed Africa integrate Africa industrialized Africa raise the quality of life and if we do these five things then growth will generate quality of life and it will give us the kind of resilience and stability that we are looking for please join me in thanking the panelists and really giving them a strong round of applause for tackling this tough issue