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"THE GREEN ECONOMY IS NOT A LUXURY, BUT A 21ST CENTURY IMPERATIVE ON A PLANET OF SIX BILLION, RISING TO NINE BILLION IN JUST FORTY YEARS." United Nations Environment Program (UNEP), 2010

OBJECTIVES OF THIS BLOG

This blog was started in May 2012, one month before the United Nations Rio+20 ‘Earth Summit’ where the green economy was the main theme. The blog so far has had three specific objectives.

In the run-up to the Rio+20 Summit the initial objective was to raise awareness of Africa’s huge green growth potential and role in rebalancing the global economy. Eight posts were published before the Summit and were sent to as many African environment ministries as possible. One post was published in August 2012 appraising the summit and Africa’s position: Africa, Rio+20 and the Green Road Ahead.

The second objective was to examine the case of Ethiopia, following the death of prime minister Meles Zenawi on 21 August 2012. At the time of his death Mr Meles was recognised as 'the voice of Africa' at international summits and conferences and a leader in Africa's green thinking. Four posts on Ethiopia were published between late August and early November 2012 exploring the paradoxical nature of his leadership with a focus on raising awareness of his green legacy and 21st century vision for Ethiopia and Africa.

The third and current objective is to raise awareness of the importance of the green economy in Africa's growth story. 2013 started with unprecedented optimism for Africa’s growth prospects. Summits, conferences, articles, books, blogs, films and other media now proclaim that 'Africa’s Moment' has arrived. But very few even mention the green economy as an essential tool in the process to achieve sustainability and resilience. For this reason the current focus of this blog is a call to action to 'put the green economy into Africa’s growth story'.

Part of this call to action is writing letters to the Financial Times. Not only does the FT have excellent coverage of Africa but it is also seen by many as the 'world's most influential newspaper'.


Saturday, 28 December 2013

BOB DIAMOND IN CASINO AFRICA?

AFRICAN REGULATORS BEWARE

Between 7 and 18 December 2013 the Financial Times published no less than nine news pieces on Bob Diamond's return to banking, this time in Africa. The infamous Mr Diamond resigned as chief executive of Barclays Bank on July 3, 2012, following controversy over manipulation of Libor interest rates by traders employed by the bank. He is now planning his comeback among the 'unbanked' and very vulnerable people of Africa.

This alarming piece of news that a discredited 'master of the universe' might begin gambling with Africa's new-found wealth prompted me to write a letter to the FT on 18 December. This letter was not published. (For a list of published letters click here)

Note: Although the FT site is open to subscribers only the paper allows 8 free articles a month per e-mail address. Just click on the relevant link and follow the procedure.  

Sir,

The news that bankers are becoming “excited” about Africa, particularly Bob Diamond who was at the heart of the Libor scandal and resigned from Barclays as a result, should ring alarm bells for anyone interested in long-term, sustainable development on the world’s last frontier for investment - "Africa offers growth potential on a vast scale" (Dec 15).

From the arrival of the Arab and European slavers 600 years ago right up to the “land grabbers” of today, Africa has been held back by unscrupulous opportunists only interested in the single bottom line where social and environmental costs are not included in the business model. If Mr Diamond’s comeback centres on buying a Nigerian bank, “Bob Diamond’s Africa fund Atlas Mara raises $325m” (Dec 17), that country’s regulators had better have their wits about them.

If Mr Diamond, once dubbed “the unacceptable face of banking”, has had a conversion and can see beyond short-term (and dubious) profits for himself and his investors, his involvement in Africa is great news. If not, and he gets up to his old tricks, his arrival spells disaster.

Africa is set to add trillions of dollars to the global economy over the next decade. The key to sustainable growth lies with honest and open bankers. So come on, Bob, surprise us. You could go down in history as "the acceptable face of banking in Africa".

END OF LETTER
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