Friday, 30th June 2006 (1516 views)

A peer review process whereby countries in Africa are evaluated by eminent Africans will help the mining industry on the continent.

That's according to Mark Moody-Stuart, chairman of Anglo American – one of the world's leading producers of gold through its subsidiary AngloGold Ashanti.

Speaking to Reuters, Mr Moody-Stuart praised the New Partnership for Africa's Development (NEPAD), calling it "a remarkable initiative" and saying it would do much to improve the economic climate by promoting better political and economic management.

The NEPAD initiative is a strategic framework aimed at boosting socio-economic development in Africa.

Formed originally by the heads of state of Algeria, Egypt, Nigeria, Senegal and South Africa, the project aims to eradicate poverty, promote sustainable development, work to empower women and allow Africa to flourish in the global marketplace.

Mr Moody-Stuart noted that the peer review process that underpins the NEPAD scheme has led to improved growth and reduction of poverty in Ghana and Tanzania, following the reviewing of their mining laws.

"I'm quite an optimist about Africa," he said.

 

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