Burkina Faso’s President In Investment Talks With Elumelu
1 February 2012, Ouagadougou, Burkina Faso — President Blaise Compaore of Burkina Faso today met with Tony O. Elumelu, CON, Chairman of Heirs Holdings, the pan-African investment company, to discuss investment opportunities in the country. The private meeting took place at the presidential villa in the country’s capital Ougadougou. (Photo: President Blaise Compaore of Burkina Faso with Tony O. Elumelu, Chairman, Heirs Holdings in Ouagadougou, following a closed door meeting to discuss investment opportunities for the country’s economic development.)
The meeting with Elumelu, a member of the President’s Council for Investment, touched on some of the pressing infrastructure needs the country has including roads, rail and power. Heirs Holdings (through its investment in Transcorp) is focused on the same strategic sectors and is assessing new opportunities in Africa that will drive development and create wealth.
In his new year’s speech to the people of Burkina Faso, President Blaise Compaore made a commitment to the country to drive investment in specific infrastructure projects that would enhance regional integration and economic development. This included construction of a new international airport and a highway to Cote D’Ivoire, as well as a power project interconnecting their electricity grid to Ghana and Nigeria.
Speaking immediately after the brief meeting President Compaore said; “Today’s discussion with Mr Elumelu is in line with the commitment we have shared to deliver on major projects for our development. As a member of our investment council, Mr. Elumelu is a key partner and potential investor in this process and he shares the vision that the private sector must be involved. We welcome the experience, expertise and support of one of the brightest business minds in Africa as we embark on this partnership towards development.”
In turn, Elumelu commended President Compaore on the progress the country is making to encourage private sector involvement. In particular, he highlighted the president’s handling of the mining sector which has seen Burkina Faso become one of the larger producers of gold on the continent.
“I applaud President Compaore for the work he has done in creating an enabling environment for the mining sector,” said Elumelu.
“I hope other African leaders will emulate this and realize the strategic role the private sector can play in development. The key thing is to create the right environment and allow business to step in. This is the essence of a philosophy I strongly believe in: Africapitalism. It is the key to Africa’s revival and one which Burkina Faso is embracing.”
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