While many analysts decry the lack of sufficient investment in Africa, we find no evidence that private and public … investment are productive, either in Africa as a whole (unless Botswana is included in the sample), or in the manufacturing … sector in Tanzania. In this restricted sense, inadequate investment is not the major obstacle to African economic development …

While many analysts decry the lack of sufficient investment in Africa, we find no evidence that private and public … investment are productive, either in Africa as a whole (unless Botswana is included in the sample), or in the manufacturing … sector in Tanzania. In this restricted sense, inadequate investment is not the major obstacle to African economic development …

Many analysts decry the level of investment in Africa, saying it is too low. But there is no evidence, in cross …, investment in Africa may be viewed as too high …

The traditional aid-to-investment-to growth linkages are not very robust, especially for African economies. Aid does … not necessarily finance investment and investment does not necessarily promote growth. Differences in economic policy, on … created a productive environment for private investment and growth …