SHOULD AFRICAN COUNTRIES CONTINUE to KEEP MONEY in FOREIGN RESERVES?

There is no doubt that many African countries are today plaque by high level poverty, low living standard, high cost of living of the citizens as well as low technological, social, political, economic and cultural development among others. In what seems to be a paradox, many of these countries are today keeping and maintaining foreign reserves to the tune of billions of dollars. However, should African countries continue to keep money in foreign reserve amid the increasing level of poverty of the citizens and under-development of these countries vis- a- vis the developed ones in the world?

Since government is meant for the welfares of the citizens, which implies that the citizens' interest supposed to be paramount in the mind of the rulers, there is no justification for keeping too much money in foreign reserve. Rather than keeping money in reserve, part of the money should be withdrawn and used to establish industries that can provide more jobs for the citizens. Part of the money should also be utilized for provision of social facilities and amenities like pipe borne water, good roads network, hospitals and schools among others. When these are in place, there is no doubt that the level of poverty in the continent (Africa) would improve from the 'status quo'.