The start of the peer review process in four African countries next month may open good investment opportunities on the continent, for South Africa's private sector.

This according to Dr Chris Stals, a member of the African Peer Review Mechanism's (APRM) eminent persons panel. The former South African Reserve Bank governor made the assertion, speaking at his Pretoria home, yesterday, ahead of his team's first review mission to Ghana.

He said since the announcement of the start of the peer review process, some business leaders had been calling seeking tips and pointers for possible investment in the region.

"I can't tell you how many private sector business people in South Africa now approach me and say can you tell us a little bit about the African countries, where should we make our investment, where should we expand our businesses.

"I just say to them look at the African countries that are prepared to subject themselves to peer review mechanism...look at the reports that will be introduced and that would give you some guidance," said the highly respected economist.

He urged remaining African governments and their leaders to join the review processes as it was in their "own interest" to open their political and financial books for scrutiny.

Failure to do so, would amongst others deny the concerned countries investment opportunities by the private sector.

"Countries that do participate in the scheme will get more attention from the outside world and I think that would work that way," he affirmed, encouraging business to start investing now before it was too late.

He explained it was up to governments to take advantage of the positive economic trends and response to peer reviewing by working towards getting good marks in the reports. "I can assure you that private sector and businesses, not only in Africa but especially in the rest of the world and industrial countries, are going to look at this reports very, very carefully when they take decisions on where they are going to invest in Africa," he elaborated. Some countries on the APR were so keen on getting on with the job, that they were "very upset that we didn't include them in the first four" to face the acid test, said Dr Stals.

Ghana, the first African state to gain independence, together with Kenya, Rwanda and Mauritius are the first countries to avail themselves to be put under the spotlight. Their reports, which would take six to eight months to be completed, will be made known towards the end of the year.

Both President Thabo Mbeki and his Nigerian counterpart Olusegun Obasanjo have repeatedly appealed to their peers still falling outside the net, to urgently reconsider their positions.

The leaders have vowed never to support or assist those who fail to demonstrate "political will" to adhere to the principles of Nepad, Africa's economic recovery plan. At least 18 countries have signed up for peer review, including Mali and Angola, who recently signed for this purpose. – BuaNews.