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African policies give base for economic recovery

The Committee of Ten, made up of African finance ministers and central bank governors, has said that the African continent has a sound foundation for recovery from the global economic crisis.

Pointing out that though growth in Africa may lag behind other regions, the Committee of Ten, whose members are from South Africa, Algeria, Botswana, Cameroon, Egypt, Kenya, Nigeria, Tanzania, the Central Bank of West African States and the Central Bank of Central African States, said the group will continue to take measures that will improve confidence and raise domestic resource mobilization.

“We will continue to take measures that improve business confidence and raise domestic resource mobilization, taking into account that our economies will recover with a lag.

“Africa faces significant risk ahead because the crisis has significantly undermined Africa’s growth and set back efforts to reduce poverty. Economic policies implemented over the past 10 years should now help it recover.”

Meanwhile, African Development Bank President, Donald Kaberuka, said economic growth in Africa is expected to be between 4.5 and 5 per cent this year.

This, Kaberuka compared with forecasts from the International Monetary Fund for growth of 4.3 per cent in 2010 and 5.3 per cent in 2011.

“African states will look for public and private partnerships for infrastructure development.
“We agree that infrastructure including energy, IT and regional transport corridors create an opportunity to attract investment and stimulate growth.” Continuing, the group said reshaping the global economy as the crisis ebbs should prioritize Africa’s development agenda.

“Africa is not adequately represented in the G20 and other international Forums where decisions which will impact our continent are made or formulated.” The Committee of Ten was set up in November 2008 to monitor the effects of the world economic crisis on Africa.


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