The experts meeting preceding the fourth joint annual ministerial meetings of the African Union Conference of Ministers of Economy and Finance and the UN Economic Commission for Africa Conference of African Ministers of Finance, Planning and Economic Development opened in Addis Ababa yesterday with some good news; that African economies are set on a resolute path of growth. The good news came from a most authoritative source: the UN Under-Secretary General and Executive Secretary of the UN Economic Commission for Africa, Gambia’s Abdoulie Janneh as he opened the experts’ meeting, composing high-level decision makers from across the continent.
Even as the world economy remained mired in crisis, the top UN official noted that Africa grew on average by 4.5 percent in 2010, up from 2.3 percent in 2009 and will most likely maintain steady growth of about five percent in 2011. This relatively strong performance was attained thanks to a good showing in agriculture and natural resources, the rebound of tourism and the use of countercyclical policies in some countries. Although there is overall optimism, there are some dark points that must be immediately corrected. For example, the Annual Millennium Development Report circulating at the meeting acknowledges progress but highlights the fact that this growth is yet to be translated into a reduction in poverty, new jobs, especially for the growing armies of youth who remain unemployed throughout Africa. According to Mr Janneh, this situation of high unemployment is compounded by rising oil and food prices, the dangers of climate change as well as “the gloomy outlook in some of Africa’s trading and development partners with negative consequences for export and tourism receipts, foreign direct investment remittances and official development assistance flows.”
This fourth meeting of ministers is holding on the theme “Governing Development in Africa: The Role of the State in Economic Transformation.” The choice is particularly timely as it comes at a time when even developed economies are involving the State in economic recovery programmes following the financial and economic crisis. The experts hope to make some useful proposals for the perusal of the ministers, especially from the experiences of the Asian tigers and some successful African and Latin American countries in defining the role of the State in governing Africa’s development.
Also on the agenda for discussion is the assessment of the recurrent issue of regional integration in Africa as well as the 2011 report on progress towards the Millennium Development Goals. Here, Mr. Janneh insisted that African countries must incorporate regional and trans-boundary cooperation into their policymaking process. Regional integration, including the provision of first-rate infrastructure is imperative for Africa.” The AU Commissioner for Economic Affairs, Dr Maxwell Mkwezalamba who also addressed the opening session, reported that Africa had made significant progress in attaining the MDGs although at a slow pace. Corroborating a report of a recent experts group meeting held just two weeks ago on the subject of the MDGs, the AU Commissioner argued that the developmental State would have a large role to play in ensuring that progress is accelerated and that economic growth has commensurate gains in poverty reduction and wealth creation for the people of Africa.
The formal opening of the ministerial meeting next Monday is expected to coincide with the launching of the 2011 edition of the “Economic Report on Africa”, one of the flagship publications of the UN Economic Commission for Africa. It is a widely awaited document in which there is a no-nonsense appraisal of economic performance of the continent for the past year and expert projections for the coming years.
