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World Bank calls for pro-poor, job creation policies

World Bank calls for pro-poor, job creation policies
By Kabanda Chulu in Kitwe
Wed 09 Feb. 2011, 04:01 CAT

AFRICAN leaders should focus on achieving inclusive and shared economic growth that creates jobs and affords safety nets for the most vulnerable citizens, says World Bank managing director Ngozi Ikonjo-Iweala.

Ikonjo-Iweala (left) observed that the world was optimistic about the state of the African economy which had rebounded ‘pretty fast’ from the global food, fuel and financial crises.

“Africa has experienced two decades of declining growth that saw poverty levels rise and per capita incomes fall but Africa’s robust growth over the past few years has been impressive because it is shared across many countries and not just restricted to commodity exporting countries,” Ikonjo-Iweala told The Voice of America.

“We agree that growth is happening partly because commodity prices are high, but also because African countries are pursuing good policies that is stimulating growth but the growth being experienced has to be focused on growth that can create jobs … and directed towards sectors that create jobs.”

She stated that the growth that Africa needs must help diversify economies and ensure that value was added to natural resources on the continent and they were not just exported as raw material.

“Growth should be of the kind that integrates processing and manufacturing, creating jobs all along the value chain,” Ikonjo-Iweala said.

And World Bank vice-president for Africa region Obiageli Ezekwesili said Africa needs right institutions and policies in order to boost private sector development.

“Africa is ready ‘big time’ for a private sector that must be the cornerstone of the next phase of Africa’s robust, pro-poor, inclusive and job-creating growth,” Ezekwesili told a group of African ambassadors during a luncheon at the Bank’s headquarters in Washington DC, United States.

She emphasised that the continent’s path to growth and responsibility for success lies in African governments, private sector operators and citizens.

“The primary responsibility is that of Africa … remember, the world does not owe Africa a favour and it is not foreigners or international organisations but African countries need to consolidate macroeconomic stability and build capacity for entrepreneurship and explore ways of directing remittances into investments,” stated Ezekwesili.

Labels: HYPOCRISY, NEOLIBERALISM, World Bank

posted by MrK @ 6:19 AM