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Africa may be key to global economic hues, says AfDB

Africa may be key to global economic hues, says AfDB
By Kabanda Chulu
Fri 28 Oct. 2011, 08:50 CAT

AFRICA is a land of opportunity and it can help the global economy return to increased economic growth, says Africa Development Bank (AfDB) president Donald Kaberuka.

Speaking ahead of next month's Group of 20 industrialised countries to be held in France, Kaberuka said Africa had over the past decade made a great leap forward, and had left behind the stagnation of the past.

"The agenda of the French presidency of the G20 can contribute to this momentum and unlock the potential of Africa and all developing countries, not just for the good of Africa but also for the good of the world," Kaberuka stated.

"Africa is a ‘bearer of good hope' because of the support of the continent's partners, its demography that includes a host of talented young people and entrepreneurs together, and the economic reforms that Africa has undertaken over the past years."

Kaberuka, however, stated that there were still some problems to be dealt with in the economic and political spheres and in the management of Africa's natural resources.

"We remain cautious and vigilant in dealing with both internal and external risks and we should continue to build and develop infrastructure in Africa to maintain economic growth so that the private sector can be attracted to such projects," he stated.

Kaberuka emphasised the importance of having an inclusive economic growth that all people should share in the prosperity that economic success brings.

"Today, more than ever, the world needs a new growth momentum in order to deal with the multiple problems we face such as unemployment, deficit, debt and global poverty. Africa and its institutions are keen to play their part in that renewed growth momentum which the world economy needs at this time," stated Kaberuka.

Labels: AfDB, DONALD KABERUKA, GREAT DEPRESSION II

posted by MrK @ 6:14 PM