Africa, Featured
–
Donald Kaberuka, president of African Development Bank, has challenged African leaders to make economic transformation the agenda of the AU in the next 50 years
| By Maureen Chigbo | Jun. 10, 2013 @ 01:00 GMT
AS African leaders gathered in Addis Ababa, Ethiopia, May 25, to mark the 50th anniversary of the African Union, formerly known as the Organisation of African Unity, OAU, certain pertinent questions must have occupied their minds. How far has the Union fared in the last five decades of its existence? How can the Africa be more united? How can its economy transformed like those of other continent?
The golden jubilee celebration also provided an opportunity for introspection on the journey so far. While some leaders gave the Union kudos for the tremendous progress it had made in forging unity and ridding the continent of vestiges of colonialism, others felt that the new challenge before the AU is to transform Africa into a strong economic bloc, in order to position it for the challenges of the 21st century.
Speaking on the occasion, Donald Kaberuka, president, African Development Bank, AfDB, said that the AU in the first 50 years achieved political freedom and laid the basis for socio-economic development, adding that now the agenda must be economic transformation. Kaberuka gave the dignitaries present, a profound outlook of Africa’s past and future trajectory for the next 50 years. “Africa’s GDP has increased from $600 billion to $2.2 trillion since the year 2000,” he said, adding: the continent “now offers the highest risk adjusted return on investment… our economic managers are doing a reasonably good job navigating the difficult global economic slowdown.
“Africa entered the new Millennium in 2000 with a stride of confidence. With the exception of countries at war, or emerging from war, economic performance has remained very strong. Indeed, Africa’s economic performance is now back to the level it was in 2008 before the near collapse of the Western banking system. Four times adjusted for inflation, Africa’s GDP has doubled in 10 years. Adjusted for inflation, Sub Sahara Africa’s economic size has doubled. Per capita GDP has tripled, or up by 40 percent if you adjust for inflation,” Kaberuka said.
These figures must have prompted Kaberuka to say that “The sleeping giant is on its way,” noting, however, that despite a strong economic growth, economic transformation remains a challenge for the continent. He added that a “quality growth” of seven percent is what Africa needs for the decade to come. He emphasised the importance of a quality growth as one “which is not only strong, but sustainable, fair, addresses inequalities, and leaves no one behind”.
According to him, “At this moment, the Global economy still shows no signs of recovery. Some regions are in recession. The world needs growth. But where will it come from? It will be Africa and the emerging markets. For now, the emerging markets are supporting the World economy. But as their markets for exports to Europe mainly shrink, they are looking at stimulating domestic demand. China, in particular, is pulling no stops to stimulate internal consumption. Africa too cannot do otherwise, unlocking domestic demand; this market of a billion people must be a primary objective. As we look to the next half a century, I cannot imagine a more important agenda for Africa, unlocking its internal market.”
The AfDB President, together with a large number of African heads of states, was joined by Ban Ki-moon, United Nations secretary-general, Dilma Rousseff, Brazilian President, and John Kerry, US Secretary of State, at the African Union headquarters on Saturday.
According to Hailemariam Desalegn, Ethiopian prime minister: “This historic day marks not only a great leap forward in the Pan-Africanist quest for freedom, independence and unity but also the beginning of our collective endeavor for the realisation of Africa’s socio-economic emancipation.”
“When we talk about African solutions to African problems, it is because we know that we can only permanently silence the guns if we act in solidarity and unity,” said Nkosazana Dlamini-Zuma, AU Commission chief, adding that the continent has a “bright future.”
On May 25, 1963, the AU’s predecessor, the Organisation of African Unity was established with the goal of forging a common identity for the continent as Europe’s colonial rule of Africa fell apart. Since then, the African Union has shifted focus to an organisation spear-heading Africa’s development and integration.
Tags:
I42yWW I appreciate you sharing this blog post.Much thanks again. Much obliged.