Africa should be included in discussions on the current Financial Crisis

No region has been immune to the effects of the global economic crisis and credit crunch. Yet, you rarely here American or European ministers mention Africa or include African governments in their search for a comprehensive solution.

It's good to know that African governments and IFI's are not standing by leaving the African continent's economic fate to the West. I was happy to get a wire that African Finance Ministers and Central bank's governors will be gathering in Tunis, on November 12th, 2008, to discuss the international financial crisis and its potential impacts on African economies.

Organized by the African Development Bank in close cooperation with the Commission of the African Union, the Conference aims to mobilize Africans to bring an answer to the Global Financial Crisis.

"Although Africa is relatively protected from the initial impacts on the financial markets, the continent could be seriously affected by the weakening of global economic growth and a decline in demand for products. Budgetary pressures caused by the bailout plans carried out by rich countries might reduce the volume of official development assistance. This situation, coupled with the negative impacts of the recent escalation of food and oil prices, could undermine the gains of its economic growth over the past several years" said Dr Donald Kaberuka. He also pointed out that some middle income countries, and others aspiring to attain this status, recently raised funds on capital markets. The current crisis will increase the cost of borrowing on capital markets, and make access to the markets more difficult.

At a time when discussions on Bretton Woods institutions are going on, AfDB President, Donald Kaberuka and African Union Commission Chairman, Jean Ping wish to ensure that the continent voice is heard.