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Africa Progress Panel report states that Africa must be part of the solution to reboot the global economy

Davos. Switzerland

 

Panel of world leaders demands support for African efforts to manage the impact of global meltdown
 
Davos – A new report being launched today by Kofi Annan, Chair of the Africa Progress Panel, states that “Africa can be an important part in a global economic stimulus plan”, stating that “the scope for investment in Africa is vast”. Documenting the economic growth and positive political trends of the last few years, the report states that “Africa’s medium to long term prospects are better now than at any time since independence”.
However, the report also warns that “the global crisis could arrest and even reverse steady, and in some cases dramatic, gains that have been made over the last decade.” For Africa to both mitigate the worst affects of the crisis and become a driver of global economic recovery and stability, the report states that:
  • “Rich country governments and institutions must lend strong support to address the problems of climate change, by investing in adaptation and in the prevention of deforestation, and by increasing funding for renewable energy in Africa.
  • “Africa’s own potential for a green revolution in food production must be realised… technical and financial support is required as well as additional investments in rural infrastructure to insure farmers’ access to inputs and market outlets.
  • “There has been no progress on multilateral trade negotiations… while pressing for the impasse post-Doha to be broken, an early harvesting of gains in trade liberalization for Africa is needed.
  • “It is more important than ever that Africa’s partners honour their commitments… aid is not the main driver of growth in Africa, but it is needed to lubricate the continent’s economic development”.
Critically, the report says that “a real partnership between Africa and her supporters is the only way for progress to be achieved”, requiring global governance reforms to “include means by which Africans are represented in a legitimate and effective manner.”
Kofi Annan launched the report at Davos at a session focusing on the state of Africa with leaders from across the continent.
Speaking at the session, he said:
“Economic recovery in industrialised countries is needed for Africa – for trade, remittance flows, investment and aid levels. However, Africa is also integral to immediate efforts to reboot global growth. World leaders must grasp the opportunity to support African development as a means of driving their own economic recovery”.
 
A new report being launched today by Kofi Annan, Chair of the Africa Progress Panel, states that “Africa can be an important part in a global economic stimulus plan”, stating that “the scope for investment in Africa is vast”.
Notes to Editors

HE Kofi A Annan is Co-Chair of the World Economic Forum Annual Meeting 2009 at Davos.  The full report, ‘Africa: Preserving progress at a time of global crisis’, is available at: www.africaprogresspanel.org

The State of Africa session at Davos involved the participation of Paul Kagame, President of Rwanda, Jakaya M. Kikwete, President of Tanzania, Kgalema Motlanthe, President of South Africa, Raila Amolo Odinga, Prime Minister of Kenya, Abdoulaye Wade, President of Senegal

The Africa Progress Panel is comprised of Kofi Annan (Former Secretary-General of the United Nations and Nobel Laureate), Tony Blair (former Prime Minister of the United Kingdom of Great Britain and Northern Ireland), Michel Camdessus (former Managing Director of the International Monetary Fund), Peter Eigen (founder and Chair of the Advisory Council, Transparency International), Bob Geldof (musician, businessman, founder and Chair of Band Aid, Live Aid and Live8, Co-founder of DATA, former member of the Commission for Africa), Graça Machel (women and children’s rights activist, President of the Foundation for Community Development), Linah Kelebogile Mohohlo (Governor, Bank of Botswana), Olusegun Obasanjo, (former President of Nigeria), Robert E Rubin (Chairman of the Executive Committee, Citigroup, former Secretary of the United States Treasury), Tidjane Thiam (Chief Financial Officer, Prudential Plc, former member of the Commission for Africa) and Muhammad Yunus (economist, founder of Grameen Bank and Nobel Laureate)

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