Ministerial Roundtable- Burkina Faso President Calls for Thoughtful Approach

12/05/2009
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President Burkina faso

Burkina-be President, Blaise Compaoré, who on Tuesday, May 12, 2009, in Dakar attended the ministerial roundtable on the theme: “Africa and the Financial Crisis: An Agenda for Action”, called on Africans to deal with the crisis with courage and clarity in order for them to seek the necessary solutions to the crisis. 

Mr. Compaoré had earlier pointed out that African countries were currently facing growing economic, social and political challenges due to the crisis. He later drew attention to the means through which African economies were affected by the crisis, especially through the collapse in export earnings due to contracting demand and a decline in commodity prices. The crisis also affects revenues from tourism, migrant remittances and foreign direct investments, he said.

He feared that social sector budgets, especially for health and education could face significant cuts due to a lack of resources. He also pointed out that there was a risk of internal debts increasing, something which could affect the revenue of businesses. This, he stressed, could reduce the capacity of these businesses to meet their commitments vis-à-vis the banking system.

“[This meeting] reminds us of our obligation to meet the legitimate expectations of African people by showing determination and creativity in efforts at seeking solutions to the crisis,” he said. He focused on the role the AfDB could play to help African countries out of the crisis.

He later outlined actions he thought were urgent: support to growth through additional resource mobilization, support to the private sector, trade assistance as well as the financing of transportation, energy and water infrastructure.

The Burkina-be leader congratulated the AfDB President, Donald Kaberuka, for knowing how to “set a new trend in this Pan-African institution and succeeding in restructuring it” since assuming office in 2005.