Committee of Ten
Background
The Committee was established by African Ministers of Finance and Central Bank Governors assembled in Tunis to appraise the impact of the financial and economic crisis on their economies, in November 2008. Its role is to monitor the impact of the financial crisis on African economies and related developments, and to develop proposals on how best to contribute to the international deliberations in the context of the G20. It also acts as a platform for sharing domestic and regional responses to the crisis.
Events
At the invitation of the Nigerian Federal Minister of Finance, Dr. Mansur Muhtar, the Committee of Ten met for its third session in Abuja on 14 July 2009, under the auspices of the African Development Bank, the Economic Commission for Africa (ECA) and the African Union Commission (AUC).
The meeting was opened by VP Goodluck Jonathan, with inputs from Minister Muhtar, ECA & AUC heads of Delegation and AfDB President Kaberuka.
It reviewed the latest information pertaining to the impact of the crisis on Africa, to take stock of recent internal and international developments, and to agree African perspectives to be fed into the global discussions, in particular those leading up to the next G20 Leaders Summit in Pittsburgh on 26 September 2009.
The full effects of the global slowdown remain uncertain and vary from country to country, yet the impact on African countries, although initially limited had become, in some cases severe, for example countries dependent on mineral products such as diamond and copper. Growth is still contracting in all regions and the onset and pace of African recovery is likely to lag substantially behind global recovery. The crisis therefore presents a major challenge as to how to implement short term responses to the crisis while staying focused on long term sustainability.
The committee considered some of the key developments since the G20 Summit in April 2009, including by assessing the extent to which African economies have benefited from the implementation of commitments made in London and subsequent international developments engagements.
On the basis of this assessment, it identified a set of key messages to input processes leading up to and at the Pittsburgh G20 Summit. Read more
The Committee regrouped on the margins of the IMF Conference in Dar Es Salaam, to prepare a submission to the G 20 Meeting documented in a report titled ‘Impact of the Crisis on African Economies – Sustaining Growth and Poverty Reduction: African Perspectives and Recommendations to the G20’. This report was presented to the British Prime Minister Gordon. Mr. Brown host of the G20 Summit in London in April 2009 and supported the inputs made by the NEPAD delegation participating in the Summit. Some of its recommendations, for instance the sale of IMF gold and issuing of Special Drawing Rights to support emerging and low-income economies were incorporated in the Communiqué of the London G20. Read more
The Committee first met in Cape Town in January 2009. It stressed the importance of mobilizing G20 members to support a strong African participation in the London Summit. Read more