18:30-19:15 Special Event A: Launch of the “Commodity Booms and Busts in Africa: Emerging Lessons from sub-Saharan Africa”
Chair: Abdoulaye Mar Dièye, Assistant UN Secretary General and Director of the Regional Bureau for Africa, United Nations Development Programme
Presenter: Ayodele Odusola, Chief Economist and Head, Strategy and Analysis, UNDP Africa.
1. H.E. Yinager Dessie, Commissioner for National Planning Commission, Ethiopia
2. Lamin Manneh, UNDP RC, Rwanda
3. Janvier Nkurunziza, Chief, Commodity Research and Analysis Section, UNCTAD
Closing Remarks: Babacar Cissé, DSRSG Côte d'Ivoire
Many African economies with abundant natural resources suffer from slow growth and widespread poverty. Dependence on commodities often fails to generate development because volatile international prices can lead to macroeconomic and political instability. The concentration of wealth in oil and minerals can encourage rent-seeking and corruption. Mobilizing resources for primary commodities can slow down higher-productivity manufacturing so that oil or minerals come to dominate national production (e.g. mining accounts for 65% of GDP in the Republic of the Congo).