African Economic Growth is Strong, but AfDB President Calls for G20 Positive Signal to Maintain Momentum
Attending the G20 Summit in Los Cabos, Mexico, which opened on 18 June, the president of the African Development Bank, Donald Kaberuka, made the following declaration regarding the economic situation in Africa, noting that current growth is strong but warning that indecision or poor decisions by the global community could harm its future prospects.
"I hope this G20 Summit can give a positive signal and act decisively, bearing in mind the global consequences of inaction, especially on low income countries."
Dr Kaberuka added: "Africa, still the second fastest growing continent globally, is determined to stay the course of sound policies that have made that possible."
"However, the ability to withstand additional shocks or prolonged recession in the global economy is now fragile. Already, the demand for some key commodities on which many African countries depend has weakened significantly in the last few months."
"The risk is real that millions across the world are thrown back into poverty by action that is too little or too late."
Dr Kaberuka also observed the need to consider the unintended consequences of some decisions, such as those on banking regulations, that could affect availability of capital to low income countries.
"It is time for all hands on deck to re ignite global growth, and Africa can play its part through investment in infrastructure and agriculture," he noted.