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The Financial Crisis, An Opportunity to Accelerate Investment
Introduced by a presentation by Oxford University Professor, Paul Collier, the session underscored the need to strengthen public finance management, resource mobilization through private investments, especially venture capital, as well as foreign direct investments.
It is obvious that governance remains at the heart of efforts at boosting African economies affected by the global financial crisis, he said. In a presentation following that of Paul Collier, Moroccan expert, Khalid Kensi, explained his country’s efforts at coping with the global financial crisis whose impact has been felt in many sectors of the country’s economy, especially migrant remittances, tourism and, above all, the agricultural sector, which constitutes the engine of the country’s economy..
Within the context of the crisis, Morocco has adopted proactive measures such as pursuing reforms, strengthening price compensation systems, etc. Morocco’s economic success hinges mainly on some essential factors: reforms, efficiency regarding the 2009 finance law and the strengthening of the private sector. The crisis has not spared Morocco’s economy, but the country’s economy has shown great resilience for a long time.
The banking sector, inflation, the economic environment, balance of payments and the continent’s economic potential have constituted points of interest. This resulted in Paul Collier to conclude that Africa remains a land of opportunities. The continent must see the crisis as an opportunity to lay new foundations for sustainable growth.
Written by Ayenew Haileselassie