See also:
» 18.01.2011 - Stronger African growth expected in 2011-12
» 14.01.2011 - Africa "to see rise in investments"
» 07.12.2010 - Africa "lost years of progress" to global crisis
» 28.10.2010 - Domestic demand fuels Africa's strong growth
» 07.10.2010 - African growth accelerating
» 24.06.2010 - Ongoing boom makes Africa investors' dream
» 31.03.2010 - Southern Africa showing slow recovery
» 15.03.2010 - "Africa suffers from quiet corruption"

China wholesale online through

Houlihan's coupons

Finn autentiske matoppskrifter fra hele verden på
Gazpacho Børek Kartoffelsalat Taboulé Gulasj Albóndigas Cevapi Rougaille Japrak sarma Zwiebelbrot Klopse Giouvetsi Paella Pljeskavica Pica pau Pulpo a la gallega Flammkuchen Langosj Tapenade Chatsjapuri Pasulj Lassi Kartoffelpuffer Tortilla Raznjici Knödel Lentejas Bœuf bourguignon Korianderchutney Brenneslesuppe Proia Sæbsi kavurma Sardinske calamares

Autentiske matoppskrifter fra hele verden finner du på
Réunion Portugal Aserbajdsjan Serbia Tyskland Seychellene Bosnia Spania Libanon Belgia India Kroatia Hellas Italia Ungarn Komorene Georgia Mauritius Østerrike Romania Frankrike

Economy - Development

"African growth more important than stability"

Malawi President Bingu Wa Mutharika is currently also the President of the African Union

© UN Photo/Rick Bajornas
afrol News, 31 March
- The President of the African Union (AU) has urged leaders to promote sustainable growth before macroeconomic stability. Political stability and democracy, on the other hand, was seen as prerequisite for economic growth in Africa.

At a conference of African economy ministers in Lilongwe, Malawi, this week, the current AU President, who is also the Malawian President, Bingu Wa Mutharika, stated that "Africa must grow first and then stabilise" - a policy directly contrary to the International Monetary Fund's (IMF) reform efforts.

Mr Mutharika explained that "what Africa needs today is not macroeconomic stability" but a "rapid and sustainable level of economic growth within a stable political and economic environment," which encompasses democratic governance, rule of law, safeguarding human rights and holding regular elections, among others.

The African Union Conference of Ministers of Economy and Finance and the UN Economic Commission for Africa (UNECA) has been held in Lilongwe in Malawi from 29 to 30 March, under the theme: "promoting high-level sustainable growth to reduce unemployment in Africa".

In his opening remarks, President Mutharika urged African ministers to take steps, as Malawi did, towards subsidising poor farmers so that they can grow enough food beyond subsistence. In this regard, he welcomed the decision made by the G8 at L'Aquila to assist Africa, not through the traditional food aid but by increasing food production capacity. This paradigm shift, he said, will "not only guarantee food security, but will also increase employment, especially in the rural communities who are generally considered as unemployable".

His praising of agricultural subsidies however is not popular with UNECA specialists, who at a recent agriculture summit in Abuja, Nigeria, presented an analysis saying Africa would gain much more from subsidising infrastructure related to agriculture rather than agricultural input itself. Also the IMF is strongly against agriculture subsidies in Africa, though accepting a fertiliser subsidy project in Malawi aimed at increasing food security there.

President Mutharika further said unemployment remains a key challenge for most African countries, despite increased growth rates witnessed over the last decade, prior to the outbreak of the financial and economic crisis. According to studies conducted by UNECA, the continent still has the highest and alarmingly vulnerable employment rates among developing regions.

Also addressing to the ministerial session, UNECA's Executive Secretary Abdoulie Janneh warned that: "Overcoming jobless growth in Africa would require strategies to increase agricultural productivity and manufacturing value-added." He expressed concern on the fact that: "we very often draw a direct link between growth and poverty reduction but sometimes overlook the direct and critical role of employment in increasing household earnings and its dynamic function in providing modern skills and contributing to increased output".

Mr Janneh concluded that "our collective exertions to promote growth and development will begin to show desired results when the vast majority of Africans are gainfully employed".

While commending the timeliness of the theme of this year's meetings, the Chairman of the African Union Commission, Jean Ping pointed out the poor degree of policy implementation as a serious impediment to the mobilisation for development and people's welfare.

Mr Ping noted that "there is no genuine dynamic for speeding up the transformation and growth of African economies, for creating new job opportunities and containing the scourge of unemployment, all of which are compounded by the undiversified nature of our national economies and, by implication, our sources of economic growth."

- Create an e-mail alert for Africa news
- Create an e-mail alert for Economy - Development news

    Printable version

On the Afrol News front page now

Rwanda succeeds including citizens in formal financial sector

afrol News - It is called "financial inclusion", and it is a key government policy in Rwanda. The goal is that, by 2020, 90 percent of the population is to have and actively use bank accounts. And in only four years, financial inclusion has doubled in Rwanda.

Famine warning: "South Sudan is imploding"

afrol News - The UN's humanitarian agencies now warn about a devastating famine in Sudan and especially in South Sudan, where the situation is said to be "imploding". Relief officials are appealing to donors to urgently fund life-saving activities in the two countries.
Panic in West Africa after Ebola outbreak in Guinea

afrol News - Fear is spreading all over West Africa after the health ministry in Guinea confirmed the first Ebola outbreak in this part of Africa. According to official numbers, at least 86 are infected and 59 are dead as a result of this very contagious disease.
Ethiopia tightens its already strict anti-gay laws

afrol News - It is already a crime being homosexual in Ethiopia, but parliament is now making sure the anti-gay laws will be applied in practical life. No pardoning of gays will be allowed in future, but activist fear this only is a signal of further repression being prepared.
Ethiopia plans Africa's biggest dam

afrol News / Africa Renewal - Ethiopia's ambitious plan to build a US$ 4.2 billion dam in the Benishangul-Gumuz region, 40 km from its border with Sudan, is expected to provide 6,000 megawatts of electricity, enough for its population plus some excess it can sell to neighbouring countries.

front page | news | countries | archive | currencies | news alerts login | about afrol News | contact | advertise | español 

©  afrol News. Reproducing or buying afrol News' articles.

   You can contact us at