Globalization: An Opportunity For Catching Up Or A Risk Of Falling Behind in the Development Process?: Statement by Mr. K. Y. Amoako, executive secretary, economic commission for Africa

Abstract

This statement delivered by Mr. K. Y. Amoako, Executive Secretary, Economic Commission for Africa at the Globalization: An Opportunity For Catching Up Or A Risk Of Falling Behind in the Development Process?. Mr. Amoako, on his remarks highlighted that, the key challenge for African countries is to design strategies and policies to maximize the benefits from globalization while at the same time avoiding or minimizing the disruptive consequences to their societies and economies. Africa needs to pay sufficient attention to the domestic part of the policy equation defining international outcomes in trade, investment and financial flows. Research on Africa's export performance shows that Africa has progressively lost her global market share in traditional exports to a broad range of competitors due to domestic supply factors that reduced the competitiveness of exports. Africa needs to consolidate macroeconomic stability by continuing to undertake sound fiscal and monetary policies including realistic exchange and interest rates, as well as maintaining an outward oriented trade and investment strategy. The development problems of Africa are also problems for the entire international community and in particular the developed world.