Forthcoming ERA 2009 calls for big-push on agriculture

Abstract

The impact of the global financial crisis and economic recession has already resulted in lower demand for Africa’s export and a sharp decline in commodity prices. At the same time, a projected decline in capital inflows to Africa, including aid, foreign direct investment and remittances will, accentuate the impact of the global credit crunch. The report notes that all major industrialized countries have pumped the equivalent of billions of dollars into their economies to support struggling firms and stimulate demand for goods and services. However, African countries do not have the resources to support their economies even though they are also feeling the pains of economic recession. This is alarming as many people will fall back into poverty, making the Millennium Development Goals even harder to attain.