Caucus Meeting of African Central Banks' Governors: statement by Carlos Lopes UN Under-Secretary General and Executive Secretary of ECA

Abstract

Statement by Carlos Lopes UN Under-Secretary General and Executive Secretary of ECA at the Seventh Joint Annual Meetings of the ECA Conference of African Ministers of Finance, Planning and Economic Development and AU Conference of Ministers of Economy and Finance. Mr. Lopes, on his remarks highlighted that, Africa collectively needs to create over 5 million jobs per year for its growing young population if it is to reap a potential demographic dividend and transform its economies into vibrant industrial growth poles. The structure of the economies of most African states has changed over time, with the services sector assuming a rising share of GDP relative to agriculture and a declining role for the manufacturing sector. An inclusive industrial development agenda will therefore require the active participation of small and medium scale enterprises in the manufacturing value chain, if Africa is to absorb the majority of the continent is growing labor force. The recent financial crisis has however taught us that in the absence of adequate regulation, unbridled financial inclusion could undermine financial stability. Rapid innovations in financial services offer exciting opportunities for monetary policy to play an even more important role in promoting inclusive industrial development.