Ministerial statement: fifth joint annual meetings of the AU conference of ministers of economy and finance and ECA conference of African ministers of finance, planning and economic development

Abstract

The Fifth Joint Annual Meetings of the African Union (AU) Conference of Ministers of Economy and Finance and the United Nations Economic Commission for Africa (ECA) Conference of African Ministers of Finance, Planning and Economic Development met on the theme of “Unleashing Africa’s potential as a pole of global growth”. It is a theme that we consider to be both timely and pertinent. After a long period of decline and slow growth that spanned the 1980s and 1990s, it is refreshing to note that our continent has reemerged in the twenty-first century as a region that is alive with opportunities and prospects. Factors such as improved governance, a better and stable macroeconomic environment, an improved business climate, high rates of return on investment, abundant natural resources and more favorable commodity prices, increasing urbanization, an enlarged middle class and promising market potential have all combined to propel Africa into an era of sustained growth. Indeed, the continent has transited from its recent slow-growth trajectory to become one of the fastest growing regions in the world, achieving an average annual growth rate of above 5 per cent over the last decade.