Meeting the Development Challenges in Africa: Opening address to the joint conference of African ministers of finance and ministers of economic development and planning by K. Y. Amoako executive secretary of ECA

Abstract

Opening Address to the Joint Conference of African Ministers of Finance and Ministers of Economic Development and Planning by K. Y. Amoako Executive Secretary of ECA at the "Meeting the Development Challenges in Africa". Mr. Amoako, on his remarks highlighted that, ECA’s recently released Economic Report on Africa, which introduces many new ways of measuring our continent’s economic performance. These additional measurements include rankings of overall economic performance by African countries and indices of policies and economic sustainability as they relate to prospects for reducing poverty. Our review of the recent past indicates that African countries have made significant progress towards economic and political liberalization. Africa’s macroeconomic performance over the past four years, averaging 4.5 percent GDP growth per annum, has laid a good foundation for further growth. Africa and its development partners must view all our resource flows aid, debt, investment and trade in a far more holistic manner than we usually do. We will pay considerable attention, at this conference, to the actions that policy-makers can take to promote domestic resource mobilization, reverse capital flight and attract foreign direct investment.