Sixty Fourth Meeting of the Council of Ministers of The Organization of African Unity : Statement by K. Y. Amoako, UN under-secretary general and executive secretary, ECA

Abstract

This Statement delivered by K. Y. Amoako, UN Under-Secretary General and Executive Secretary, at the Sixty Fourth Meeting of The Council of Ministers of The Organization of African Unity. Dr. Amoako, on his remarks highlighted that, economic trends are encouraging and the prospects are generally more favorable than earlier periods, they are not enough in terms of effectively confronting Africa's development challenges. Poverty persists and its reduction is still the most overwhelming development objective facing Africa. Globalization has also brought in new challenges and opportunities. Globalization is underpinned by liberalization of economic policies and technical advances, particularly in communications and information. In a globalized and liberalized economy, economies of scale generated by the creation of economic groupings provide a much needed first step towards effective integration into the global economy.