|
by Mr. Normand Lauzon
While world leaders were meeting at the G-20 Summit in London to discuss how to fix the global economy, African countries began to feel the consequences of the global economic slump. According to a recently published IMF study, economic growth in sub-Saharan Africa is expected to slowdown to 3¼ percent in 2009 from 5 percent in 2008. This is about half of what was forecasted a year ago. Diaspora remittances and official development assistance are also likely to decrease in 2009, although the OECD’s Development Assistance Committee (DAC) just published 2008 aid statistics indicating a record year with a total ODA net increase of 10.2% (US $ 119.8 billion).
Recognising that the current crisis has a disproportionate impact on the vulnerable in the poorest countries, G-20 nations pledged to “ensure a fair and sustainable recovery for all” and reaffirmed their commitment to meeting the Millennium Development Goals and initiatives such as Aid for Trade, debt relief and the Gleneagles declarations. Other measures include $50 billion to support social protection, boost trade and safeguard development in low income countries and $6 billion additional concessional loans and flexible financing for the poorest countries over the next 2 to 3 years. The IMF pledges to help Africa by providing supplementary funding and technical assistance.
From Africa’s perspective, the global crisis seems to justify exceptional measures. Some African economists are openly requesting that the debt taboo be broken by increasing public spending in administrations and state-owned companies. It might be easier to reach consensus on the stimulation and promotion of the regional market. As highlighted by South Africa’s former Finance Minister at the IMF-Africa Conference in Dar-Es-Salaam, “Regional integration can sharpen regional economic opportunities through trade and movement of goods and people which could become a major motor for African economic development in the future. This is especially important as developed country markets are likely to remain relatively closed for the foreseeable future. African states should look beyond narrow national interest and the AU and Regional Economic Communities (REC) need to be strengthened”.
In fact, what is the REC’s position regarding this crisis? The SWAC Secretariat invited Mr. Hamza Ahmadou Cissé, Director of the UEMOA Commission's Cabinet, to present, in this issue, his analysis of the global economic crisis and UEMOA’s position and responses.
Beyond the economic revival, good governance remains a fundamental lever for peace and development. There are many governance and conflict prevention instruments but they remain relatively obscure to the general public. Capitalising on previous SWAC work on the appropriation, dissemination and implementation of these instruments, the SWAC invited representatives from West African civil society to participate in a joint ECOWAS/SWAC workshop launching a Regional Action Plan on Governance and Conflict Prevention. You can find more information regarding the main pillars of this action plan within this issue.
> download the March issue |
