Africa, France dialogue on financial crisis

  1. Posted on Tuesday 25 November 2008 - 08:35
    Mforgham
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    Solomon Tembang Mforgham, AfricaNews reporter in Limbe, Cameroon
    French colonies in Africa met in Yaoundé to map out appropriate strategies to avoid the current financial crisis which has rocked the United States of America and the world in general. The meeting attracted France's Secretary of State for External Commerce, Anne-Marie Idac and top financial gurus.
    Money1
    Beside the 14 Finance Ministers and their immediate collaborators of the Franc zone, many other top personalities also took part in the two-day workshop. They include Secretary of State in charge of French Co-operation, Governor of the Bank of Central African States (BEAC), Philibert Andzembe, Governor of the Central Bank of West Africa, Henri Dacoury Tabey among a host of other representatives from the IMF, African Development Bank and World Bank.

    Cameroon’s Prime Minister, Ephraim Inoni, asserted that the spirit of solidarity should be strengthened among members in order to develop a powerful and prosperous Franc Zone. He added that it is only through the stability of the monetary system that the global challenges can be combated.

    Most governments feel that the Wall Street financial crisis would probably affect their economies if appropriate measures are not taken to stem its impact; more so as the USA is the biggest trading partner with all the countries around the globe.

    Among the resolutions adopted at the meeting include attaining a growth rate of 3.9 percent, fighting inflation even when threatened by the rise in the price of food and petroleum products as well as foster long-term projects in view of accelerating development.

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