Africa leaders call for recognition

  1. Posted on Friday 6 February 2009 - 08:35
    Tom Minney
    Image of Tom Minney
    Tom Minney, AfricaNews reporter in Addis Ababa, Ethiopia
    African leaders have said Africa must be given the chance to play a part in steps to recover from the global financial crisis.
    Liberia delegation at the AU summit
    Heads of States and Governments at the just ended 12th African Union summit declared: “A real voice should be given to Africa in the reform of the international financial institutions aimed at better management of economic shocks and ensuring predictability of resource flows and the effectiveness of aid.”

    The leaders anticipate that “the crisis will slow global demand for basic commodities, reduce capital flows (public and private) towards Africa, and affect their economies’ competitiveness. This will affect economic growth, worsen the balance of payments situation, aggravate budget deficits and slow efforts to achieve the Millennium Development Goals (MDGs).”

    The African leaders welcomed an invitation by the British Government to attend the G-20 meeting on financial crisis in London in April.

    The leaders again focused on promoting the development and integration of African economies by setting up three financial institutions - the African Monetary Fund, the African Central Bank and the African Investment Bank.

    They called for additional resources and sound regulation of the African financial system and the strengthening of regional and continental organizations as well as international partners. The said African stock exchanges should be integrated and this could help boost efficiency in the mobilization of domestic resources.

Latest News

  1. Elections: Wole Soyinka warns Mugabe, Wade03/02The Nigerian Nobel Prize winner for literature said heads of states who are trying to cling to power suffer the same fate as the dictators who were sw…
  2. Senegal in turmoil as protest intensifies01/02Hundreds of anti-government protesters Tuesday gathered in the central Dakar, Senegal to show their dissatisfaction over the incumbent president Abdou…
  3. Zimbabwe’s inflation still favourable -…01/02Zimbabwe's annual headline inflation still compared favourably with economies in the region, Reserve Bank of Zimbabwe Governor Gideon Gono said o…
  4. AFCON 2012: Sudan qualifies after four decades31/01The Sudanese national team has sealed a historic win over the Stallions of Burkina Faso.
  5. Senegalese opposition to intensify protests31/01Opposition and civil society groups in Senegal have vowed to increase their fight against incumbent President Abdoulaye Wade's presidential bid.
  6. Malawi: Rights coalition condemn stripping of…30/01The 39 members of the Solidarity for African Women's Rights Coalition based in 18 African countries have vehemently condemned the stripping of wo…
  7. Kenya to deworm five million children annually30/01Kenya launched the second phase of its national deworming programme at the World Economic Forum Annual Meeting 2012, aiming to treat 5 million childre…
  8. Benin’s Yayi Boni is AU’s new…30/01President Yayi Boni of Benin Republic has been elected chairperson of the African Union in the Ethiopian capital Addis Ababa
  9. Clashes in Senegal as Wade seek third term30/01Clashes have erupted in Senegal's capital Dakar and several other city cities ; after the Constitutional Council said President Abdoulaye Wade co…
  10. Africa Union’s top posts tightly…27/01All eyes are on the 18th African Union (AU) Summit that is currently underway in Addis Ababa, Ethiopia until the 30th of January 2012.
  11. Gambia's leader pulls out of AU presidenc…27/01Gambian President Yahya Jammeh has pulled out of the race for the presidency of the African Union's Assembly.
  12. NIGERIA: Chadians among Kano attackers26/01Nigerian police said people speaking a Chadian language were among the attackers who waged bombing and shooting sprees in Kano last Friday, killing a …
  13. Kenya’s finance minister resigns26/01Kenyan Deputy Prime Minister and Minister for Finance Uhuru Kenyatta has resigned on Thursday together with the Secretary to the Cabinet and head of t…
  14. Malawi losing $28m in fisheries resources26/01Malawi is losing $28 million (about MK4.6 billion) worth of fisheries resources each year due to unsustainable fishing in natural bodies.
  15. Nigeria’s president appoints new police…26/01Nigeria's president Goodluck Jonathan has appointed the assistant inspector general of police Mohammed Dikko Abubakar as acting inspector general…
News archive