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.