Commodity price fall must speed up Africa’s economic transformation – Dr. Amoako

The President of the African Centre for Economic Transformation (ACET) Dr. K. Y. Amoako has said that recent events in the international economy have made it more urgent than ever before for Africa to transform its economy.

“The sharp fall in commodity prices or slowing of the Chinese economy has once again shown how vulnerable most African economies remain to external factors outside their control,” he said.

Addressing delegates during the inaugural African Transformation Forum (ATF) held in Kigali, Rwanda, he said economic transformation has the power to change that dynamic.

“We are here to act. We are here to accelerate Africa’s transformation, but the transformation cannot take place without committed and ethical leadership.

“It cannot take place without sustained engagement between the public and private sectors,” he said.

He said in all these areas direct peer-to-peer learning and knowledge-sharing should become the norm, saying: “Given Africa’s rapidly shifting development paradigm in favour of transformation, the timing of an event such as the ATF has never been more urgent”.

Dr. Amoako said since ACET started its work in 2008, a remarkable consensus has been formed both within and outside Africa — that economic transformation holds the key to sustained growth and prosperity.

This, he said, has now been endorsed by the African Union, the African Development Bank, the ECA and the African Heads of State and Government during their summit last year.

Dr. Amoako was joined by Rwanda’s Minister for Finance and Economic Development, Claver Gatete, and Executive Secretary of the Economic Commission for Africa (ECA) Carlos Lopes in the opening session.

“Our work will not end here. We are not here to talk. We are here to act. We are here to accelerate economic transformation.”

Read more at the B&FT Online

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