High time Africa diversified economy: analyst
From PHYLLIS BIRORI in Kigali, Rwanda
KIGALI, (CAJ News) – RECENT turbulence in the international markets have made it more urgent than before for Africa to transform its economy, Kingsley Amoako, the President of the African Centre for Economic Transformation, has said.
“The sharp fall in commodity prices or the slowing of the Chinese economy has once again shown how vulnerable most African economies remain to external factors outside their control,” Amaoko said.
He was addressing delegates during the inaugural African Transformation Forum (ATF) which opened in Kigali on Monday.
“Transformation has the power to change that dynamic.”
He however said Africa, as a “latecomer” had the privilege to learn from others’ experiences.
Amoako told the audience Rwanda’s President, Paul Kagame had concluded a retreat with his cabinet, during which there had been a rigorous review of the implementation of transformative polices.
“President Kagame is an outspoken candidate for economic transformation. Under his leadership Rwanda has proved to be the best growth and turnaround story in Africa,” said Amaoko.
Executive Secretary of the Economic Commission for Africa, Carlos Lopes, told the delegates although Africa had experienced unprecedented growth over the past decade and had been remarkably resilient to the global economic crisis, its economic performance had not created enough jobs.
“The continent remains home to the world’s highest proportion of poor people. Furthermore, African economic growth has proven vulnerable to volatility in commodity prices, demand and perception fragility,” Lopes said.
– CAJ News
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