Africa can be a vital global player

performance of our continent such that it showed relative resilience to the global economic and financial crisis.
This is the time to engage in a massive transformation of our continent with the objective of improving the lives and well-being of the vast majority of the African people. Since the Eurozone crisis and the global uncertainty that it has generated impacts on Africa’s prospects, it is evident that the issue needs to be analysed more closely. We need to look at how best to build on the momentum for attaining the MDGs as we draw closer to 2015. We must pay attention to these matters so that they can contribute to our vision for Africa by the year 2050.
I wish to highlight a few things that we need to pay attention to inorder to transform our continent meaningfully. To start with, we would need to deepen the governance agenda. We have brought about credible changes in the area of governance and demonstrated strong commitment to democracy and democratic practices.
We are also openly debating our governance challenges including through the establishment of the African Union Anti-Corruption Board and also notably through the African Peer Review Mechanism. However, there is urgent need to move to implement the results and outcomes emanating from the reviews and it is in this context that we must all be worried by recent events in Mali.
Going forward, Africa must also continue to harness its resources, with which it is deeply endowed, for growth and development. We must take account of the African Mining Vision in extracting our natural resources using accompanying rents for development and by adding value through beneficiation.
The natural resources sector is closely intertwined with the economic, social and environmental pillars of sustainable development and to climate change which means that we must pay close attention to the outcome of the forthcoming Rio+20 Conference just as we have to the negotiations on climate change which poses a big constraint to our development.
Our African Development Forum later this year will deliberate on “Governing and Harnessing Natural Resources for Africa’s Development.”
Africa has a huge resource in its young people. We must accordingly work to galvanise the dynamics of our youth by inspiring them and providing them with opportunities to contribute to the development and transformation of our continent, while our leaders act as role models for them.
Similarly, Africa’s women typify the potential of this continent and we need to tap into their energies and resourcefulness to keep the growth momentum going. Social inclusion of these two valuable parts of society as well as of other vulnerable groups is also essential for progress and stability. In the context of harnessing resources, we need to continue our efforts to mobilise domestic resources especially by widening the tax base and exploring innovative sources of finance. Closely linked to this is the issue of illicit financial outflows from the continent.
I am pleased to report that the High Level Panel established for this purpose has already started work under the very capable leadership of former president Thabo Mbeki of South Africa.
Our people in Diaspora are a significant part of the resources available for the development of this continent. While I would prefer that my doctor is based in Axum, but if she has to be based in Washington then she should be encouraged and enabled to contribute to access better social services at home be it through inward investment or remittances. The Diaspora is an important constituency for us.
Africa must transform its agricultural sector if it is to make headway in unleashing its potential. Agriculture is the mainstay of most of our economies through its contribution to national income, employment and livelihoods. We must therefore boost the prospects of this sector to ensure food security and overcome the dangers of drought and famine. Our rural finance and land policies must be developed to contribute to these desired outcomes. The examples from other regions show that if Africa is to achieve its true potential then it must use trade as an engine of growth and transformation. Trade within the continent and with the rest of the world is a veritable engine of growth and Africa must continue its valiant efforts to obtain a fair, just and equitable international trading system whilst up-scaling efforts to boost intra-Africa trade.
This matter which was the theme of the last AU Summit should be taken to its logical conclusion including through the establishment of a Continental Free Trade Area at the appropriate time.
All these efforts will need to be brought together through a deliberate, clear cut programme of regional integration. The encouraging figures on Africa’s market size, foreign exchange reserves, natural resource base, and flows of foreign direct investment are all aggregate figures and only confer an advantage in the context of a seamless African economy. — African Executive.

Abdoulie Janneh is the under-Secretary-General and Executive Secretary of ECA. He made the remarks at the Fifth Meeting of African Ministers of Finance, Planning and Economic Development.