Global Financial Crisis - Africa to Lose $578 Billion in Exports Earnings

Image via Wikipedia

Babajide Komolafe

24 March 2009

African economies would suffer about $578 billion lose in export earnings in the next two years due to the on going global economic crisis.This is part of the observations of the Committee of African Finance Ministers and Central Bank Governors established to monitor the impact of the crisis on African countries

It would be recalled On 12 November 2008, the Heads of the African Development Bank, the African Union and the United Nations Economic Commission for Africa convened a meeting of African Ministers of Finance and Governors of Central Banks in Tunis, Tunisia, to discuss Africa in the face of the global financial and economic crisis. The meeting created a Committee of Ten to take stock of the impact of the crisis on Africa and provide appropriate advice to African Heads of State.

The committee in its report stated that, "Although most African countries are not on track to meet the Millennium Development Goals, Africa had made steady progress over the last decade, building the foundations for higher growth and poverty reduction. This more optimistic picture is now being undermined by factors outside its control. While the initial effects of the financial crisis were slow to materialize in Africa, the impact is now becoming clear. It is sweeping away firms, mines, jobs, revenues, and livelihoods; it is in short a full blown development crisis. For the first time in a decade there will be zero growth per capita. This note provides evidence of the effects, and suggests action needed.

allAfrica.com: Africa: Global Financial Crisis - Africa to Lose $578 Billion in Exports Earnings (Page 1 of 1)

Related articles by Zemanta

• We need to keep digging deep for Africa (guardian.co.uk)
• African leaders fear trade, aid cuts (mg.co.za)