Africa is ‘land of opportunity’, can help world return to growth – AfDB President

Africa is a land of opportunity and growth ready to help the world to return to economic growth, says Donald Kaberuka, President of the African Development Bank (AfDB).

According to a statement from AfDB, Mr Kaberuka made this known in a speech he delivered at the G20 meeting in Paris, France October 21, 2011 ahead of the summit in Cannes, Italy in November this year.

Mr Kaberuka said that Africa had, over the past decade, made a great leap forward, and had left behind the stagnation of the past.

He noted that the agenda of the French presidency of the G20 could contribute to this momentum and unlock the potential of Africa and all developing countries, not just for the good of Africa but also for the good of the world.

“Africa was a ‘bearer of good hope’ because of the support of the continent’s partners, its demography that includes a host of talented young people and entrepreneurs together, and the economic reforms that Africa has undertaken over the past years,” he said.

Mr Kaberuka however cautioned that there had been mistakes in the past and that there were “still some problems to be dealt with in the economic and political spheres and in the management of Africa’s natural resources.”

“We remain cautious and vigilant in dealing with both internal and external risks,” he said.

“Today, more than ever, the world needs a new growth momentum in order to deal with the multiple problems we face – unemployment, deficit, debt and global poverty.  Africa and its institutions are keen to play their part in that renewed growth momentum which the world economy needs at this time,” Mr Kaberuka concluded in his speech.

By Ekow Quandzie