African countries called upon to pursue sustainable economic growth
African countries have been called upon to pursue sustainable economic growth, by participants at the just-ended Africa Economic Commission (AEC) conference in Addis Ababa, Ethiopia.
On the final day of the conference Friday October 28, 2011, participants called on Africa to unleash its immense natural resource wealth to pursue sustainable economic growth and development.
In a press release issued by the AEC, the conference which was held under the theme “Green Economy and Structural Transformation in Africa”, brought together academics, economic experts, political leaders, civil society and the media, it said Africa has sustained a decade of solid progress, including impressive rates of economic growth.
“But the region faces the daunting task of making growth more broadly shared, creating employment and embarking on long-term and sustainable human development,” the release said, adding that, this would mean creating resilient, low-carbon economies, which would not only help contribute to global climate change mitigation efforts but would generate economic and business opportunities, including new employment prospects, and boost trade to the benefit of all Africans.
The Director of UNDP’s Regional Bureau for Africa, Tegegnework Gettu, said, “Making the growth process more inclusive and sustainable are two objectives that must go hand in hand.”
To achieve green growth, the region must begin to invest in its renewable and clean energy resources. It must also make sustainable use of its natural resources such as land and forests and capitalize on new opportunities to promote sustainable agriculture. Initiatives to mobilize carbon credits by slowing down deforestation and forest degradation are already underway and paying dividends.
The press release indicated that to achieve those objectives, Africa will need access to financing, technology and capacity-building.
“African economies need better access to various sources of international funding. It will help them create more sustainable economies and green and inclusive growth on the whole continent,” said Mthuli Ncube, Chief Economist of the African Development Bank.
The AfDB and its partners supports the establishment of an African Green Fund in the near future. It would allow Africa to develop low carbon and climate resilient economies, the release said.
It says that attracting interest from public and private institutions will also be key. This will be facilitated by generating a market environment that is conducive to technological innovation and investment in promising new sectors
The participants called for practical steps to advance sustainable development.
“Radical changes would be required in behaviour from governments, firms and consumers and matched by sufficient financial resources if this approach is to succeed,” said Abdoulie Janneh, Executive Secretary of UNECA.
By Emmanuel K. Dogbevi, back from Addis Ababa, Ethiopia