Economy

Africa’s economic progress requires investment in people: ECA

According to the ECA, Africa’s growth story is underpinned by increased investment in infrastructure, rapid urbanisation and rising aggregate demand

 
By DTE Staff
Last Updated: Tuesday 18 October 2016 | 07:31:24 AM
Earlier, UN Secretary-General Ban Ki-moon had called for strengthening good governance in Africa
Earlier, UN Secretary-General Ban Ki-moon had called for strengthening good governance in Africa Earlier, UN Secretary-General Ban Ki-moon had called for strengthening good governance in Africa

Addressing a high-level segment of the inaugural session of a series of events focused on Africa at the UN headquarters in New York, ECA Deputy Executive Secretary, Abdalla Hamdok lauded African countries for making "significant progress in governance, peace and stability, despite a weakening global economy.”

Engaging the audience on this year’s Africa Week theme, Strengthening Partnerships for Inclusive Sustainable Development, Good Governance, Peace and Stability in Africa, Hamdok indicated that the fundamentals of Africa’s growth story, “are underpinned by improved governance, increased investment in infrastructure, rapid urbanisation, a growing middle class and rising aggregate demand.”

He noted that there are significant improvements in the business environment and stated that there is increased diversification of trade and investment with emerging economies. He added that the discourse on regional integration and diversification of trade partnerships within the region has been boosted with the start of the Continental Free Trade Agreement negotiations.

This progress is not without some challenges, and as indicated by the Deputy Executive Secretary, further progress “will require meaningful participation for all segments of society as investing in people is key to harnessing tomorrow’s talent.”

Earlier on 10 October, UN Secretary-General Ban Ki-moon had called for continued support to the continent, particularly for strengthening good governance and for the implementation of the 2030 Agenda for Sustainable Development.

“An age-old African word of wisdom reminds us: ‘If you want to go fast, go alone; if you want to go far, go together’,” said Mr. Ban in his remarks at the inauguration of this week’s series of events focused on the African continent.

“The road to 2030 is long and arduous. If we are to achieve our collective global vision of delivering a life of dignity for all and leaving no one behind, we all need to work together in unison and with vigour,” he added.

Africa Week will, among others, highlight the importance of diverse partnerships for the effective implementation of the 2030 Agenda and African Union’s Agenda 2063, including partnerships between the UN, the wider international community and the continent’s regional and subregional organizations.

The annual Africa Week events opened on 10th October and will conclude on the 14th of October. They are jointly organized by the African Union Commission and NEPAD, the Department of Public Information, ECA and the Office of the Special Advisor on Africa.

 

The press release was published in the official website of the United Nation Economic Commission for Africa 

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IEP Resources:

Economic Development in Africa Report 2016: debt dynamics and development finance in Africa

African social development index (ASDI): Measuring human exclusion for structural transformation (North Africa Report)

Economic report on Africa 2016: greening Africa’s industrialization

Poverty in a rising Africa

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