Donald
Kaberuka, president of the African Development Bank
(AFDB), was one of
several African leaders raising the profile of trade
and business in Africa last week at the annual
meeting of the World Economic Forum
(WEF) in
Switzerland. The AFDB, which is dedicated to
combating poverty in Africa and mobilizing resources
towards the economic and social progress of regional
member countries, has just published the
African Development Report 2005, providing an
in-depth review of recent macroeconomic performance
and structural issues in Africa.
At the WEF gathering, Mr. Kaberuka spoke in a panel
focused on the growing importance of Chinese trade
with Africa, which has nearly tripled in just five
years, putting China on track to become the
continent's third largest trading partner by 2006.
Meanwhile, speaking about the sensitive issue of
agricultural reform in the West and its importance
for Africa’s development, Gordon Brown, the UK's
Chancellor of the Exchequer, noted that "on trade,
we haven’t done well, on aid, promises have been
made but will they be delivered," and that the "next
stage is to move towards empowerment". Paul
Wolfowitz, President of the World Bank, warned that
to cut poverty in half in Africa over the next 10
years would require 7% growth but added that he was
optimistic that African countries were stepping up
in terms of accountability, with Nigeria as a
particularly good example of getting it right.
African Development Report 2005 Released
The
African Development Report 2005 provides
an in-depth review of recent macroeconomic
performance and structural issues in Africa.
With respect to Africa’s economic performance, the
Report notes that it improved markedly.
On the domestic front, most African countries made
good progress towards prudent macroeconomic
policies and management.
