Kigali to host continental economic conference

Leaders and scholars from around the world will converge in Kigali next week to explore the continent’s prospects for sustainable and inclusive growth in the wake of the global economic crisis.The seventh edition of the African Economic Conference, slated for October 30 to November 2, is organised by the African Development Bank (AfDB), the Economic Commission for Africa (ECA) and the United Nations Development Programme (UNDP).The forum will be held under the theme; “Inclusive Growth and Sustainable Development in Africa in an Age of Global Uncertainty”.Speaking to The New Times yesterday, the Minister of Finance and Economic Planning, John Rwangombwa, said: “The forum will give us an opportunity as Africans to share ideas on how we can continue fostering sustainable, equitable economic growth and eradicating poverty despite the global economic challenges”.Hundreds of high-level participants including eminent academics, political leaders, representatives of international organisations, chief executive officers, civil society organisations and the media will take part.President Paul Kagame is expected to open the high-level meeting. Notable among other expected dignitaries are UNDP Administrator, Helen Clark, President of the AfDB, Dr Donald Kaberuka and Executive Secretary, ECA, Carlos Lopes.Africa has grown strongly over the last decade. Having weathered the economic crisis, the continent’s average growth is expected to rebound to 4.8 per cent in 2013.“The region now faces the challenge of translating that growth into effective poverty reduction and sustainable human development through employment creation, the establishment of robust social services, and opportunities for political and economic participation,” a statement from AfDB reads in part.The conference will examine the possibility of pursuing these objectives in the face of a worsening international economic environment, volatile food and fuel markets, and falling levels of exports, remittances and official aid.According to the National Institute of Statistics of Rwanda (NISR), the economy expanded by 9.9 per cent from April to June 2012, compared to 6.1 per cent the same period last year. Economic growth during this year’s second quarter is well above annual forecasts by government and the International Monetary Fund (IMF). Government projects an economic growth rate of 7.7 per cent this year compared to 8.6 per cent last year.“African policy-makers are by and large continuing to realise their quest for growth and improved well-being in their countries,” said Kaberuka.“However, in a difficult international environment, the question is how to meet the investment requirements to continue to forge ahead”.Participants will examine the key drivers of growth in Africa. With 50 out of 55 countries in the region producing or prospecting for oil, the conference will look at the possibility of using profits from extractive industries to spur economic diversification and investments in social capital and human development.“African leaders should seize the opportunity to use the continent’s immense natural wealth for the benefit of their people,” said Helen Clark, the UNDP administrator. “Inclusive growth starts with economic transformation. It means opening up the economy so that people can be in the driver’s seat.”Organised as a series of open debates, the African Economic Conference will provide a uniquely open forum for political leaders, academics and emerging talents from the continent to discuss African issues.With the number of the youth in Africa set to double by 2045, and 27 per cent of them currently unemployed, the conference will also look at the potential behind Africa’s present and future workforce.