African Finance Ministers to brainstorm on financial crisis

From Edmund Mingle, Abuja.
November 12, 2008
African Ministers of Finance and Central Bank Governors are to in Tunisia on November 12, to seriously discuss the potential impacts of the global financial crisis and on African economies.
The finance minister and governors are expected to brainstorm and come up with adequate strategies to enable the economies of African countries to withstand the shock as a result of the financial crisis in Europe.
The meeting called at the instance of the African Development Bank (AfDB), the African Union Commission and the United Nations Economic Commission for Africa, comes in the wake of uncertainty regarding the possible impact of the crisis.
Dr. Mohamed Ibn Chambas, President of the ECOWAS Commission, told the Times here that “the meeting is crucial.”
Talking to the Times after raising the issue at the Partnership with Africa Forum here behind closed doors, Dr. Chambas said he was leading a team of economist experts from ECOWAS to the meeting.
He said it was the conviction of the Commission that it was critical that appropriate measures were developed to protect our economies from the effects.
Sources at the forum, which was attended by the Nigerian President, Umaru Musa Yar'Adua, German President, Horst Hohler, President Blaise Compaore of Burkina Faso and Meles Zenawi, Ethiopian Prime Minister, and 50 selected prominent personalities in politics, business, industry and civil society from across Africa and Europe, that Dr. Chambas spoke frankly about the possible effects of the financial crisis on Africa.

Professor Emmanuel Gyimah-Boadi, Executive Director of the Centre for Democratic Development, who was a moderator for the forum, which was meant to frankly discuss how to remove barriers to partnership between Africa and Germany, said Dr. Chambas called for practical commitment and framework to deal with the effects crisis.

Economists remain divided over the likely impact of the financial crisis on African economies.

While the some believe it could result in a cut down on donor inflows which would adversely affect development projects in Africa, others believe the financial industry would not be affected because there is an insignificant link between the financial markets in Europe and Africa.
But Dr. Chambas, according to Prof. Gyimah-Boadi, wants the continent to have ready measures to deal with any eventuality and whatever the effects may be.
The forum, initiated by the German President four years ago to create a platform for dialogue among African and German leaders and stakeholders to discuss ways of making the partnership between Africa and Germany more productive, had the theme, “Barriers to partnership- how to overcome them.”