Africa to hold ministerial conference on financial crisis

Finance ministers and central bank governors of Africa will meet on the 12th of November in Tunis to examine the effects of the international financial crisis, was announced Thursday by the African Development Bank (ADB).

The conference, initiated by the ADB, aims to mobilize Africans finance leaders to a “common response” to the international financial crisis, according to a press release issued by ADB in Tunis, its temporary headquarters. As the debate on the reform of the Bretton Woods system intensifies, the ADB president Donald Kaberuka and the President of the Commission of the African Union, Jean Ping, want to ensure that the voice of Africa will be heard.

President Kaberuka in this regard announced on the 7th of October his concern over a medium and long-term financial crisis on African economies. He is sure that Africa will be affected by a slowdown in global growth and a reduction in demand, he warned at a press conference. He mentioned the risk of job loss, the hardening of migration policy and the expected decline of remittances from emigrants.

Other concerns raised were a decrease in the volume of aid and that the public access will be more difficult and costly to capital markets for middle-income countries. The ADB also referred in its statement Thursday the negative effects of recent outbreaks of food prices and oil, which are “likely to affect economic growth in Africa”.

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