Ministerial Roundtable: Addressing the Impact of Drought, Floods and Declining Commodity Prices in Africa
Background
There has been a sharp drop in the prices of a wide range of commodities produced and exported by most African countries. Interest rates in USA have risen. These have had devastating financial and economic effects. The situation has been exacerbated by widespread and prolonged severe drought that have adversely affected agricultural production especially given that rain-fed agriculture remains the backbone of many African economies contributing over 90% to total agricultural output.
The resilience demonstrated by many African economies during the global financial and economic crisis a few years ago has now been put to a much more rigorous test. Recent euphoria expressed in various mantras such as “Africa Arising” and “six out of ten fastest growing economies are in Africa” is now faced with the challenges posed by the circumstances. In many cases growth has slowed down, production has dropped, unemployment rate has risen, poverty and inequalities are worsening, financial and fiscal imbalances have loomed, indebtedness has widened and credit downgrading woes are emerging.
How can Africa rise up to the challenge? Have countries integrated Agenda 2063 First Ten Year Implementation Plan (FTYIP), which is Africa’s blueprint for economic transformation, into their national strategic frameworks and action plans?
Against this background, the African Union Commission and the African Capacity Building Foundation (ACBF) are organizing a Ministerial Roundtable to offer a platform for ministers and experts to share their experiences and ideas on the best way to tackle the declining commodity prices, severe drought, and floods facing African countries.
The Ministerial Roundtable will afford Ministers an opportunity to appreciate the challenges in economic and financial management as well as agricultural production arising from the declining commodity prices and increased intensity in floods and drought.
The round table will end with a Communiqué summarizing main points raised on the nature and enormity of the crisis, viable interventions and pragmatic responses.
The meeting is closed and by invitation. Sunday 3rd April, Time: 9:00-15:30, CC11
For more information or media queries please contact: ACBF at root@acbf-pact.org