Tuesday, 15 March 2016

Kigali Forum set to accelerate economic transformation in Africa

Kigali Forum set to accelerate economic transformation in AfricaAFT sets agenda for action in milestone event


K.Y. Amoako, president of the African Center for Economic Transformation  
KIGALI, Rwanda, 14 March 2016, -/African Media Agency (AMA)/- Recent events in the international economy have made it more urgent than ever before for Africa to transform its economy. This was the sobering message from K.Y. Amoako, the president of the African Center for Economic Transformation when addressing delegates during the inaugural African Transformation Forum (ATF) which opened today in Kigali. "The sharp fall in commodity prices, or the slowing of the Chinese economy has once again shown how vulnerable most African economies remain to external factors outside their control," Amoako said. "Transformation has the power to change that dynamic." 


Claver Gatete, Minister of Finance and Economic Planning  
Dr Amoako was joined by Rwanda's Minister for Finance and Economic Development, Claver Gatete and the Executive Secretary of the Economic Commission for Africa (ECA) Carlos Lopes in the opening session. 

The ATF has been organised by ACET, one of Africa's leading think-tanks and the Government of Rwanda - which has led one of the most inspiring stories of national transformation in modern history. 

Amoako said that since ACET started its work in 2008, "a remarkable consensus has formed, both within and outside Africa, that economic transformation holds the key to sustained growth and prosperity." This has now been endorsed by the African Union, the African Development Bank, the ECA and the African Heads of State and Government during their summit last year. But the AFT, he stressed, was not just any conference. 

"Our work will not end here...We are not here to talk... we are here to act. We are here to accelerate economic transformation". 

Welcoming an estimated 250 delegates from all parts of Africa, as well as from outside the continent, Claver Gatete, Rwanda's Minister for Finance and Economic Planning said that transformation had started taking root in Rwanda. 

"Our Vision 2020 envisages a country transformed in all aspects of the economy and the society moving towards a middle income country by 2020." He added that services - at 47% - had overtaken agriculture (33%) in GDP figures and growth had been inclusive, with a corresponding reduction of poverty. 

He told the audience that Rwanda's President Paul Kagame had just concluded a retreat with his cabinet, during which there had been a rigorous review of the implementation of transformative polices. "This is the actual process of transformation in real life" he said. 

"Our belief in and commitment to an African-led, collaborative and cross-stakeholder movement towards transformation is the reason why we have partnered with ACET to co-host this forum. Read more....

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