Harsh economic times ahead for African economies
A former Head of State of Nigeria, H. E. Chief Dr. Ernest Shonekan, has passionately urged governments of African countries to seriously prepare for hard economic times, despite initially assumption that African economies were not going to be affected by the global economic crisis.
Dr. Shonekan gave the warning at the opening of the Ghana-Togo-Benin-Nigeria Business Summit 2009, which is currently underway in Accra.
The three-day business summit is being attended by the captains of industry, policymakers, and other stakeholders from the four countries.
He added that the global economic crisis had induced a significant contradiction in the global economy, with the world GDP expected to decline by 2.5% in 2009.
This has resulted to slumping demand, falling commodity prices, and mounting protectionist pressure, as well as restricted access to finance.
All these had contributed to an immediate reduction in foreign investment flows and remittances into the African sub-region, resulting in a sharp and rather sudden decline in the growth of our respective economies, which had been very robust for the past five years.
Although policymakers of individual African countries have taken steps to address the ensuing challenges, including bold reform measures in the banking sector, Dr. Shonekan, who delivered the keynote address at the summit, believed that “we in sub-Saharan Africa, and especially
Industry, Ms. Hannah Tetteh, observed that efforts at regional trade and economic in West Africa, must address our minds to the long term competitiveness of our economies.
And this must involve intensive and genuine dialogue between our leaders in both the public and private sectors” of the various African economies.
The former Nigerian Head of State appealed to the participating countries to consider how to use the summit to partner and collaborate to improve their individual nation's competitiveness in global ranking.
The Minster of Trade and integration in ECOWAS were moving at painfully slow pace, to remove the barriers to free movement of people, goods and services.
This, she said, created the impression that the region seems unable or unwilling to implement protocols and decisions drafted and adopted by themselves.
Additionally, security challenges brought about by wars, and its concomitant political and social destabilisation situations in many parts of the ECOWAS region have often conspired to further frustrate progress, and divert attention from the trade and economic liberalisation agenda of the region.
The Nigeria High Commissioner to Ghana, H. E. Senator Musiliu Obanikoro, emphasised, “It is important for us to understand that the era of independence is gone in today's world. The world has moved to the era of inter-dependence. It simply means we can only enjoy the promise of prosperity through cooperation, not through individual strength and resources.”
According to him, one way to achieve this was breaking both natural and artificial barriers which stand between us, to hamper the free flow of business opportunities in this part of our sub-continent.
The Ambassador of Togo and Dean of the Diplomatic Corps to Ghana, H. E. Tete Jean-Pierre Gbikpi-Benissan, indicated that hypocrisy, selfish interests of the various states, flimsy excuses of being compelled to protect national entities, must give way for the full implementation of the ECOWAS Protocol on free movement of peoples and goods.