Finance Ministers and General Mangers of African Central Banks yesterday met in Tunis, Tunisia, to reflect on the consequences of the international financial crises on the African economy.
The Chairperson of the African Union Commission, H.E. Jean Ping, was in the meeting jointly organised by the African Development Bank (ADB), alongside the African Union Commission (AUC) and the African Economic Commission (ECA).
Participants at the meeting brainstormed on the consequences of the financial crises on the African economy and were able to share views on the most appropriate solution in dealing with the issue in order to minimise the negative impact of the crises on the African society as well as mobilised support to establish a common and coordinate African position to overcome the financial crises.
Responding to a question during an interview to journalists on the international financial crises and its consequences on the African economy, Chairperson of the African Union Commission Jean Ping said â€œ it is a very serious issueâ€ given that the crises did not only affect some banks and Insurance companies but it has become a systemic bankruptcy of all financial institutionsâ€.
Mr. Ping however explained that, the scarcity of cash worldwide, â€œwould have serious impact on the development of investment in Africa given that the rate of investment within the continent was already insufficientâ€. â€œThis could also affect aid for development as Donor Countries would definitely be confronted to some difficulties,â€ he added.
He said â€œit will be wrong to think that this crisis will spare Africa, in the contrary, it would have a repercussion on the African populationâ€. The AU Commission Chairperson Ping called on the African people not to rely on others. â€œWe have to take stock of the situation by ourselves and take the necessary decisions to help solve the problemâ€, he emphasised.