Lukong Pius Nyuylime
12 March 2008
A committee began meeting in Yaounde yesterday to size up the role of the sector in the sub-region.
Too much dependence on primary products by economies of the Central African sub-region has led to a persistent reduction in long term growth potential, a drop in the volume of investment and potential increase in the incidence of monetary poverty.
This is one of the major findings of the study carried out by the Economic Commission for Africa sub-regional office for Central Africa. Economic experts from the ministries in charge of the economy of countries of the central African sub-region, representatives of international institutions, representatives of economic communities and representatives of the financial and private sector began meeting at the Hilton yesterday to scrutinise the results, make adjustments and proposals to policy makers.
"Apart from the volatility of primary products on the international market, we have often observed that of products from the central African sub-region are inferior to world prices", Mamadou Hachim Koumaré , Director of the Economic Commission for Africa sub-regional office for Central Africa, told participants in a statement at the opening ceremony of the meeting. As if that were not enough, these products are exported in their raw state preventing the countries from enjoying the added value they are due. In fact, according to one of the experts, the sub-region benefits only five to ten per cent of the added value as a result of exporting unprocessed products abroad.
The multidimensional nature of the primary product sector called for the invitation of experts in several sub sectors including, economy and finance, planning, agriculture, industries, small and medium sized enterprises, sustainable development, research, international organisation and civil society to ponder on the study. "We wish to come out with an improved document which we will validate so it becomes a guide in policy formulation appropriate for the ameliorating the socio-economic conditions of the sub-region", Mamadou Hachim Koumaré said.
He wondered aloud what policies could be adopted if it is finally established that too much dependence on primary products instead retard development. This is the big question to be tackle by participants. That notwithstanding, lack of good road infrastructure which renders things difficult for the population to take their products to the market and low level of local processing are some of the factors that aggravate the situation.
The opening ceremony was presided at by the Technical Adviser of the Ministry of the Economy, Planning and Regional Development, Samuel Siroki.
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