17 November 2008
Africa's sole representative at the weekend's Group of 20 (G20) summit of world leaders, South Africa's President Kgalema Motlanthe, says reforms agreed on at the summit would require better representation for the continent in the international financial system.
In a statement released after the summit, which was summoned to discuss the current global financial crisis, Motlanthe said that as the only G20 member country from Africa, South Africa had been asked by African finance ministers to convey an African perspective to the summit.
Motlanthe said the G20 leaders had agreed on a strengthened system of international financial governance, in which the International Monetary Fund and the World Bank would play a key role.
"This must occur with a much more inclusive governance structure for both institutions, and for other relevant institutions, so that developing countries are effectively represented," Motlanthe added.
"This would entail far better representation for African countries in the international financial institutions than is currently the case."
Motlanthe also called on the international community to fulfil its commitments to increase aid flows to Africa. Volatile food and fuel prices had already damaged developing countries in Africa, and the latest financial crisis could do more harm.
Echoing Motlanthe's aid appeal, World Bank president Robert B. Zoellick said that the U.S.$100 billion a year spent on overseas aid "is a drop in the ocean compared to the trillions of dollars that are now being spent on financial rescues in the developed world."
He said in a statement that it was "a positive step forward that leaders of developed economies are now meeting together with leaders from the rising economic powers."
But responses to the crisis "must take into account the interests of the poor and most vulnerable in developing countries... The poorest developing countries must not be left out in the cold. We will not solve this crisis, or put in place sustainable long-term solutions by accepting a two-tier world."
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Just a quote from Frederick Douglass, which I think is relevant to this article. "Power concedes nothing without a demand. It never did and it never will." I'm wondering how the previous commentor believes that Barack Obama will have the final say over the politics of any African nation, let alone the entire continent. Why should the people of African would allow him to do so? I believe Africa has the brain power to get the job done. The question is does it have the will?
This is the same Summers, who, when he was a President of Harvard University, said women didn't have what it takes to be economists ? How did he become a President of Harvard of all universities ? Apparently they, Summers and Voulker, are more practioners of agenda politics than economics of true open and free markets.
I wonder why all the time Africa keeps on asking for Aid when it has lots of resources why not use the resources and forget about the rich nation.All the rich nations are doing is using there own resources to make huge sums of money and Africa can do the same with good governance. Make Africa a united country as the Africa Union leaders proposes last time.Can not always be asking for aid.Saying 100 billion is a drop in the ocean why not make it.
Dont hold out any hope for Obama getting a better deal from G20 group of Raskols.They will not listen to him some m,ay sneer at him when he turn his head while adressing them.Personally I feel that Africa is going to be further neglected.The only hope is to form a solid block in the oil cartel from each African nation and for each African nation to exercise good governance and that willn ever happen fisherperry@ymail.com