Nairobi — Sub-Saharan African (SSA) countries have seen a shortfall of $134 billion (about Sh174.2 trillion) or $2.5 billion (about Sh3.2 trillion) per country in financing due to the global economic meltdown as international financiers and investors kept away.
According to forecasts, 10 African countries are experiencing a decline in real gross domestic product (GDP) by as much as five per cent compared to forecasts made before the crisis. The countries are Botswana, Angola, Seychelles, Equatorial Guinea, Madagascar, Gabon, Democratic Republic of Congo, Lesotho, South Africa and Nigeria, Kenya, Tanzania and Uganda.
This emerged from a paper by Dr Dirk Willem te Velde, the director of programmes and research fellow at the UK's Overseas Development Institute (ODI), presented at the conference on "Rethinking African Policies" convened by the African Economic Research Consortium.
"Recently, it has become clear that SSA has been affected also by financial contagion. International bank lending increased at unsustainably fast rates until September 2008, but has since decreased significantly, by around 10 per cent in the case of Africa," said Dr Velde.
The shortfall in funding for SSA countries came about through such channels as trade, overseas bank lending, remittances, portfolio flows and foreign direct investment (FDI).
Besides the 10 African countries experiencing declines in real GDP of more than five per cent in 2009, 11 others were seeing a decline of between three and five per cent while 19 others had a decline of between one and three per cent compared to the forecasts before the crisis.
He said: "We note that there are still some useful messages for African countries: There needs to be more debate on the appropriateness of the fiscal stance in African countries in times of crisis (and) there needs to be more emphasis on building flexible institutions to ensure that taskforces work."
Further, he said, there needs to be a more active approach to openness and trade and finance diversification, not only because of general development concerns but also to make growth more crisis resilient and to reduce exposure to external shocks and promote domestic resource mobilisation.
The global economic meltdown, which started in USA, saw a dozen companies close.
The report says that developed countries have responded quickly to the crisis with large bailouts, unprecedented monetary easing and fiscal stimuli, but in doing so have shown protectionist tendencies. While developing countries have also adopted policies to mitigate the effects of the crisis, they have, in stark contrast, shown very few signs of increased protectionism.
The report 'Economic Policies in G-20 and African Countries during the Global Financial Crisis: Who's the Apprentice, Who's the Master?' was first presented at the African Economic Research Consortium Conference on December 6-8, 2009, in Nairobi, Kenya.
ODI is Britain's leading independent think tank on international development and humanitarian issues. Its mission is to inspire and inform policy and practice which lead to the reduction of poverty, the alleviation of suffering and the achievement of sustainable livelihoods in developing countries.
Comments 1 to 2 of 2 Post a comment
HeyNow Afrikan Family !
On Afrikans Investing In Technology , Afrikans abroad & In Afrika
Should Invest In The Technologies around the world And Have It
Shipped To Afrika With The Know-How To Do It Ourselves.. We
SHOULD NOT just allow countries to come into our countries and build
and settle on our lands. If you will allow a stranger to run your country,
Then you will allow then to run your state. If you will allow a stranger to run your state,
then you will allow them to run your city, your neighborhood, your home, your family,
yourself.. We Black Afrikans will be free , when we stop selling ourselves !!!!!!!
America (The Whore Of Babylon) Is Trying To Re-vive it'as dying
soul via other ASIANS & CAUC - ASIANS , But Prophecy Is
Pronounced :
And in those times there shall many stand up against the king of
the south(AMERICA / BABYLON ): ALSO the ROBBERS OF OUR
PEOPLE shall exalt themselves to establish the vision; BUT
THEY SHALL FALL ! [Daniel 11:14 ]
ATTENTION AFRIKA , you have 300 million citizens spread
abroad that need your help getting back to our roots. While you
are looking to countries like America & China to uplift Afrika, Many
of us Black Afrikans spread abroad are proficient in a lot of useful
technologies. Here is a brief synopsis of some of the inventions
that Black Americans have produced. So please help us to get
home.
BLACK AFRICAN INVENTORS AND THEIR INVENTIONS
* Sarah Boone - IRONING BOARD - April 26, 1892
* John A. Burr - LAWN MOWER
* Marie V. Brittan Brown - HOME SECURITY SYSTEM - Dec 2, 1969
* Buridge & Marshman - TYPEWRITER
* George Carruthers - X-RAY MACHINE
* George Washington Carver - PEANUT BUTTER - PAINTS PAINT STAINS ETC
* W.A. Dietz - SHOE
* P.B. Downing - POSTAL LETTER BOX
* Charles R. Drew - BLOOD PLASMA STORAGE SYSTEM
* T. Elkins - TOILET (COMMODE)
* Robert Flemming Jr. - GUITAR
* George F. Grant - GOLF TEE
* J. Gregory - MOTOR
* Michael Harney - LANTERN
* Augustus Jackson - ICE CREAM
* B.F. Jackson - GAS BURNER
* H.A. Jackson - KITCHEN TABLE
* Ruane Jeter - DIGITAL TOASTER - April 14, 1987
* Isaac R. Johnson - BICYCLE FRAME
* John A. Johnson - WRENCH
* P. Johnson - EYE PROTECTOR (GOGGLES)
* W. Johnson - EGG BEATER
* Frederick M. Jones - DEFROSTER - REFRIGERATION CONTROLS AIR CONDITIONER
* Jones & Long - BOTTLE CAPS
* John H. Jordan - CLOTHES DRESSER
* Mary B. Kenner - SANITARY BELT (TAMPONS) - May 15, 1956
* Mary B. Kenner - BATHROOM TISSUE HOLDER - Nov 19, 1982
* Mary B. Kenner - BACKWASHER ( BATHTUB OR SHOWER MOUNTED) - July 29,1987
* Lewis Latimer & Nichols - ELECTIC LAMP
* W.A. Lavalette - PRINTING PRESS
* Maurice W. Lee PRESSURE COOKER
* A.L. Lewis - WINDOW CLEANER
* John L. Love - PENCIL SHARPENER
* Tony J. Marshall - FIRE EXTINGUISHER
* Alexander Miles - ELEVATOR
* Jan E. Matzeliger - SHOE LASTING MACHINE
* W.A. Martin - LOCK
* Garrett A. Morgan - GAS MASK - Traffic Signal
* Lydia Newman - HAIR BRUSH - Nov 15, 1898
* Alice H. Parker - HEATING FURNACE - Dec 23, 1919
* J.F. Pickering - AIR SHIP (BLIMP)
* Purdy & Sadgwar - FOLDING CHAIR
* W.B. Purvis - FOUNTAIN PEN
* L.P. Ray - DUST PAN
* W.H. Richardson - BABY BUGGY
* G.T. Sampson - CLOTHES DRYER
* .W. Smith - LAWN SPRINKLER
* J. Standard - REFRIGERATOR
* T.W. Stewart - MOP
* Paul E. Williams - HELICOPTER
* Granville T. Woods - Roller Coaster
* Thanks to The Black Inventors Museum *
* Address : P.O. Box 76128 - Los Angeles , Calif. (90076)
* Phone (310) 859-4602)
* Director : Ghanaian Mr. Hamza Salifa
AND
ONE AFRICA TOURS & SPECIALTY SERVICES LTD.
* Major Contributor of Information : SEESTAH Imahkus Nzinga Ababio Okofo
[ http://www.oneafricaghana.com/ ]
P. O. Box CC 1251 - Cape Coast
Ghana - West Africa
What can you do to help us ?
Start with contacting Pan-Afrikanist organizations like BLACK
STAR MEDIA (Modelled after Marcus Garveys Vision For Afrika) : They are at
[ www.libradio.net ]. The CEO of BLACK STAR MEDIA is Keidi-Obi
Awadu. He has been on the frontline fighting for our freedom for
over 30 years.
It's Not A Question Of Other Learned Societies.
It's The INFERIORITY COMPLEX WE HAVE TO SHED
St. Paul In A Letter To The Christians In Rome Said :
" For I say, through the grace given to me, to every man that is
among you, NOT TO THINK OF HIMSELF MORE HIGHLY Than
He Ought To Think; but to think soberly, according AS GOD HAS
D EALT TO EVERY MAN THE MEASURE OF FAITH .
We All Should Think Highly Of Ourselves, Keeping In Our Mind
That God Gave Us Dominion Over The Earth
, NOT EACH OTHER. !!!!!!!!
So let's please help us to return to our Mama Afrika as Israel
under Moses escaped their exile !!!!!!!
[ Their will be an exodus of nations leaving America ; returning to their ancestral homes
e.g. Black Africans to nations like Ghana, Sierra Leone, etc ]
Jeremiah, chapter 50 : 16
Cut off the sower from Babylon ;and him that handles the sickle in the time of harvest
For fear of the oppressing sword they shall turn every one to his people, and
THEY SHALL FLEE EVERY ONE TO HIS OWN LAND .
MAMA AFRIKA YOUR CHILDREN WANT TO COME HOME !!!!!!!
[Check Out :
WHO BROUGHT THE SLAVES TO AMERICA ?
[ http://isohunt.com/torrent_details/42787621/Who+brought+the+slaves+to+ameri ca?tab=summary]
for full length video
FRITZ SPRINGMEIER A Bold Christian Truthseeker
The Top 13 Illuminati Bloodlines
[ http://www.youtube.com/watch?v=k73Q2_f4vKU ]
WAKE UP ! STAY UP MY BROTHERS & SISTERS !
[ www.libradio.net ]
[ www.allafrica.com ]
[ www.gcnlive.com]
- Life Is a Game. Have Fun. [ Luke 18:17 / Isaiah 11:6 ] :
to upliftdarace_144:
Oh my! How uninformed you are.
None of those things were ever invented by the Africans. Never do the Africans invent things. The examples you noted above are of people who hold some patents on items that White European people have invented. Interestingly enough, none of the people you cited has an African name...thats because the Africans cannot invent or built anything. But they are very skilled at breaking and destroying things. Look at the DRC or Zimbabwe. The Africans have an IQ 20% below of their Oriental counterparts: http://en.wikipedia.org/wiki/Race,_Evolution,_and_Behavior. So give us a break and go back to your hut.