Livingstone — Although southern Africa's growth has been driven by minerals and other natural resources, agriculture offers the greatest potential for transforming the Southern Africa's economy.
Speaking at the official opening of the 20th Session of the Intergovernmnetal Committee of Experts (ICE) in Livingstone, Zambia, Secretary to the Treasury, Fredson Yamba, representing Minister for Finance, Republic of Zambia, Alexander Chikwanda said that agriculture remains one of the most important source of revenues and foreign exchange earnings for governments in the region contributing an average of 30 percent gross domestic product and about 70 percent of employment in Southern Africa.
"Southern Africa boasts massive arable land water resources suitable for large scale crop and livestock production with great potential for fish farming region, but remains underutilized due to low value addition along the agricultural value chain" he said.
Yamba said that the region should optimize and develop agriculture to transform the region's economy to address rising poverty and growing inequality. "It is imperative that we boast our efforts to entrench inclusive growth and not merely marvel at high gross domestic products growth rates in our countries" he said.
Knowledge and technical capacity
Meanwhile, United Nations Economic Commission for Africa (ECA) Southern Africa Office, Director Said Adejumobi, said Africa needs knowledge and technical capacity.
He said that Africa would have to invest more in cutting edge knowledge and research, especially in science and technology and technical capacity in order to fully harness our natural resources.
Adejumobi said that the challenge was how to make natural resources work for us in stimulating industrialization, facilitating sustained economic growth and development and promoting social transformation.
"Knowledge and technical capacity are the major differentiating factors amongst nations in a knowledge driven World. This is what will make the difference for us in the next five decades as to whether Africa will remain producers of primary products or join the league of industrialized nations." He said.
He added that natural resources are national assets that should be used for the interests of all citizens expressing concern on economic inequality which has assumed a global problem. Southern Africa has one of the highest rates of economic inequalities in the World.
"Inequality has economic and social consequences. It deepens poverty, affects the quality of life, and denies the majority of the people the fruits of economic progress. It may also create social tension, if not taken care of, over time. As such, our economic growth must not only be inclusive but address the challenges of economic inequality."
Adejumobi added that the story about Africa Rising was real and visible, but the content and quality is what needs interrogation.
The two day high level meeting jointly organized by ECA and the Government of Zambia has brought together close to 100 delegates including representation from 12 member States and experts in natural resources, industry, academia, civil society and other international organisation. Also present COMESA, SADC, AU and other cooperating partners.
The ICE was preceded by a two day Adhoc Group Expert Meeting (AEGM) from 10-11March under the same theme 'Making Natural Resources Work for Inclusive Growth and Sustainable Development'. The meeting will among others discuss and review outcome recommendations from the AEGM.
