Political and economic reforms will be the key to Africa’s integration into the world economy, the International Monetary Fund (IMF) said on Sunday.
”Good governance, sound economic and educational policies would reward Africa with greater access to international markets, higher investment inflows, creation of job opportunities and stronger economic growth,” the IMF’s country representative, Samwel Itam, said in a statement.
”Marginalisation is inevitable for African countries that do not implement their economic policies and reforms with foresight,” Itam told a graduation ceremony at the US International University (USIU) campus on Saturday.
Itam challenged African leaders to embrace the New Partnership for Africa’s Development (NEPAD), a homegrown economic recovery plan calling for massive investment and greater dedication to democracy and good governance.
”African governments should aim to achieve sound macro-economic policies, good governance, improved expenditure management, efficient financial and legal institutions and price liberalisation,” Itam added.
He appealed to developed countries to take measures to allow trade benefits to spread evenly across Africa through partnership rather than patronage, and to open their markets to African countries without conditions.
”African economies cannot develop their natural resources without promoting human capital through a mixture of education’s output and the economy’s production structure,” Itam told USIU graduates.
The IMF, which has suspended aid to many African countries citing poor governance and economic policies, has demanded elaborate reforms before resuming ties. – Sapa-AFP