Africa Is Back

IMF Blog, March 9, 2010

Source details

Author: Dominique Strauss-Kahn, Managing Director of the International Monetary Fund
Publication date: March 9, 2010
Trip itinerary referenced: Kenya, South Africa, and Zambia
Key public engagements referenced: a live TV debate in Nairobi with Prime Minister Odinga, Minister of Finance Kenyatta, Nobel Laureate Wangari Mathai, Transparency International's Akere Muna, and Bob Geldof; a March 8 debate at the University of Nairobi.

"Africa is back"—phrase used by the author to describe renewed energy and agency across Sub-Saharan Africa.
Strong sense expressed that "Africa's destiny will be driven by Africans, not by others."

Priority on sound economic policy
- Good economic policies helped buffer Africa during the global financial crisis.
- Good economic policies are identified as "the key to the future—to bringing growth back to pre-crisis levels and to generating jobs."

Importance of good governance
- Emphasis on the new role of a vigorous civil society in promoting transparency and accountability.
- Noted openness in public debates about corruption, transparency, and accountability—examples include live TV debates and university events.

Growing engagement with the global economy
- Increasing awareness of Africa's role in trade, investment flows, and aid.
- Bob Geldof argued that Africa could become a "global growth pole" by 2050; achieving this will require managing global forces that will impact the continent.

Climate change and "green growth"
- Rising awareness in Africa of climate change as a strategic issue.
- Wangari Mathai highlighted Africa's potential "leading edge" in "green growth."

Concept of a "green fund"
- Proposal described as a fund "with the capacity to raise $100 billion a year for both adaptation and mitigation."
- The author clarifies that such a fund "would not be managed by the IMF," but IMF staff are working on a contribution to the global debate on climate financing.
- Nick Stern is noted as supportive: "I am heartened that Nick Stern, who has considerable credibility on this particular issue, feels the same way."

The author refers to an earlier post from the same trip: "IMF—Delivering on Promises to Africa."
Cross posted on Huffington Post.

Source: Africa Is Back — Dominique Strauss-Kahn, March 9, 2010.