The forthcoming 9th African Development Forum will scrutinize illegal financial flows, domestic resource mobilisation, new forms of partnerships and climate financing, among others.
The forum takes place every two years and is organised by the ECA, Africa’s policy think tank. The event, spearheaded by the United Nations Economic Commission for Africa, will hold later this month in Marrakech, Morocco, in a statement reported by it organisers.
The Executive Secretary, ECA, Mr. Carlos Lopes, said forum would discuss inventive ways to fund Africa’s transformation.
Since the late 1990s, many African economies have developed significantly, and a number of countries continue to benefit from accelerating growth rates.
Between 1995 and 2012, the continent’s Gross Domestic Product doubled in real terms, from $656bn to $1.369tn, while GDP per capita increased by 40 per cent, from $917 to $1,265.
Remarkable as these figures are, a number of challenges continue to obstruct Africa’s transformation.
A major obstacle has to do with the fact that the continent is still dependent on overseas support.
According to information and ECA findings, Africa needs approximately $200bn per annum to finance sustainable development, promote climate change adaptation and mitigation, and enhance economic resilience and competitiveness.
“For developing countries to access the funds they require, they must strive to mobilise additional financial resources’’ said Lopes.