While the global economic downturn was dominating political and commercial discourse currently, it was essential to look beyond the current financial challenges towards a postcrisis economy, said World Bank MD Ngozi Okonjo-Iweala.

Addressing delegates attending the nineteenth annual World Economic Forum on Africa in Cape Town, he said that the continent would not remain in a permanent economic slump and, thus, leaders should begin to consider what shape a postcrisis African economy should take.

It was also essential that Africa used the opportunity of the current financial crisis to assess its position in the global economy and to reposition itself to benefit from the anticipated economic recovery.

Further, Okonjo-Iweala said that African leaders needed to use short-term solutions to mitigate the impact of the economic crisis as long-term opportunities to promote further economic growth.

It was reiterated that the main responsibility for sustaining and advancing economic growth rested with African leaders and it was essential that they contemplate the future of the continent's economy.

While deliberating a postcrisis economy, former United Nations secretary general Kofi Annan urged African leaders to focus on three critical areas as the basis of future economic growth.

Firstly, African leaders needed to pioneer ‘green development' and ensure that postcrisis economic growth was based upon a low-carbon model.

Secondly, Africa should concentrate on establishing a beneficiation sector to add value to the continent's immense resources of natural commodities. Such beneficiation would stimulate growth in job opportunities and, in turn, encourage further economic growth.

Thirdly, Africa should encourage more foreign direct investment in the continent. Annan especially referred to public-private partnerships stating that such joint ventures could help maintain and grow the continent's economy.