Finance Minister Trevor Manuel on Friday urged closer African collaboration to bring about equity and change in global economic affairs.

Addressing the first-ever meeting of the Committee of Ten African Finance Ministers and Central Bank Governors (C10), he said the committee's remit was firstly, to take stock of the impact of the current economic recession on Africa.

"Secondly, to explore such actions derived from the observations that would inform the African Heads of State and thirdly, to make a case for governance reform in the multilateral economic institutions for enhanced African participation.

"Essentially, we are charged with ensuring that the African voice in global economic affairs is amplified," Manuel said.

The global economic downturn had brought the collapse of commodity prices, huge currency volatility, the collapse of equity prices across all stock markets, the virtual inability of most firms to access trade finance and the dawn of a period when capital markets were effectively closed to all developing countries.

"We have also witnessed how the rich world has speedily moved to reflate their financial sectors, with most G7 countries now in an environment of negative real interest rates -- the United Kingdom, for example, now has interest rates at the lowest level in the 314 year history of the Bank of England, while we remain trapped in poverty.

"Furthermore we are witnessing almost daily announcements of additions to fiscal stimulus packages in the rich world -- the United States for example will run a fiscal deficit of US1.2 trillion before the announcements by president-elect Barack Obama; while we remain paralysed because of our dependence on the Bretton Woods Institutions for fiscal support.

"Our concern is that those countries that have had their power enhanced by the economic growth model with its emphasis in financialisation of the past three decades have found the means to try and dig themselves out, while we remain trapped in a cycle of poverty.

"People find it strange that we cannot have huge deficits in the same way as the wealthy countries can, yet we need additional financing to provide even elementary services.

"Our call has to be for equity and change," Manuel said.

Some impacts of the global downturn could be measured in almost every African economy.

These included significant outflows of capital as recent investors retreated to square their positions in their domestic markets, and increasingly, African states were encountering significant fiscal pressures as their revenue sources dried up, expenditures rose to meet the most elementary levels of service provision, and they battled to retain expenditure levels in the face of significantly reduced GDP growth.

Among other things, export markets developed with enormous sacrifice were suddenly closed to imports from African countries as a result of falling consumer demand and increased protectionism, while the leading edge of aggressive marketing of products into African markets could be seen.

However, Manuel said the meeting was "not a session to lament our misfortunes".

"Instead, we want to take collective stock, understanding fully that the impact of these and other features will vary with country and circumstance.

"We are, however, duty-bound to raise these matters. To ask each of our Heads of State to evaluate the specific impact within their country and to advise the collective.

"We are saying that we will be in serious dereliction of responsibility if we failed to equip ourselves of the detail, to share these observations and to plan to be heard.

"Ours is a history of a battle for a fairer, more equitable world. This period is one where we must amplify the call -- neither for alms nor charity, but for an opportunity to deliver to our citizens that which they deserve.

"To attain this, we must evaluate every aspect of what we do, each institution that takes decisions that affect our lives and make the case for fairness and opportunity.

"This meeting is the beginning of such African collaboration. We offer no apologies for doing what we must," Manuel said.