He was delivering the Inaugural Global Economic Governance Lecture at Oxford University in the UK.
He warned that aid/adjustment programmes implemented by the rest of the world could be destabilising for African countries. The sudden cessation or resumption of foreign aid could have locally "massive" effects. "African economies will remain highly sensitive to the role of multilateral institutions and donors. If the World Bank, International Monetary Fund, World Trade Organisation, Financial Stability Forum and the Bank for International Settlements do not represent the voices of the poor and marginalised, they are unlikely to correctly analyse the policy choices that can be used to address the concerns of the poor and marginalised".
In his speech he analysed some of the reasons why attempts at economic development in Africa had failed, and pointed out flaws that he perceived in development policies.
Particularly he argued that an emphasis on privatisation, and prudent macroeconomic policies, without concurrent re-skilling, education, and provision of social capital would not improve African economies.
In fact it had been shown to decrease quality of life in numerous instances, notably, and most recently, in Zambia.
Eschewing both state-controlled, and market-controlled systems, Manuel proffered a model of an "active, accountable state" that could allow individuals to engage in economic activity in markets and "provide a basic standard of living where people are unable or incapable of doing so".
However, in a globalised world, stability was not enough, he said.
"It is essential to create and support effective regional institutions that are credible interlocutors".
He mentioned institutions such as the Pan Africa Parliament and the African Peer Review Mechanism and censored African states for "holding too dear the idea of national sovereignty".
Today's challenge is to "translate the potential benefits of globalisation into real, tangible gains for the poorest in the world", he said.
"The open question is whether further progress will be made on the creation of an international environment that is capable of supporting our efforts". – Sapa.
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