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ANC: Statement by Brian Sokutu, African National Congress spokesperson, welcoming the return of growth in the African economy (08/03/2010)

8th March 2010

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/ MEDIA STATEMENT / The content on this page is not written by Polity.org.za, but is supplied by third parties. This content does not constitute news reporting by Polity.org.za.

The African National Congress (ANC) welcomes the latest report by the International Monetary Fund (IMF) pointing to the return of growth in the African economy � back from the global crisis.
We welcome the report by the IMF released by its Managing Director Dominique Strauss-Kahn. The gist of Strauss-Kahn's message is that the global economic meltdown had a much deeper effect in Africa with families losing homes and parents losing children. Job losses tended to be temporary across Africa, leading to some people being in situations where they may never return to full-time employment.
The good news is that growth has returned to Africa - a confirmation of the recent message articulated by South African Finance Minister Pravin Gordhan in the Budget Speech. In recognising the return of growth, we are fully aware that it will take a few years to reach the 2007 levels.
While we welcome economic recovery, gearing ourselves for a bigger economic growth means taking into account lessons gained from the global economic crisis. Africa needs stronger growth to remove its vulnerabilities; should diversify its economies to minimise dependence on commodity exports alone and should broaden its markets with a new emphasis on regional economic development.
The proposal for a "Green Fund" to raise billions of dollars to mitigate against the effects of climate change will go a long way in rallying the world to find ways of dealing with the impact of this phenomenon on the African economy.

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