As the global financial crisis continues shaping the economic landscape of Africa and the Least Developed Countries, a conference on action plan for Africa and the Least Developed countries, was on Thursday, June 25th, successfully concluded at the ECOSOC Chambers, at the United Nations Headquarters in New York.

The United Nations University (UNU) in collaboration with the office of the Special Adviser for Africa (OSA), and the Office of the High Representative for the Least Developed Countries (LDC) hosted the occasion.

In his opening remarks, Mr. Cheick Sidi Diarra, Under-Secretary-General, Special Adviser on Africa and High Representative for the LDCs, LLDCs and SIDs, gave an in-depth analysis of Africa’s challenges in the midst of a global economic meltdown.

Citing a decline in investment, earning, commodity production, infrastructure, health and education, he emphasized that Africa and the LDCs have fallen significantly off-track in meeting the Millennium Development Goals.

He laid emphasis on the regulation and supervision of financial sectors, sustained macro-economic reforms, adequate physical response and donor commitment as prerequisites to Africa and Least Developed Countries to effectively recover from the crisis.

Following Mr. Diarra’s introductory remarks, the keynote speakers Ms Asha-Rose Migro, United Nations Deputy Secretary- General, and Dr. Dipu Moni, Minister for Foreign Affairs of the People's Republic of Bangladesh and chair of LDCs, both provided a detailed analysis of the impact of the global financial and economic crisis on Africa and Least Developed countries.

Brilliantly detailing a contraction in growth, decline in capital flow and foreign direct investment, drastic reduction of income, a decline in trade, imbalances in physical space and automatic stabilizers, both keynote speakers echoed the proposed restructuring of the international financial infrastructure as fundamentals to Africa's positive emergence from the global financial crisis.

With emphasis on policy, they cited the commitment and cooperation of the international community as key to tackling developmental agendas for Africa and Less Developed Countries. Both speakers emphasized that meeting pledges made at the 2005 G8 summit, and the most recently 2009 concluded G20 summit will successfully enhance the developmental agenda for Africa and the Least Developed Countries.

The keynote addresses were followed by presentation of a background paper by Mr. Wim Naude, Senior Research fellow and project director, UNU World Institute for Development and Economic Research (UNU-WIDER).

In his presentation, Mr. Naude gave analysis on issues such as, a decline in trade; the credit crunch; risks to development; policy responses; risks in responses and the economic pitfalls to be avoided.

Papers on discussion of the economic crisis and the impact of the Global Financial and Economic crisis on LDC Economies could be downloaded here

The presentation was followed by panel discussions. The speakers were: Mr. Alexandra Aboagye, Senior Economic Adviser, Regional Bureau for Africa (UNDP), Mr. Stephen Groff, Deputy Director, Development Cooperation Directorate, Organization for Economic Cooperation and Development (OECD), Dr. Alhagi Bamanga Tukur, Executive President of the African Business Roundtable and Chairman of NEPAD Business Group and Mr. Roger Nord, Senior Adviser, African Department, International Monetary Fund (IMF)

Examining the role of governments, civil society and the donor community, the panelists laid emphasis on action plan for recovery, the G20 communiqué call on increase developmental aid; restructuring of the Brettonwoods Institutions; appropriate measures to increase Foreign Developmental Aid; and a reduction of indebtedness as essentials in recovering from the global financial and economic pandemonium.

What have we therefore learned from such a timely global conference?

From ancient civilization to slavery, colonialism and post-colonialism, much has been done, but a lot more needs to be done for a continent duped as the richest but inhabited by the worlds poorest.

This brings us to the theory of a scholar in contemporary African Studies. In his theory, Englebert argued that the contemporary African state is neither African, nor a state, because its origin is exogenous: it's derived from arbitrary colonial administrative units designed as instruments of domination, oppression, and exploitation.

A careful analysis of Africa’s economic architecture, infrastructure and trajectories, rightly puts Englebert’s theoretical analysis on track.

From the post-independence era, it could be argued that so many economic systems were either imposed or adopted by African nations without carefully studying their long term implications.

Neo-liberal market systems (Free Market Economy) and Marxist-Leninists market systems (State Control Market System) are among the many that are not new to Africa. And yet Africa continues to be characterized as the world’s worst economic architecture.

After decades of foreign imposed or adopted economic systems, what Africa needs is to take ownership and leadership. This can only be done by adopting economic systems that are practicable and in touch with realities of the continent's grass-root socio-economic architecture.  

The author is an independent researcher, analyst and consultant. He also produces The Sword of Truth at http://www.sofawarrior.blog.com .