Economic Commission for Africa - Professor Emmanuel Nadozié, director of the department of macroeconomic policy at the Economic Commission for Africa (ECA), has expressed regret at the weak performance of African economies.
In a speech at the the third Conference of African Economists that ended on Friday in Dakar, he said: 'The present performances are not sufficient for the continent to reach wide-scale, sustainable and inclusive development.' The conference was on the theme: “Africa industrialization and economic emergence.'
In most African countries, he said, growth was driven by production and export of some basic products and these countries were unfortunately being continually exposed to various external shocks, such as the weather conditions and poor prices.
In addition, the present growth rates have not resulted in significant job creation for most countries, he said, adding that the time had come for African countries to make more efforts to industrialise.
The biennial African economist conference is organised by the African Union Commission and ECA. It brings together the best African economists in the Diaspora and those residing in Africa to identify and analyse the economic problems facing African countries, in a bid to propose efficient and sustainable solutions.