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Mo Ibrahim Foundation Discussion Forum Sets Priorities for Regional Economic Integration

Monday, 22 November 2010 20:28

Foundation_forumPress release
Port-Louis, Mauritius, 22 November 2010: At the Mo Ibrahim Foundation’s annual discussion forum, which this year covered Regional Economic Integration, global and African political, business and civil society leaders set key priorities for the further economic integration of the continent.  Recognising economic integration as a crucial step towards the further development of African economies, participants outlined an action plan to take this agenda forward.Foundation_forum
The Forum closed with an action plan to take forward:
Leaders were challenged to think boldly, stop debating and start acting. All stakeholders must be held accountable for implementation through continued measurement and assessment of concrete results.
Participants agreed that African money was and could be made available to further integration, particularly in the case of infrastructure projects. Africa ’s untapped wealth of natural resources was seen to be a key creator of wealth. High commodity prices and growing demand will fuel unprecedented opportunities for exploiting these vast reserves. Pension funds can also be made use of provided they are invested across the continent.
A pan-African stock exchange was called for, to create engines of investment and provide the private sector a means of realising their investments.
There was a call to move beyond the rhetoric of breaking down barriers to trade and existing aid paradigms. Instead it is time to push our leaders to offer the visionary leadership needed to prioritise projects and create innovative financial instruments, such as infrastructure bonds, in order to implement programmes for greater integration.
The media was seen to be a strategic partner to create demand for greater integration by educating people about its benefits.
The national prioritisation of regional economic integration, as is the case in Europe, is vital. This must come from the private sector and business leaders who already measure opportunities and potential and know that economies of scale, which can be achieved through integration, are critical to further development.
The diversity of African people, and youth of the continent’s population, is an untapped resource that should be provided with opportunities to grow into a skilled and productive workforce.
Frameworks are needed for engagement with external partners so that Africans extract the greatest value out of these partnerships.
Assessment of progress towards greater integration is a cornerstone for any future programmes and plans. The Ibrahim Index of African Governance, compiled by the Mo Ibrahim Foundation, will look to include these measures in the future but an independent common assessment mechanism is essential.
Dr Mo Ibrahim, Founder and Chair of the Mo Ibrahim Foundation, challenged African leaders to adopt a more ambitious agenda to further regional economic integration. He said, “Building regional economic integration must be underlined by principles of governance, transparency and accountability delivered by leaders bold enough to have a vision of a shared future.”
Opening the Forum, the Honourable Dr Navinchandra Ramgoolam, Prime Minister of the Republic of Mauritius said, “We firmly believe in the vision of a vibrant and modern African continent. Today, Africa is poised for what may be the most buoyant years in its recent economic history – provided we do what is necessary to make our economies perform better at national and regional levels.”
The Coalition for Dialogue on Africa (CoDA) will now be key in advancing this agenda.  CoDA will hold a meeting in Addis Ababa at the African Union Summit this January in order to ensure that the integration agenda is owned by the people and converges with their plans and priorities.
Resources from the Forum are available at www.moibrahimfoundation.org/forum-media
Ends
For more information please contact Risha Chande This e-mail address is being protected from spambots. You need JavaScript enabled to view it , +44 7817 723 720
About the Foundation
Established in 2006, the Mo Ibrahim Foundation aims to support good governance and great leadership in Africa. The Foundation works to:
* Stimulate debate on good governance
* Provide criteria by which citizens and governments can measure progress
* Recognise achievement in African leadership and provide a practical way in which leaders can build positive legacies on the continent when they have left office
* Support aspiring leaders for the African continent.

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