Diversification by African countries to help combat drop in commodities’ prices
Increased diversification for African countries and moving away from dependency on rain fed agriculture is what Africa needs to combat the drop of prices on Africa’s commodities on global scale.
During his press conference at the margin of the 26th AU Summit, the African Union (AU) Commissioner for Economic Affairs, Dr Anthony Mothae Maruping blamed the commodity demand drop on the current currency depreciation due to large interest rates in developed countries.
This supplements the inflation and foreign currency denominated public debt and has led to rising unemployment rates, income inequalities, erosion of tax base and low public revenue inflows.
Commissioner Maruping however lauded the AU for spearheading the domestication of Agenda 2063 and its first ten year Implementation plan noting that considerable progress is being made as already member states are highly receptive of the agenda and are integrating it in the national and regional strategic framework and action plans.
He stressed further that 2016 is a year to pursue logical conclusion of the implantation of Agenda 2063 and that plans are underway to operationalize the African Monetary Fund in Yaounde, Pan African Statistics Training in Yamoussoukro, Cote d’Ivoire and the Pan African Statistics Institute in Tunis, Tunisia.
The Commissioner reiterated words by the AUC Chairperson Dr Dlamini-Zuma that the Agenda 2063 is not only a program of the AU but also for African people in all their various diversities and that contributions from all sectors are welcomed and pertinent for the realization of this dream.
