Ambitious agenda for enhancing African growth and investment

By Omoh Gabriel

An ambitious agenda for enhancing investment and governance across Africa and creating sustainable growth was discussed by 120 public and private sector delegates from 25 countries around the world during the Inaugural Meeting of OMFIF in Africa at the South African Reserve Bank last week.
OMFIF is a global body for confidential dialogue between central banks, sovereign funds, regulators, public debt agencies and selected private sector financial institutions. Gill Marcus, Governor of the South African Reserve Bank, told the meeting Africa was playing an ever larger and more positive role in the world at a time of great economic problems in the US and Europe.

Underlining the meeting’s cautious optimism, Prof. Lord Meghnad Desai, chairman of the OMFIF advisory board, said the improved picture across Africa showed all countries could achieve growth and dynamism by exploiting their own particular strengths and individual economic models. During separate ceremonies at the meeting, Governor Linah Mohohlo of the Bank of Botswana was presented with an OMFIF Lifetime Achievement Award for services to central banking in her home country and internationally. Dr. Monde Mnyande, Chief Economist at the South African Reserve Bank, was conferred with an Honorary Fellowship at the newly-founded OMFIF International Academy of Central Banking.

The meeting – built around the theme “The New African Market: Development and Diversity” – discussed possible setbacks for Africa caused by the threat of a new recession in industrialised counties and softer commodity prices. But it emphasised an overall brighter outlook, based on greater political stability, broader wealth creation, reduced debt burdens and more efficient financing. Other crucial requirements included progress in fighting corruption, strengthened trade integration with other faster growing regions and more success in harnessing domestic and foreign savings for investment and development – including from sovereign funds and other public and private sector asset managers. The list of attendees included 10 central bank governors and 15 deputy governors and equivalent board members.
The Pretoria meeting follows OMFIF gatherings at the Deutsche Bundesbank, Bank Negara Malaysia, the Central Bank of the U.A.E. and De Nederlandsche Bank in 2010-11, as well as a number of smaller meetings in London, New York, Washington, Tokyo, Seoul, Beijing, Kuala Lumpur and Singapore during the past 18 months.