Kaberuka optimistic of Africa's reforms

Mr. Donald Kaberuka, President of the African Development Bank (AfDB) has expressed optimism about the positive effects of economic reforms in African countries. "After decades of reforms and adjustments, many African countries are now experiencing economic growth and poverty reduction," he said in a lecture delivered in honour of Mr Joseph Mubiru, the first Governor of the (Central) Bank of Uganda. His topic was 'The African Economy: Fifty Years after Independence". A statement issued by the Bank received in Accra on Monday said Mr Kaberuka noted that nonetheless the renewed growth was largely driven by commodity prices and not as a result of changes in the structure of the economies. To sustain this positive trend, he emphasized the need to learn from the past, consolidate growth drivers, build strong institutions, develop infrastructure and trade, and ensure policy predictability. He also noted that demography, urbanization and climate change were the required global common action. Mr. Kaberuka, visited Uganda from 3-7 October at the invitation of the Government. The statement said the government of Uganda, one of the three largest recipients of ADF resources, highlighted its priorities which include energy, transport, water supply and sanitation and access to credit. Regional integration emerged as a central element for Uganda's growth and development during the discussions on energy and access to seaports. It was also noted that the discovery of oil opened opportunities and macroeconomic challenges.