Development

Good governance and structural transformation is key to Africa’s development, noted keynote speakers at African Economic Conference opened on Monday in Ethiopia’s capital Addis Ababa.

The conference which is being held under the theme “Governance for structural transformation” is expected to last until Wednesday, December 6.

Vera Songwe, Executive Secretary at United Nations Economic Commission for Africa, pointed out proper governance and structural transformation are key to healthy development of an economy.

“Governance and structural transformation can be said to be mutually re-enforcing. On the one hand, good governance and effective institutions are prerequisites for the attainment of structural transformation,” she said.

Songwe further highlighted how structural transformation can build strong institutions and advance good governance.

“As countries get more transformed, more effective institutions also become more affordable. Overtime, economic transformation can advance core governance objectives of accountability, participation and transparency,” she explained.

Ethiopian Prime Minister Hailemariam Desalegn, a guest honor at the conference, agreed with Songwe, saying his country sees governance and structural transformation as a timely and pertinent issue.

“Governance is the reason why some nations and societies do better than others and other stagnate or even collapse,” he said.

Hailemariam mentioned Asian countries for their economic successes over the last three decades which he said came about because they worked hard on governance and structural transformation.

“There are theories and experiences of recent success such as those of the Northeast Asia region and Africans can refer and look to it for better lessons,” he said. Enditem

Source: Xinhua/NewsGhana.com.gh

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