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AEC 2017 focuses on governance for structural transformation

AEC 2017The conference discuses the need to framing comprehensive and resolute industrial policies for African countries. (Image source: AfDB)On the theme of governance for structural transformation in African countries, the 12th African Economic Conference (AEC) is being held in Addis Ababa from 4-6 December 2017

The conference focuses on African governments’ role to drive industrialisation in their countries and need for adopting effective industrial policies and regulatory environment to promote industrialisation.

According to the AfDB, co-organiser of the conference, good governance is fundamental for sustainable structural transformation.

“The state must fulfil its role,” said the bank. “Evidence shows that countries with limited transparent, accountable and responsible governments and institutions, or weak socioeconomic systems, have experienced slow progress in diversifying the economy,” the AfDB continued.

Célestin Monga, vice-president for economic governance and knowledge management, and chief economist at the AfDB, said that transformation of African economies requires the concerted effort of government policies to provide the enabling environment.

“The goal of the 2017 African Economic Conference is to identify more specific governance policies and strategies for successful structural transformation, building on existing best practices and alternative African perspectives, leading to structural transformation,” he explained.

The AfDB stated that unlocking the industrialisation potential is one of the challenges that most African governments are facing today. The governments need to play an important role in leading the industrialisation process of their countries, framed by comprehensive and resolute industrial policy.

The 2017 AEC is organised jointly by the AfDB, the UN Economic Commission for Africa (ECA) and the UN Development Programme (UNDP).

The conference is expected to bring together more than 400 policy-makers, researchers and development practitioners from Africa and around the world to make strategic contributions to the achievement of structural transformation in Africa with an emphasis on developmental governance.