Former secretary general of the UN, Kofi Annan, yesterday published an op-ed in the International Herald Tribune with some reflections about this past weekend’s G20 Summit and how to best move forward. He notes how the financial issues discussed at the summit are particularly relevant to Africa.

Excerpts below, full piece here

Events of the past few months have again underscored that no single country or small subset of countries, even the most powerful or wealthy, can manage the forces unleashed in our globalized world. The Washington meeting potentially represents the beginning of an era of unprecedented cooperation for concerted action on other equally pressing issues, such as climate change, food security and poverty reduction.

The current crisis comes as Africa struggles to maintain this positive momentum after a year of rising food prices and unprecedented volatility in fuel costs. Food and fertilizer are punishingly unaffordable for consumers and farmers. Recession and slowdown in high-income countries, as well as China, India and the Middle East, are resulting in plummeting commodity prices and exports, reduced remittance flows and decreases in foreign direct investment.

African leaders face an almost impossible challenge: how to protect their fragile economies and vulnerable people from global recession at a time when their revenues are decreasing. Maintaining levels of public investment is the basis for political stability and achievement of the Millennium Development Goals. Inability to do so could have profound consequences – in terms of unemployment, poverty and social and political tensions.

-Chris Scott