Abstract
The New Partnership for Africa’s Development (NEPAD) and challenges of its foreign technical and capital flow need to be appraised after many years of the establishment of the NEPAD initiative and the role out of its African development agenda. The NEPAD’s strategies for implementation of projects and programmes within the foreign technical and capital flow expectations were considered important in taking the initiative forward. NEPAD sought both technical and capital flow support from the international community especially the United Nations agencies and the G8 countries - the United States of America, Britain, Canada, Germany, France, Japan, Italy and Russian Federation and many other development partners. But the high expectations of accelerated implementation of the NEPAD projects and programmes based on the G8 promises dropped following the low pace of fulfilling those promises in spite the perceived acceptance of the NEPAD initiative by the international community. As an Africa’s own agenda towards fast-tracking development, little or no impact has been recorded within the foreign technical and capital flow component of the NEPAD initiative. In the NEPAD 2012 business plan, it was also eluded that redemption of these pledged remains a huge challenge for the organization hence the need for this appraisal.
Highlights
The 2001 first African Union Summit in Lusaka, Zambia produced a blue print for a new partnership for development in Africa, the New Partnership for Africa’s Development (NEPAD).As the partnership proposed re-energizing of the socioeconomic and political insertion of African countries within the global configuration
The paper profiled an appraisal of promises versus commitments made by countries and organizations alike with a view to finding out how far these promises were redeemed towards envisaged fast-tracking of the NEPAD initiative
African economies are characterized by small domestic markets, huge structural weaknesses such as underdeveloped physical infrastructures, ineffective financial sectors and poorly developed manufacturing sectors, which are highly dependent on imports for capacity utilization and accumulation
Summary
The 2001 first African Union Summit in Lusaka, Zambia produced a blue print for a new partnership for development in Africa, the New Partnership for Africa’s Development (NEPAD).As the partnership proposed re-energizing of the socioeconomic and political insertion of African countries within the global configuration. The NEPAD document presents a new set of objectives, goals and expectations for international trade, debt-reduction, access to technical and financial aid, support for conflict-resolution initiatives, material and political support for implementation of strategies to curb HIV/AIDS and other infectious diseases and support for nation-building efforts such as initiation and enhancement of human and physical infrastructure and institutions and processes of governance. The NEPAD initiative was prepared to achieve these goals and objectives through partnership collaborations between Africa and the government of technically advanced countries and multi-lateral organizations such as the International Monetary Fund (IMF), the World Bank and the World Trade Organization (WTO). The NEPAD initiative emphasizes strengthening the five Sub-Regional groupings on the continent namely, the Southern African development Community (SADC), the Mahreb Arab Union (MAU), the Economic Community of West African states (ECOWAS), The Central African Development Community (CENSAD) and the East African Economic Community (ECC) through capacity building and within the rationalization of existing regional organizations. The paper profiled an appraisal of promises versus commitments made by countries and organizations alike with a view to finding out how far these promises were redeemed towards envisaged fast-tracking of the NEPAD initiative
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