THIS: Finance minister Ssendaula and ECA secretary K.Y. Amoako

By Sylvia Juuko

An experts group meeting on external debt has called for the establishment of a central marketing board for African commodities if these countries are to command better commodity prices and climb out of the debt trap.

“There is need to establish a central institution to buy and sell commodities like a marketing board type arrangements,” said senior economist at the UN Economic Commission for Africa, Shamika Sirimanne.
Sirimanne yesterday told the ongoing experts group meeting for African ministers of finance, planning and economic development at Speke Resort Munyonyo that the institution will stem the commodity price shocks that have hit most African countries.

She said commodity price shocks were responsible for Africa’s failure to exit the debt trap.
Sirimanne said the International Monetary Fund and World Bank should acknowledge that debt relief should be considered as part of financing the Millennium Development Goals.