G7 & Africa: Dr. Lemma Senbet on Why Growth Should be More Inclusive

Prof. Lemma W Senbet is the Executive Director of the African Economic Research Consortium. (Photo: ISPI)

Tadias Magazine
By Tadias Staff

Published: May 15th, 2017

New York (TADIAS) — Ethiopian American financial economist Dr. Lemma Senbet, who is the Executive Director of the Pan African economic policy organization African Economic Research Consortium based in Nairobi, Kenya, was one of the presenters during a high–level panel held in Rome, Italy last week comprising of representatives and experts from the G7 and selected African think tanks. According to the announcement the conference “focused on Africa and addressed three key issues related to Agenda 2030: food security, innovation and mobility,” in preparation for the upcoming meeting of the G-7 Heads of State in Italy.

Prof. Lemma Senbet Says Africa’s Economic Renaissance Should Be More Inclusive and Sustainable

In the past few years “Africa has actually witnessed a growth syndrome,” says Prof. Lemma Senbet, who is currently on leave from the University of Maryland, College Park where he holds the William E. Mayer Chaired Professorship of Finance. “Some people call that growth renaissance and so moving forward growth has to be inclusive… and agents of those inclusivity are small farmers, women, youth and medium enterprises.”

Prof. Lemma added: “Technology and innovation is really key to leapfrogging and empowering these individuals and institutions. You need innovation not only in agriculture but also in finance. For instance in the area of agricultural innovation, which is actually linked to finance, is the idea of making our small farmers insurable and bankable so they will have access to credit because that’s a big constraint.”

Below is the full video of Prof. Lemma Senbet explaining his presentation at the G7 & Africa panel held in Rome on May 5th:

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