Twenty-Two Years after the Monterrey Consensus: Issues, Challenges and Prospects

Abstract

At the core of commitments to address the problem of development in Africa include the Monterrey Consensus, a framework for discussion on development finance between the global North and South. The paper is an attempt to assess the performance of the Monterrey Consensus in a period of about twenty years. It argues that Africa has experienced slight economic growth in the area of external debt relief since the adoption of the consensus in March 2002, although much needs to be done in the areas of mobilizing international finance for development, promotion of international trade policies among others. The paper concludes that a genuine commitment to the principles of the consensus can adequately address the problems of economic development and lay a solid foundation for a brighter future for Africa and Africans.