Whether Africa will escape the global financial crunch unharmed will be the big question on African leaders' minds as they begin arriving in Cape Town for the 19th World Economic Forum (WEF), writes Neo Semono.
The forum, taking place from 10 to 12 June, is an independent international organisation committed to improving the state of the world by engaging leaders in partnerships to shape global, regional and industry agendas.
Five African leaders, namely President Jacob Zuma, Kenya's Raila Amolo Odinga, Lesotho's Pakalitha Mosisili, Rwanda's Paul Kagame and Zambia's Rupiah Bwezani Banda, will be among the over 800 participants from 50 countries due to attend the forum.
Deputy President Kgalema Motlanthe, Health Minister Aaron Motsoaledi, Minister of the National Planning Commission Trevor Manuel, Trade and Industry Minister Rob Davies are among some of the cabinet members expected at the forum.
Governor Tito Mboweni is also expected as well as Zimbabwean deputy Prime Minister Arthur Mutambara.
Themed: "Implications of the Global Economic Crisis for Africa", this year the debates at the forum are expected to be dominated by the effects of the financial crisis.
Though the massive slowdown in demand for commodities has affected Africa, the continent will survive the crisis, according to WEF Director Head of Africa Katherine Tweedie.
"In the past five to seven years Africa has been on a good trajectory. Obviously the massive slowdown in demand for commodities and resources has affected some of the economies very strongly similarly in the tourism sector," she said.
However, she said there were certain industries like the financial services sector that has been resistant to the crisis.
"Yes it has been affected but not to the same degree as banks in the UK and US have been and required massive bailouts. So it's quite interesting to look at the dynamics," she told BuaNews.
She said that if one looked at some of the negative growth rates forecast for other parts of the world looking forward to 2010-201, growth is expected to be positive. "I know that we've retracted in the last two quarters, but I think we will outlive it."
South Africa's Gross Domestic Product (GDP) in the last two quarters has retracted indicating a recession.
Africa has seen many crises in many different forms, but it also has a lot of potential in its people, as well as agricultural produce and its resources.
The forum is an important platform for world leaders to develop a new road map for the continent's future.
Another issue which will be high on the agenda during the meeting of world leaders will be the change in government in several countries including South Africa and Zambia.
"We have gone through and are going through such a tremendous time of transition and the topics we are going to be addressing are extremely important. We also have new governments participating in the forum," said Ms Tweedie.
South Africa's new cabinet would be one of the outcomes of the forum.
"I'm hoping that the ability to profile the new government to the world on a major platform will be a major outcome. This provides a real opportunity for the President to have his thoughts heard as well as cabinet," said Ms Tweedie.
The WEF will also celebrate the one year kick-off of the 2010 World Cup to be hosted in South Africa. "This will be a once in a lifetime opportunity to mark that on the 11," she said.
Ms Tweedie said the soccer spectacle would not only benefit Africa but the rest of the continent.
"When I look at the legacy projects established across the continent linking sport, education and health I think it will have a material effect but also bring joy and momentum," she explained.
There will also be two major launches presented at the meeting. Former United Nations Secretary-General and co-chair of the WEF on Africa Kofi Annan is expected to release the Africa Progress Panel Report which will highlight the accomplishments of the organisation.
The Africa Competitiveness Report will also be released. The report will chart the progressiveness of countries on the continent.
