Abstract

The New Partnership for Africa’s Development (NEPAD), adopted in 2001, is a pledge by African leaders to eliminate poverty and to achieve a sustainable path of growth and development on the continent. Although previous continent-wide initiatives have not led to the desired results, there is hope that this outcome will be different. This expectation is based on NEPAD’s new building blocks, which are critical for successful reform. New is the extent of African ownership and leadership of the development agenda, anchored in the recognition that African countries themselves have the primary responsibility for improving economic and social conditions on the continent. Also new is the wide acceptance of the proposition that good governance plays a key role in fostering growth and reducing poverty. Another new element is the extent of international appreciation and support for this initiative.

Macroeconomics, Institutions, and Poverty