TWENTY-TWO YEARS AFTER THE MONTERREY CONSENSUS: ISSUES, CHALLENGES, AND PROSPECTS

The Monterrey Consensus, a framework for discussion on development finance between the global North and South, is at the core of commitments to address the problem of development in Africa. This paper attempts to assess the performance of the Monterrey Consensus over a period of approximately 20 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 work remains to be done in the areas of mobilizing international finance for development and promoting international trade policies. 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.