Powerless at the top of the Summit?

It is reassuring to see that, in the depth of the financial crisis, development has not been overlooked by the G20. The Seoul Consensus set the stage for development in 2010. At the Cannes Summit there was a feeling that development had become more established as part of the agenda of the G20. Most of the items discussed during the G20 - development finance, agriculture, commodity price volatility, infrastructure – bare a particular importance for the African continent. However, the Summit fell short on delivering for Africa. This was a major oversight for two key reasons:

First, global economies are interconnected. There is a wide recognition that Africa’s prosperity is dependent on Europe and vice versa. Hence, aid should no longer been seen as charity.  As ONE's director Adrian Lovett noted, the G20, "…failed to recognize that investing in Africa is a big part of the solution to the global economic crisis". The continent of Africa has huge potential to make a greater contribution to the global economy through greater investments to promote diversification and infrastructure. Furthermore, Africa has a vibrant and growing middle class that is similar in size to the middle classes of India and China. According to The Economist, middle class of Africa is, “sucking in consumer goods”(The Economist, 25 October 2011).

However, only short-term solutions were discussed last week and no clear steps were taken to stabilize and regulate the global economy. Global economic governance remains a challenge; social unrest abounds with widespread frustration and anger over the continuing lack of transparency and greed of bankers; and global imbalances continue to create greater long-term instability.

Second, earlier promises made in Gleneagles and L’Aquila must be monitored and accelerated. It was excellent that G20 leaders acknowledged the importance of ODA as well as the need to look for other sources of financing. Gate’s report was rightly very well received. However, discussions on innovative financing, such as the Financial Transaction Tax and a fair maritime bunker fuel levy, lasted less than an hour and led to no clear agreement. The burning debate on saving the euro zone superseded interest in achieving the Millennium Development Goals.

Today's Indignados and those who Occupy Wall Street are sending a clear message to Global Leaders - that the era of glorified self-interests, in which the rich get richer and the poor poorer, should become something from the past. By paying more than lip service to the development of Africa, G20 Leaders could have shown that they have heard the global call for more solidarity, equity, and social justice. Maybe this will happen in Mexico?