African meeting of finance ministers and central bank governors on Wednesday gathered to discuss the impact of the world financial crisis and seek the best alternatives to shield African economies.

We meet at a critical time as we are seeking ways to restore confidence and reform financial governance, said Donald Kaberuka, president of the Tunis-based African Development Bank (ADB).

"We need to take necessary steps to endure the stability of the financial system, in which the voice of every nation is heard and its concerns taken into account," said the president.

"We should adopt a strategy that assumes, or at least, prepares us for the worst, in the short and the medium term," he added.

Tunisian Prime Minister Mohamed Ghannouchi called for the need of a "shared and responsible global governance and a constructive dialogue on the continent's development and protection from external shocks."

The impact is currently felt by stock exchanges in Uganda, Tanzania, Kenya, Egypt, and South Africa where international investors are withdrawing in fear of future impacts, said ADB chief economist Louis Kasekende.

"Countries should continue with responsible macro-economic policies that have been largely instrumental for the continent's impressive growth performance of the past several years. The crisis, nonetheless, surfaces the need for a closer look at micro and structural reforms," he added.

As world's poorest continent, Africa has more than 2 million people facing serious food shortages.

Africa's economies are expected to decelerate to 5 percent in 2008 versus a projected rate of 6.5 percent amid the global financial turmoil.

Africa accounts 1.3 percent of world stock market, 0.2 percent of debt securities and 0.8 percent of bank assets, according to the ADB's data.

(Xinhua News Agency November 13, 2008)