poverty, improve health and promote peace, human rights and environmental sustainability. eight millennium development goals, with specific targets to be achieved by 2015, dealing with key development challenges emerged from the declaration. according to the 2003 human development report, sub - saharan africa will not meet any of the goals by 2015 at the current rate of progress – the only region for which this is the case. in order to meet the millennium development goal of halving poverty between 1990 and 2015, the imf has estimated that growth in sub - saharan africa should be around 7 percent a year. imf. 2003. world economic outlook : 51 2003 : 51. only six african countries achieved growth rates above 7 percent in 2002. there is little doubt that monetary policy has been successful in bringing down inflation in africa. the rate of increase in prices has declined from an average of 14, 3 percent in 2000 to 9, 3 percent in 2002. contributing to the low inflation environment has been the fiscal prudence apparent in the macroeconomic policies of a number of african countries since the late 1990s. the development challenges that confront the continent today, demand that both the quantity and efficiency of government expenditures are kept in check. while global fdi inflows declined 21 percent between 2001 and 2002, the inflow of fdi to africa declined dramatically by more than 40 percent, according to the 2003 world investment report. in addition, africa's share of foreign direct investment into developing countries has dropped from 25 percent in the early 1970s to just 5 percent in 2000. to compound matters further, an estimated 40 percent of africa's own private savings are invested outside the continent. the more effective pursuit of political and macroeconomic stability, the implementation of structural reforms, greater geopolitical stability and a more supportive stance by the international community to addressing the concerns of africa, would go a long way towards making africa a preferred destination for fdi inflows. 3. international trade international trade has been an important engine of growth, and will continue to play a vital role, in promoting economic development and alleviating poverty in africa. according to the united nations economic commission for africa ( uneca ), africa's share of world exports has fallen from 4, 6 percent in 1980 to 1, 8 percent in 2000. the international community has recognised the importance of closer economic co - operation as an impetus for economic growth in the world economy. the fourth ministerial conference of the world trade organization held at doha in november 2001, the international conference on

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