CGG cautions against world financial crisis

Special Report:Global Financial Crisis

LUANDA, Nov. 23 (Chinese media) --The Angolan government here on Sunday said the Gulf of Guinea Commission (CGG) should get equipped to curb or lessen negative impact of the world financial crisis.

Angola's Foreign Minister Assuncao dos Anjos made the remarks when addressing the opening of the 4th ordinary session of the Council of Ministers of the CGG Member States to prepare the 2nd Ordinary Summit of CGG Heads of State and Government to be held on Tuesday in the Angolan capital Luanda.

In view of the signs of aggravation of the recession spectrum in the most developed economies and the threat of its spread to the emerging economies, the Angolan top diplomat said all the CGG member countries should work out their respective strategies to generate appropriate financial results from the exploration and development of natural resources.

Assuncao considered as of extreme gravity and actuality the intense financial speculation that triggered a chain reaction in various economies of the world, making the oil price "dangerously volatile", with variations from over 147 U.S. dollars per barrel in July to 54 dollars now.

For this reason, he added, the ongoing session of the Council of Ministers Commission must analyze the impact of the world financial crisis and the drop in the oil price on the economies of the CGG member countries.

The minister also appealed to the CGG member states to remain united on the need for the establishment of a strong and capable sub-regional organization that moves steady towards the sustainable development of the peoples and countries of the CGG.

With its Executive Secretariat based in the Angolan capital Luanda, the CGG was established in 1999 and comprises Angola, Cameroon, the Republic of Congo, Gabon, Equatorial Guinea, Nigeria, the Democratic Republic of and Sao Tome and Principe.

It is an organ aimed at monitoring peace agreements on preventing conflicts and resolving disputes, providing a good framework for consultation and coordination among the countries.