President John Agyekum Kufuor on Saturday, called for concerted efforts to reverse economic stagnation in Africa.

He said this required political stability, social justice and efficient management of resources, good governance and the deepening of democracy.

"This is the challenge to the governments and peoples of Africa today, which when surmounted would enable the continent to take its proper position within the comity of advancing nations.

It is within our grasp, we owe it to our fore-bearers, ourselves and the future generation", he said.

President Kufuor was speaking at a reception on Saturday as part of activities marking the 40th anniversary of Africa Day, which falls on Sunday, May 25.

At the reception were Vice President Aliu Mahama, the Diplomatic Corps, Politicians, Members of the Council of State and other dignitaries.

President Kufuor said good governance, enhanced democratic practices and greater respect for the rule of law and human rights should become the normal and accepted practice in Africa.President Kufuor who is also the ECOWAS Chairman said the African Peer Review Mechanism offered an opportunity to consolidate new political and economic systems of responsive and accountable governments in Africa.

"Adherence to its provisions will improve policy-making, the adoption of best practices and compliance with established standards, principles, codes and other agreed commitments," he added.

On the celebration, President Kufuor said the battle for political emancipation had been fought and won but the demise of colonialism had not brought the hoped-for economic emancipation, therefore, it was up to the current generation to work to transform Africa into an economically viable entity.

He said the challenges of Africa, poverty, economic deprivation, illiteracy, disease and debilitating debt burden continued to hold back the progress of the continent and the situation had been aggravated on daily basis by the numerous armed conflicts that beset Africa.

President Kufuor said it was against this disturbing background that renewed hope was born by the establishment of the African Union (AU) and the adoption of the New Partnership for Africa's Development (NEPAD).

He said these initiatives provided a fresh opportunity to tackle the problems of Africa with renewed vigour, adding "they also offer a good and credible vehicle for the reversal of the continent's economic decline and for ending Africa's marginalisation within the global system".