The experts who were meeting in a one-day international conference aimed at discussing impediments to Africa's economic growth said its is not yet known how grave the impact will be since the crisis is still on going.

"The crisis is itself still unfolding, it may be too early to make full assessment of this crisis on African countries," said Louis Kasekende, chief economist of the African Development Bank.

He said the impact is currently felt by stock exchanges in Uganda, Tanzania, Kenya, Egypt, and South Africa where international investors are withdrawing in fear of what impact the crisis will have.

The crisis has forced some countries like Uganda to pull down their 2008/09 estimated economic growth rate from 8 percent to 5 or 6 percent.

"The bad news is that there is going to be a slow growth in 2008/09," Kasekende said.

The experts said the continent's export sector, tourism, remittances from abroad and aid flows are likely to face the brunt of the downturn.

They urged African countries to urgently take precautionary measures to cushion their economies.

"The critical thing for Africa is, those countries which remain on the reformist path are the ones that are going to do much better," said Greg Mills of the African Commission, the conveners of the meeting.

Kasekende said that African countries should maintain regulating their financial sectors unlike the developed countries which are now facing the brunt of the crisis.

"My plea to all countries is that we should not give up implementing very strong reforms leading to very strong macro economic frameworks that will promote more flexibility to mitigate the effects of the crisis on countries," said Kasekende.

Jean-Louis Ekra, president of the African Export-Import Bank said that one the ways is for the African countries to diversify their export markets from the United States and Europe to Asia and Africa itself.

"African governments will need to reduce their expenditure because it (they) is (are) not going to get as much aid. Most predictions are giving this downturn at least another six months," said Betty Maina, executive director of the Kenya Association of Manufacturers.