CAPE TOWN, March 16 (Reuters) - Africa needs between 15 and 20 years of sustained, rapid economic growth if it is to achieve basic goals of reducing poverty, International Monetary Fund (IMF) Managing Director Rodrigo Rato said on Friday.

Rato, speaking to a conference of parliamentarians in Cape Town, said the world economy was overall in its "most promising" shape since the 1960s but that more needed to be done to ensure it remains on the growth track, particularly in Africa.

"We should feel some sense of urgency that the good times have to last," Rato said, adding that he saw "good strong growth in many African countries".

Successful African countries were finding growth through low inflation and a reduction in both government deficits and overseas debts, partly through debt relief.

But Rato warned: "Unless we talk about 15-20 years of extended growth, things will not change for most of the population. (Africa) has to grow more. The challenge is not small."

Rato said opening of the financial sector in the world's poorest continent and a reduction in its own regional trade barriers could be one way to ensure growth continues.

"African countries need to trade more among themselves - there is a lot of growth that is being lost," he said.

World Bank President Paul Wolfowitz, speaking at the same conference, agreed that many countries in Africa, among them Ghana and Tanzania, were showing "very impressive, sustained growth."

But he said that foot-dragging by some Western lenders, after earlier promises of help, needed to stop.

"The next year or so is going to be crucial as to whether donors live up to their promises," Wolfowitz said.

"Yes, Ghana has been growing at 4 percent for the past few years. What Ghana really needs to do is to grow at 8 percent for the next few years."

Wolfowitz said developed countries such as the United States should be pressed to contribute more to their aid and debt relief budgets.

But other growing economic powers could also do more to help Africa get a seat at the table.

"China should step up. It is good to have these emerging donors," he said.

Rato added that overall the donor community needed to coordinate its activities better to avoid duplication and over-prescribing what recipient nations can do with the money.

"Right now there is an incredible and increasing burden of aid with different conditions, and aid that is not predictable," he said.

Well-planned and above all financially sustainable help was what most African countries needed now.

"What we do not want is to create a whole new group of indebted countries," he said.

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