Addis Ababa, July 19, 2023 (FBC) – During the launch of the Africa’s Development Dynamics 2023 report, African Union Commissioner for Trade and Industry, Albert Muchanga stated that the continent is bouncing back despite the negative effects of the global crises.
“GDP growth in Africa is estimated to return to levels before COVID-19, at 3.7% in 2023, second highest rate globally after Asia (5%) and before Latin America and the Caribbean (1.6%),” he said.
Africa needs to take on a stronger role when it comes to investment. There are 46 billionaires in Africa, over half of them do not invest in the continent. The impact on investing and philanthropy remains small, the Commissioner underscored.
To enhance domestic resource mobilization, African countries should mobilize taxes effectively as which collect as much as USD 500 billion more in revenues, he added.