Addis Ababa, March 15, 2023 (FBC) – Rising poverty and inequality are Africa’s most pressing challenges, said Nemera Gebeyehu, Ethiopia’s State Minister for Planning and Development.
Addressing the opening of ECA’s 55th annual Conference of African Ministers of Finance, Planning & Economic Development, Nemera noted that growing poverty and inequality are Africa’s most pressing challenges.
“In 2022, Africa has more than half of the world’s poor which is more than 50% of the total population. Alarmingly more than half of Africa’s population, 546 million people were living in poverty last year alone. This is a 75% increase since 1990″, the state Minister noted.
He added that in 2022 an array of development challenges has arisen across the continent, among others, inflation and the rising cost of living, household poverty, food insecurity, energy security and social instability.
For his part, ECA’s Director of the Macroeconomics and Governance Division, Adam Elhiraika, stated that inflation is estimated to reach 12.8% in 2022, before declining to 12% in 2023 as monetary policy continues to tighten across Africa.
However, he said, rising borrowing costs and debt service burdens pose a significant challenge going forward.
Scheduled to be held from March 15 to 21, 2023, in Addis Ababa, ECA’s 55th annual Conference of Ministers has kicked off earlier today under the theme of “Fostering recovery and transformation in Africa to reduce inequalities and vulnerabilities”.