Promoting recovery, transformation pivotal to reduce inequalities, vulnerabilities in Africa

Addis Ababa, March 20, 2023 (FBC) – Africa needs to foster recovery and transformation to reduce inequalities and vulnerabilities in the continent exacerbated by various problems, United Nations Economic Commission for Africa (UNECA) Acting Executive Secretary, Antonio Pedro said.

The fifty-fifth session of the Conference of African Ministers of Finance, Planning, and Economic Development is being held in Addis Ababa. The Conference is expected to conclude tomorrow.

ECA’s Conference of African Ministers aims to renew focus and action on reducing poverty, inequality and other factors that leave the African population continuously vulnerable to these scourges.

Speaking at the event, UNECA Acting Secretary, Antonio Pedro said Africa’s growth is rebounding at 4.1 percent as inflation has been reduced to 12 percent so far.

However, the continent needs double-digit growth rates to achieve breakthroughs to promote a new cycle of sustainable growth, arrange regulated business and innovation climate, he said.

This will require paying detailed attention to ensuring that a strong macroeconomic foundation is in place to allow for structural transformation, he added.

We also need to push for reform of the global financial architecture to unlock long term financing, green jobs, pro poor policies, tax mechanism for carbon, and illicit financial flows, he elaborated.

“Africa must risk investment on the continent for both domestic and foreign investors to support the immense efforts that are required to develop a credible pipeline of bankable projects with limited fiscal space.”

Every dollar spent must generate maximum socio-economic impacts and co-benefits that go beyond GDP methods and profit maximization, and no one should be left behind, the acting Executive Secretary noted.