Africa recovers economic growth

Africa's economic growth is recovering by 4.1 percent due to a 12 percent reduction in inflation, the acting executive secretary of the United Nations Economic Commission for Africa (ECA), Antonio Pedro reported.

During the 55th Conference of African Ministers of Finance, Planning and Economic Development (CoM2023), organized by the ECA, Pedro warned of the need for two-year rates digits to achieve progress and sustainable growth.

This desired figure will also allow the organization of regulated businesses and a climate of innovation, but it will require paying detailed attention to guarantee that there is a solid macroeconomic base that allows structural transformation.

He urged pushing for reform of the global financial architecture to unlock long-term financing, green jobs, pro-poor policies, the carbon tax mechanism and illicit financial flows.

“Africa must risk investing in the continent so that domestic and foreign investors support the immense efforts required to develop a credible pipeline of bankable projects with limited fiscal space,” he stressed.

Pedro explained that every dollar spent must generate maximum socioeconomic impacts and co-benefits that go beyond Gross Domestic Product and profit-maximizing methods, and no one should be left behind.

“Africa needs to foster recovery and transformation to reduce inequalities and vulnerabilities on the continent,” he said.