
African countries need policies that can help build resilience, raise
potential growth and enhance inclusiveness, if the continent is to
achieve the sustainable development goals and aspirations of Africa’s
Agenda 2063.
Mr Adam Elhiraika, Director of the Macroeconomics and
Governance Division of the Economic Commission for Africa (ECA), stated
this on Wednesday in Marrakech, Morocco.
In his presentation to
the 38th meeting of the Committee of Experts of the Conference of
African Ministers of Finance, Planning and Economic Development, Mr
Elhiraika gave an overview of Africa’s recent economic and social
development performance.
He said the continent also needs policies
to diversify and structurally transform, to better support its
industrialization and enhance intra-African trade through the
game-changing African Continental Free Trade Agreement (AfCFTA).
“To
reduce vulnerabilities from global economic conditions, such as the
tightening of global financial markets, currency fluctuations, capital
outflows and volatility of commodity process, African countries need to
enhance resilience.
“They could do this through the appropriate
combination of fiscal, monetary, exchange rate and prudential policies
to maintain their growth momentum,” Elhiraika said.
He
said that there is also a need for policies that can help improve debt
management on the continent and harness urbanisation as a strong vehicle
for generating fiscal revenues to finance sustainable development.
Elhiraika
said Africa’s growth is projected to remain strong, moderating around
3.2 per cent in 2018, but expected to recover to 3.4 per cent in 2019
and 3.8 per cent in 2020.
The News Agency of Nigeria (NAN) reports
that the continent’s fiscal and current account balance narrowed,
though still relatively high, while high debt levels continue to pose a
concern to long-term development.
The ECA Director said the AfCFTA is expected to enhance intra-African trade and growth with marginal losses in revenues.
“Africa
has made good progress in social outcomes, but inclusion especially in
areas of health and education, remains elusive,” he said.
He said that socio-economic conditions were improving, though at a slow pace.
According
to him, under-five mortality ratio fell by 42 per cent between 1990 and
2017, while income inequality has declined, though still relatively
high at 0.44.
Elhiraika explained that the number of working poor
declined 52.8 per cent in 2000 to 33.5 per cent in 2015 and is projected
to further decline to 30.4 per cent in 2019, with steady progress being
recorded towards gender parity.
The conference is being held under the theme: ‘Fiscal policy, trade and the private sector: A strategy for Africa.’
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