The Economic Commission for Africa (ECA), says Africa requires an innovative people-centred development model to integrate poverty and inequality reduction into national and regional development strategies.
According to the News agency of Nigeria (NAN), Antonio Pedro, the Acting Executive Secretary, ECA, said this at the 55th session of the Conference of African Ministers of Finance, Planning and Economic Development in Addis Ababa, Ethiopia, on Monday.
According to Pedro, Africa is at the centre of a global sustainability transition, underpinning its path toward recovery, ensuring structural transformation and economic diversification.
He said the transition would enable the continent to build resilience, and achieve sustainable and inclusive growth, in line with Agendas 2030 and 2063.
“There is moderately good news as Africa’s growth is rebounding at 4.1 per cent, and inflation has reduced to 12 per cent so far.
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“However, pundits argue that we need double-digit growth rates to achieve a breakthrough and promote a new cycle of sustainable growth and a reinvigorated business and innovation climate.
“This will require paying detailed attention to ensuring that strong macroeconomic fundamentals are in place to allow for structural transformation.
“We also need adequate financing and push for a reform of the global financial architecture to unlock long-term financing, green jobs, pro-poor policies, tax mechanisms and curbing illicit financial flows,” he said.
The acting secretary said there was the need to de-risk investment on the continent for both domestic and foreign investors, adding that immense efforts were required to develop a credible pipeline of bankable projects.
Pedro said that with limited fiscal space, every dollar spent must generate maximum socioeconomic impacts and co-benefits beyond Gross Domestic Product (GDP) metrics and profit maximisation.
