Director of the Macroeconomics and Governance Division of the Economic Commission for Africa (ECA), Adam Elhiraika, said that the African countries need policies that can help build resilience, raise potential growth and inclusiveness if the continent is to achieve the sustainable development goals and aspirations of Africa’s Agenda 2063.
Elhiraika has made this known in his presentation to the 38th meeting of the Committee of Experts of the Conference of African Ministers of Finance, Planning and Economic Development in Marrakesh.
Mr. Elhiraika, who gave an overview of Africa’s recent economic and social development performance, said the continent also badly 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).
He said: “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 through the appropriate combination of fiscal, monetary, exchange rate and prudential policies to maintain their growth momentum.
“There is also a need for policies that can help improve debt management on the continent and to harness urbanisation as a strong vehicle for generating fiscal revenues to finance sustainable development.”