Africa must move beyond resilience to economic transformation – Ministers
Africa must move beyond managing recurring global shocks to transforming its economies through domestic resource mobilisation, diversification and investment, three African Finance Ministers have said. The post Africa must move beyond resilience to economic transformation – Ministers appeared first on Ghana Business News .
Three African Finance Ministers have urged their nations to shift from resilience-focused economic strategies to transformative ones, according to a joint statement at the IMF/World Bank Group Annual Meetings in Bangkok. The ministers - Burkina Faso's Aboubacar Nacanabo, Congo's Christian Yoka, and Guinea's Mariama Ciré Sylla - highlighted successive global crises like the 2014 oil price crash, COVID-19 pandemic, Russia-Ukraine conflict, and Middle East war as evidence that resilience alone is insufficient.
Nacanabo emphasized three pillars for transformation: increasing domestic revenue through reforms such as digitisation and land taxation; promoting local value addition in natural resources; and implementing appropriate financing systems. Yoka stressed the need for Africa to pursue sustainable policies, diversify away from oil dependency, and build fiscal buffers to withstand shocks.
Sylla advocated for investment in human capital and the full utilisation of Africa's natural resources to create jobs and bolster economic sovereignty. All three ministers called for infrastructure development across sectors, strengthening negotiation skills for resource agreements, and securing suitable financing to achieve lasting transformation and greater economic sovereignty for African nations.
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