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FOLLOWING the multiple financial, health, and climate crises affecting Africa, United Nations Economic Commission for Africa (UNECA) acting executive secretary, Mr Antonio Pedro, says countries should accelerate inclusive recovery efforts in order to boost economic growth.
Speaking at a Press briefing ahead of the 55th Session of the Economic Commission for Africa Conference of African Ministers of Finance, Planning and Economic Development (CoM 2023), Mr Pedro said the impact of the shocks induced by Covid-19, the war in Ukraine and climate change have pushed more people into extreme poverty amid increasing inequality worldwide.
“Africa is falling even further behind, with the continent now accounting for the highest proportion of the world’s poor of any region globally,” Mr Pedro warned, emphasising that the growing number of newly poor and vulnerable people makes it harder to close the gap between the rich and the poor.
“Recovery efforts must be pro-poor and inclusive, with a view to fostering a new social contract that offers equal opportunity for all.
“It’s important that our growth does not leave anyone behind and if we do so then the social contract that is key to having stability and prosperity will be completely disrupted.”
The forthcoming high-level session will be held from 15 to 17 March 2022 and will be followed by the ministerial segment of the conference on the same month.
The forthcoming conference brings together ministers of finance, planning and economic development from African member States, governors of central banks, entities of the United Nations system and pan-African financial institutions.
Mr Pedro indicated that pro-poor and inclusive recovery must be deliberately incorporated in the design and implementation of policies, including by securing the input of all stakeholders including small to medium enterprises.
The forthcoming conference is expected to attract African academic and research institutions, development partners, intergovernmental organizations and other key stakeholders to discuss statutory issues pertaining to the function of ECA, engage and exchange views on economic and social development in Africa, as well as take stock of progress on regional integration and other issues pertinent to the continent.
This year, the committee of experts and the ministerial segment will convene under the theme: “Fostering recovery and transformation in Africa to reduce inequalities and vulnerabilities”.
“The ability of African countries to effectively tackle poverty and inequality is also severely constrained given declining economic growth, narrowing fiscal space, rising debt, commodity shocks, and tightening global financial conditions,” said Mr Pedro.
He warned that Africa faces a higher risk of missing the poverty and inequality targets set out in the 2030 Agenda for Sustainable Development and Agenda 2063. Lamenting that the Covid-19 and the Ukraine conflict have wiped out some of the development gains made in the last decade in terms of economic growth, social inclusion and poverty reduction, Mr Pedro said Africa’s trade flows and supply chains were also disrupted.
As a result, it was pertinent for Africa to promote local solutions. He said for its part Africa has reacted positively to the impacts of Covid-19 with the creation of the Africa Exchange Trade Platform (ATEX) digital platform to boost trade in critical commodities under the AfCFTA.
Speaking at the same Press conference, second vice-chair of the 54th Bureau of the ECA and Zimbabwean Ambassador to Ethiopia and Permanent Representative to the African Union and ECA, Ms Sophia Nyamudeza, said that the theme of CoM 2023 was timely as African countries are recovering from Covid-19 and were experiencing world food crisis and suffering climate change shocks.
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