African countries should institute wide-ranging fiscal reforms to expedite sustainable recovery from multiple crises which have hindered industrialization and economic diversification, the Economic Commission for Africa’s (ECA) Acting Executive Secretary, Antonio Pedro, has urged.
“Ensuring a sustainable recovery, which protects populations and economies from the shocks of future pandemics and other crises, will require a range of reforms and initiatives at both the national and international levels,” said Mr. Pedro in his remarks at the 2023 Coordination Segment of the Economic and Social Council (ECOSOC) on 2 February in New York City.
Pedro highlighted that Africa’s recovery efforts have been undermined by the ongoing war in Ukraine, tightening international financial conditions and the climate crisis.
“For African countries, appropriate policy choices through fiscal reforms as well as building coherent and effective frameworks for mobilizing domestic revenue are needed,” Pedro said, calling for a reprioritisation of public expenditure to invest in more growth-enhancing projects.
He noted that the COVID-19 pandemic has led to the largest drop in Africa’s growth rate since World War II, and pushed more than 55 million Africans into extreme poverty.