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Financing Africa’s Recovery: Breaking New Ground

The fifty-fifth session of the Economic Commission for Africa consists of a preparatory meeting of the Committee of Experts of the Conference of African Ministers of Finance, Planning and Economic Development, followed by the ministerial segment of the Conference.

In addition to considering the statutory matters of the Commission, the Conference is one of the premier forums on the continent for dialogue and exchanges of views among African ministers responsible for finance, planning and economic development and governors of central banks on issues pertinent to the development agenda of Africa.

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The aim of the fifty-fifth session of the Commission is to renew focus and action on reducing poverty, inequality and other factors that leave the African population continuously vulnerable to these scourges.

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Lead stories from CoM 2023

InFocus

March 20th

Africa needs to deepen its regional integration to see economic benefits: ECA Report

The report, which is based on monitoring frameworks and tools, including the indicators developed by the ECA, the African Union Commission and the African Development Bank was presented to experts meeting ahead of the 20-21 March ministerial segment of the Conference of African Ministers of Finance, Planning and Economic Development taking place in Addis Ababa, Ethiopia. Member states will need to address integration challenges, which include inadequate financial resources; poor infrastructure networks; increasing violence, terrorism and political instability. Furthermore, the integration agenda is experiencing slow implementation of policies and agreements. For instance, the Protocol on the Free Movement of Persons,…

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InFocus

March 20th

Achieving the Vienna, Doha Programme of Action through structural transformation in Africa

Presentations by the Economic Commission for Africa (ECA) highlighted that despite a greater emphasis on both programmes of action in building productive capacity, boosting agriculture, food security, trade, good governance, and development, most African countries which form the majority of the LDCs have made only limited headway in transforming the structure of their economies to achieve sustainable development. The devastating impacts of COVID-19, and the war in Ukraine on production, trade, and its wider economic and social effects, have mired progress even further. Despite this, some African countries have made some progress in various areas of action. Botswana, Cabo Verde, and Equatorial…

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InFocus

March 16th

The Africa we want: A roadmap out of polycrises for policymakers

The confluence of shocks – the cascading impact of the COVID-19 pandemic, the war in Ukraine and severe natural disasters – have eroded Africa’s development gains, resulting in a staggering 149 million previously non-poor Africans now facing the risk of falling into poverty. The growing number of new poor and vulnerable people is making it harder to close the gap between the rich and the poor. Moreover, Africa currently accounts for the largest share of the world’s poor. This inevitably has a far-reaching impact on achieving the sustainable development goals and the vision of the Africa we want. The crisis, however daunting,…

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InFocus

March 16th

Africa must lead the charge on tackling poverty

“Africa currently leads in global poverty,” Mr. Pedro told participants at the 41st meeting of the Committee of Experts that kicked off today, ahead of next week’s Conference of African Ministers of Finance, Planning and Economic Development Addis Ababa, Ethiopia. Mr. Pedro cautioned that without bold financial and climate action, Africa will be locked into a poverty trap. With more than half of the world’s poor – 54.8 per cent in 2022 being in Africa, the continent had overtaken South Asia with 37.6 percent, while the COVID-19 outbreak had pushed 62 million people into poverty in just one year, with…

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InFocus

March 16th

Opening Statement by Mr. Antonio Pedro

It is my great pleasure to welcome you all to Addis Ababa for the meeting of the Committee of Experts of the Conference of African Ministers of Finance, Planning and Economic Development. I would like to express my deep gratitude to the Government and people of the Federal Democratic Republic of Ethiopia for their hospitality and generosity extended to all participants at this meeting. I would also like to extend my profound appreciation to the Bureau of the 54th Session, led by His Excellency, Ambassador Lamine Thiaw, who have shown great leadership in guiding the work of ECA up to…

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InFocus

March 16th

In spite of economic growth recovery, Africa still needs to curb poverty and social inequality

With slower economic growth and high inflation, many African countries are struggling to meet the continent’s development goals due to the impact of severe and mutually reinforcing shocks.  Adam Elhiraika, Director of the Macroeconomic Policy Division at ECA explained that the COVID-19 pandemic, the Ukrainian war and resultant food and energy crisis, rising inflation, debt tightening, and natural disasters resulted in serious developmental challenges on the continent such as increased poverty and high inequality rates and lack of decent jobs. Elhiraika was presenting an overview of recent Economic and Social Conditions in Africa at the ongoing meeting of Experts ahead of the 2023 Conference of African Ministers of Finance, Planning and Economic Development….

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