Africa must accelerate pro-poor, inclusive recovery to boost economic growth

African countries should accelerate inclusive recovery efforts to boost economic growth to eliminate the impact of the shocks caused by Covid-19, the war in Ukraine and climate change, all of which have pushed more people into extreme poverty and have increased inequality worldwide, according to Antonio Pedro, the Executive Secretary of the United Nations Economic Commission for Africa.
Following the multiple financial, health, and climate crises affecting the continent, “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 during the 55th Session of the Economic Commission for Africa Conference of African Ministers of Finance, Planning and Economic Development (CoM 2023). “Recovery efforts must be pro-poor and inclusive, with a view to fostering a new social contract that offers equal opportunity for all,” he said, adding that, “It is important that our growth does not leave anyone behind and if we do so then the social contract that is key to have stability and prosperity will be completely disrupted.”
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 such as Small and Medium Enterprises in such processes. But he also warned that the growing number of newly poor and vulnerable people makes it harder to close the gap between the rich and the poor. The 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. 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.