“Africa Beyond Crisis: Charting an Agenda for Investment, Sustainable Growth and Shared Prosperity.”The African Union Commission is organising the Specialized Technical Committee on Finance, Monetary Affairs, Economic Planning and Integration convened under the theme, “Africa Beyond Crisis: Charting an Agenda for Investment, Sustainable Growth and Shared Prosperity.”
Africa’s Agenda 2063, particularly, “Aspiration 1” which seeks a prosperous Africa based on inclusive growth and sustainable development.The global economy is hit by a string of devastating shocks in since the start of the COVID-19 pandemic in 2020. With the combined effects of the security threats, mainly driven by the Russia-Ukraine conflict and the effects of climate change, global growth is projected to fall from an estimated 3.4 percent in 2022 to 2.9 percent in 2023, then rise to 3.
The African Continental Free Trade Area serves as a framework to boost investments in strategic sectors in agriculture, industry and services. It is also offering an opportunity to develop intra-African trade through regional value chains . The start of trading under the AfCFTA on 1 January 2021 represent a huge opportunity to boost investment to achieve sustainable and inclusive growth.
2. Africa Beyond Crisis: Charting an Agenda for Investment, Sustainable Growth and Shared Prosperity: An agenda for investmentAt about 7% of the continent’s gross domestic product , Africa’s sustainable financing gap is small in comparison to its financial resources and to those available worldwide. This gap between the financing needed to achieve the Sustainable Development Goals and the availability of financial resources averaged USD 194 billion annually for 2015-21.
Regional development corridors and cross-border special economic zones can offer “quick wins” to attract regional sustainable investments. Development corridors represent important ways of addressing the infrastructure deficits on the continent, but they should undergo detailed multi-dimensional assessments to provide fully sustainable outcomes.
The above analysis supports the need for a high-level policy dialogue aimed at articulating an Agenda for Investment, Sustainable Growth and Shared Prosperity in Africa. It is in this context that the Sixth STC Finance, Monetary Affairs, Economic Planning and Integration is being organized under the theme “Africa Beyond Crisis: Charting an Agenda for Investment, Sustainable Growth and Shared Prosperity”. The STC will be organized in Nairobi, Kenya from 17 to 21 July 2023.
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