Africa should deploy innovative resource mobilization and accelerate economic recovery from multiple crises which have eroded two decades of development gains and increased poverty, Ministers of Finance have urged.
Noting that the COVID-19 pandemic, the war in Ukraine and climate change will hinder Africa’s efforts to achieve the SDGs and Agenda 2063, the Ministers said the triple crises have disrupted food and energy markets, exacerbated food insecurity and caused high inflation rates which have pushed millions of Africans into poverty and economic hardship.
In addition, the Ministers recognised that meeting SDG targets to eradicate extreme poverty and reduce inequality within seven years in line with the 2030 Agenda, is becoming increasingly unlikely. Poverty and inequality in Africa will therefore pose high risks to prosperity, peace and security, and to the social contract.
The Agreement establishing the African Continental Free Trade Area will increase intra-African trade in agrifood, services, industry, energy and mining while attracting cross-border investments, the Ministers noted in the statement calling on the ECA to support the continent with strategic thinking and new perspectives achieve prosperity by 2030 and realize the objectives of the 2030 Agenda and Agenda 2063.
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