Africa-Press – Ghana. The International Monetary Fund (IMF) says Africa’s prosperity is an opportunity for the global economy to thrive, urging for deeper collaboration amid trade tensions.
That is because the region in the next decade would be the main source of labour, incremental investment and consumption, said Mr. Abebe Aemro Selasie, Director, African Department, IMF.
“A strong, stable and prosperous Africa is important for its people, but also for the world,” he said at press briefing on the Regional Economic Outlook for Sub-Saharan Africa on Friday, April 25.
The event formed part of activities for the 2025 Spring Meetings of the IMF and the World Bank Group (WBG), in Washington, DC, USA.
Despite the surge in global uncertainty due to the current trade tensions, Mr. Selasie said: “external support as the region goes through its demographic foundation is of tremendous strategic importance for the future of our plane.
He said the IMF was predicting Sub-Saharan Africa’s growth to ease to 3.8 per cent in 2025, with an increase to four per cent in 2026, cautioning that a further increase in global trade tensions could cast a shadow on the region’s outcome.
The report observed dwindling official development assistance to the region, coupled with many countries battling inflationary pressures, and external shocks, just when policy efforts began to bear fruit.
“Building robust fiscal and external profits is more important than ever, underpinned by credibility and consistency in policy making,” the Director of IMF’s African Department said.
“Sub-Saharan needs to improve spending, efficiency, and strengthening public finance benefit,” adding that high growth was imperative to engender the millions of jobs that the region needed.
He pledged the Fund’s continued support to the region, noting that it had since 2020, disbursed over US$65 billion to Sub-Sahara Africa, with more than US$8b just over the last year.
Additionally, the Fund’s policy advice and capacity development efforts would also be enhanced, Mr. Selasie, said.
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