Dakar, Senegal, 11 May 2022 - The 54th session of the Conference of African Ministers of Finance, Planning and Economic Development (CoM2022), taking place from 11 to 17 May 2022, has just kicked off in Dakar, Senegal.
The hybrid event is jointly hosted by the Economic Commission for Africa (ECA) and the government of Senegal on the theme “Financing Africa’s Recovery: Breaking New Ground.
The conference is officially opened by President Macky Sall of Senegal, who is also the current Chairperson of the African Union. The event will draw seasoned and high-level panelists from governments, academia, private sector, as well as central bank governors from within and outside Africa.
A Committee of Experts is currently meeting from 11 to 13 May for technical deliberations on the CoM2022 theme and some statutory matters of the ECA. A number of side events will also be held on 14 and 15 May to address issues relating to health, infrastructure, education, climate action, and resource mobilization in support of an inclusive and sustainable recovery for African countries.
The ministerial segment will take place on 16 and 17 May.
CoM2022 will also feature the launch of ECA’s flagship Economic Report on Africa (ERA); the ECA Annual Adebayo Adedji Lecture, which will focus this year on the role of higher education and human capital development in Africa’s transformation; and a series of discussions and status updates on regional integration, trade, and the AfCFTA.
The choice of theme for CoM2022 was largely influenced by the fact that development financing gaps have widened significantly since the outbreak of the pandemic. For Africa, the IMF estimates that annual expenditures related to the Goals will rise by $154 billion annually, due to the pandemic, and by an additional $285 billion for the next five years to ensure an adequate response to COVID-19.
The ECA holds that reducing the cost of commercial credit will be vital to mitigate debt vulnerabilities. The Commission also posits that scaling up financing will require measures that build synergies between domestic and external financing from both public and private sources.
About CoM
The annual Conference of African Ministers of Finance, Planning and Economic Development (CoM) is the ECA’s largest annual event and provides an opportunity for participants to debate key issues on Africa’s development, and to discuss the think tank’s performance in delivering on its mandate.
It is a great opportunity for Africa’s ministers and experts from around the world to have in-depth discussions on current issues that are of relevance to the continent’s economic development.
For more information, please visit the CoM2022 web page.
Media contact: Sophia Denekew, denekews.uneca@un.org
Issued by:
Communications Section
Economic Commission for Africa
PO Box 3001
Addis Ababa
Ethiopia
Tel: +251 11 551 5826
E-mail: eca-info@un.org