Dakar, Senegal, 15 May 2022 (ECA) – The work of the ECA Young Economists Network (ECA-YEN) will be central to the macroeconomic ambitions of African countries and in their implementation of important regional and global initiatives such as the Sustainable Development Goals (SDGs) by 2030 and African Union’s Agenda 2063.
Key among the macroeconomic ambitions is identifying the policies and economic interventions to ensure that African economies grow by at least, 10% annually.
This observation was made by speakers on Africa’s economic growth agenda during the 54th Session of the Conference of African Ministers of Finance, Planning and Economic Development (CoM 2022), held in Dakar, Senegal from 11 to 17 May 2022.
Presenting an overview of preliminary work done by ECA-YEN, Prof. Adeola Adenikinju of the University of Ibadan, Nigeria, said ECA-YEN was focused on creating models that will help to “increase the present growth rate of African countries to double-digits”.
“We imagine that if African countries are able to grow at an annual average of 10% between 2026 and 2050, then the number of African countries in the top 50 economies will be 14,” he added.
ECA Executive Secretary, Vera Songwe also cited the importance of ECA-YEN to Africa’s economic independence, saying the continent needs “analyses on the basis of clear data because we need to ascertain which actions are going to deliver results”.
Former Minister of Finance, Tunisia, Hakim Ben Hammouda, expressed the hope that ECA-YEN will generate “dynamic macroeconomic models that are consistent with African realities” as those will be important to development efforts.
The discussion, which took place on 15 May, was moderated by the Director of the African Institute for Development and Planning (IDEP), Karima Bounemra Ben Soltane. It was also attended by Bamba Diop, Director-General for Planning and Economic Policies, Ministry of Economic Planning and Cooperation, Senegal. Others included Prof. Joseph Cabral of the Cheick Anta Diop University (UCAD-Senegal) and Prof. Tabitha Wagithi Kiriti-Nganga of the University of Nairobi, Kenya.
A number of the ECA-YEN members in attendance appreciated the opportunity to work with other African economists and were confident of delivering on the task ahead.
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.
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