During the 55th Conference of African Ministers of Finance, Planning and Economic Development (CoM2023), organized by the ECA, Pedro warned of the need for two-year rates digits to achieve progress and sustainable growth.
This desired figure will also allow the organization of regulated businesses and a climate of innovation, but it will require paying detailed attention to guarantee that there is a solid macroeconomic base that allows structural transformation.
He urged pushing for reform of the global financial architecture to unlock long-term financing, green jobs, pro-poor policies, the carbon tax mechanism and illicit financial flows.
“Africa must risk investing in the continent so that domestic and foreign investors support the immense efforts required to develop a credible pipeline of bankable projects with limited fiscal space,” he stressed.
Pedro explained that every dollar spent must generate maximum socioeconomic impacts and co-benefits that go beyond Gross Domestic Product and profit-maximizing methods, and no one should be left behind.
“Africa needs to foster recovery and transformation to reduce inequalities and vulnerabilities on the continent,” he said.