The African Development Bank Group has launched Country Focus Reports designed to deepen policy dialogue on the macroeconomic performance and outlook of individual countries and to act as an indispensable tool for policy makers, government and development partners.
The reports, in line with the theme of the 2024 African Economic Outlook report titled, “Driving Africa’s Transformation: The Reform of the Global Financial Architecture,” give deeper country-by-country specific dynamics and insights.
Prof. Kevin Chika Urama, Chief Economist & Vice President for Economic Governance and Knowledge Management at the African Development Bank Group says, “The reports make bold recommendations for financing structural transformation at country level through reforms of the global financial architecture to better respond to African countries’ growing development financing needs, exacerbated by recurrent global and domestic shocks.”
All 54 reports document funding needs and gaps as well as inadequacies of the current global financial system in supporting Africa’s structural transformation up to 2063 including recommendations across five key areas, Leveraging Private Sector Financing,Ramping up climate finance, Reforming Multilateral Development Banks (MDBs), Reforming debt resolution mechanisms and Enhancing domestic resource mobilisation.
The African Economic Outlook report, issued annually, provides timely evidence and analysis on the continent’s growth, empowering African policymakers to make informed decisions.
Growth performance and outlook vary across the 54 African countries of the report, reflecting differences in economic structure, commodity dependence, and policies.
The 2024 reports assess the experiences of individual countries in accessing finance necessary to fund their structural transformation and call for an overhaul of the global financial architecture to help turn around African economies.