Editorial : African economies contemplate policy actions for post-COVID-19 rebound

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As the continent gradually eases restrictions on the COVID-19 pandemic, it will be interesting to zoom into the virtual webinar next week on July 7 that will discuss policy actions for Africa’s economic rebound in the aftermath of the COVID-19 pandemic.

The African Center for Economic Transformation (ACET) will host the International Monetary Fund (IMF) African Department Director, Abebe Aemro Selassie to discuss pressing questions that governments must answer in crafting policy responses that meet immediate needs, without compromising long-term development goals.

African states would be interested to know how can the IMF and other development partners best support governments? Among the panelists will include Dr. K.Y. Amoako, ACET President and Founder; Ms. Mavis Adu-Gyamfi, incoming ACET Executive Vice President; and Prof. Benno Ndulu, former governor of the Bank of Tanzania.

According to the World Bank, the African continent is expected to experience its first recession in 25 years. According to Dr. Amoako, “African countries must focus on implementing policies that will spur economic recovery and growth in their countries in the short, medium, and long terms.”

ACET recently published a list of 10 policy priorities that, if implemented in the local context, will help countries recover lost gains but also help ensure the broader economic transformation agenda stays on track.

Therefore, all those concerned about surmounting the negative economic impact that COVID-19 brought in its wake to economies around the globe, including fragile African economies; would do well to follow the discussion, and if possible, proffer some useful suggestions to help African leaders implement policies that will restore economies back to health and growth.

This is particularly crucial for Africa since AfCFTA was to be have started full-scale implementation had it not been the outbreak of COVID-19 this month. There is a need to harmonise a tariff regime and all other trade protocols as well as put economies on a growth trajectory.

The Zoom event, “Priorities for Africa’s Recovery, Growth, and Transformation”, will focus on pressing questions that governments must answer in crafting policy responses that meet immediate needs without compromising long-term development goals.

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