Africa urged to chart economic recovery path

African economies have weathered multiple negative global shocks in the last two decades. [iStockphoto]

African economies have been urged to include food security, climate change mitigation and adaptation framework in their economic agenda.

This is in a bid to develop resilience and minimise economic shocks whenever there are global disruptions.

Participants at the African Economies Research Conference (AERC) 57th Biannual Research Workshop in Nairobi heard that economic disruptions such as the Covid-19 pandemic are increasingly becoming frequent, hence the need for preparedness.

In the last two decades, African economies have weathered multiple negative global shocks that have hit hard the core of key macroeconomic indicators.

While African economies have remained fairly resilient, the Covid-19 pandemic, coupled with the war in Ukraine and climate-related shocks have caused damage that could take years to mend.

National Treasury Cabinet Secretary Prof Njuguna Ndung'u said among the ways to develop resilience include governments focusing on protecting private investments, recovering the health infrastructure, education and nutrition.

"We can accelerate the African economic recovery journey through collaboration and cooperation towards research that focuses on how to protect private investors, how to reinforce education, recover the health infrastructure, food security and food markets, and how to develop and protect markets to help our economies to recover," said Prof Ndung'u.

He also governments to develop, regulate and protect the markets as part of economic recovery.

He further challenged economic researchers to focus on domestic resource mobilisation and digital revolution.

"We saw the Covid-19 that hit the entire world, but Africa was affected differently, and today the most relevant issue is the war in Ukraine that is affecting the whole world... we need to figure out solutions in our own way on how to tackle these shocks," said AERC Board Chairman Prof Ernest Aryeetey.

Acting AERC Executive Director and Director of Training Prof Theophile T Azomahou called for need to find lasting solutions to finance African economies.

KRA waives Sh200b in penalties under amnesty programme
Premium How a medical crisis birthed a 'varsity' for a Kenyan nurse
Premium More delays in Kenya oil dream as State holds up firm's exit plan
Premium Why lenders are shunning agri-based small enterprises