Africa Growth Initiative, Brookings Institution, in collaboration with KIPPRA launched the Foresight Africa 2023 report on 16th February 2023 in Nairobi. The report highlighted the top priorities for the continent in 2023.
The chief guest at the event was the Principal Secretary, State Department for Economic Planning Mr James Muhati.
KIPPRA Principal Policy Analyst Dr Humphrey Njogu welcomed the stakeholders and gave a brief introduction of the workshop before guiding participants to introduce themselves.
In her remarks, KIPPRA Executive Director Dr Rose Ngugi highlighted the key challenges currently facing economies in Africa, including recovery from the COVID-19 pandemic, drought and the Russian-Ukraine war. She indicated that the report was timely as it providesAfrica Growth Initiative Director Dr Aloysius Uche Ordu presented a summary of the report, highlighting economic growth trends and projections for key African economies in Africa. As he introduced the report, Dr Ordu quoted author Chimamanda Ngozi’s TED Talk on “the danger of a single story,” saying the report provided a chance for Africa to tell its story.
Dr Ordu indicated thatAfrica’s heavyweights like South Africa are expected to grow slowly compared to new economics. He noted that the COVID-19 pandemic and the Russia-Ukraine war spooked interest rates on foreign loans hence the risk to developing countries in sustaining debt servicing. He pointed out that domestic resource mobilization was Africa’s lifeline for recovery, adding that there was need to raise at least 30 per cent the budget spending, which he indicated was at an average of 16 per cent in Africa.
According to the report, it is also important to Africa to put development financing, whether borrowed or internally generated, to good use hence the need for good governance and elimination of corruption.
In his speech, the PS applauded AGI for the timely and valuable report and KIPPRA for providing the engagement platform. He added that the recommendations would go a long way in informing government policies and plans, towards lifting the bottom-up and attaining a sustainable recovery from the headwinds encountered. Mr Muhati appreciated national government officials and stakeholders for attending the workshop.