Following the multiple financial, health, and climate crises affecting Africa, countries should accelerate inclusive recovery efforts to boost economic growth, the Economic Commission for Africa’s Acting Executive Secretary, Antonio Pedro, has urged.

Speaking at a press briefing ahead of the 55th session of the Economic Commission for Africa Conference of African Ministers of Finance, Planning and Economic Development (CoM 2023), Pedro said the impact of the shocks caused by Covid -19, the war in Ukraine and climate change have pushed more people into extreme poverty and have increased inequality worldwide.

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The meeting will be held from March 15-21 in Addis Ababa, Ethiopia. The session, a statutory meeting of the ECA, will review the state of economic and social development in Africa as well as progress on regional integration.

"Africa is falling even further behind, with the continent now accounting for the highest proportion of the world’s poor of any region globally,” Pedro warned, emphasizing that the growing number of newly poor and vulnerable people makes it harder to close the gap between the rich and the poor.

"Recovery efforts must be pro-poor and inclusive, with a view to fostering a new social contract that offers equal opportunity for all,” he said, adding that, "It is important that our growth does not leave anyone behind and if we do so then the social contract that is key to have stability and prosperity will be completely disrupted.”

Pedro indicated that pro-poor and inclusive recovery must be deliberately incorporated in the design and implementation of policies, including by securing the input of all stakeholders such as small and medium enterprises in such processes.

The ministerial segment of the Conference on March 20 and 21, will bring together Ministers of Finance, Planning and Economic Development from African member States, governors of central banks, entities of the United Nations system and pan-African financial institutions.

The conference will also attract African academic and research institutions, development partners, intergovernmental organizations and other key stakeholders to discuss statutory issues pertaining to the function of ECA, engage and exchange views on economic and social development in Africa as well as take stock of progress on regional integration and other issues pertinent to the continent.

This year, the Committee of Experts and the Ministerial Segment will convene under the theme ‘Fostering recovery and transformation in Africa to reduce inequalities and vulnerabilities.

"The ability of African countries to effectively tackle poverty and inequality is also severely constrained given declining economic growth, narrowing fiscal space, rising debt, commodity shocks and tightening global financial conditions,” said Pedro.

He warned that Africa faces a higher risk of missing the poverty and inequality targets set out in the 2030 Agenda for Sustainable Development and Agenda 2063.