Sub-Saharan Africa's Path to Economic Reform and Growth

Sub-Saharan African nations reliant on commodity exports must reform to achieve economic growth, said IMF Africa Director Abebe Selassie. With regional growth at 3.6%, commodity economies trail others. Diversified economies like Senegal and Tanzania outperform, while Nigeria faces inflation and growth challenges. Reforms and investments are essential.

In a call for economic reform, Abebe Aemro Selassie, International Monetary Fund Africa Director, emphasized the need for Sub-Saharan African nations, particularly those reliant on commodity exports, to adapt for enhanced growth. Current regional growth remains steady at 3.6%, with commodity-dependent economies significantly underperforming their diversified counterparts.

Countries such as South Sudan, Nigeria, and Angola lag behind due to macroeconomic imbalances and financing issues. In contrast, diversified economies like Senegal and Tanzania are surpassing the regional average. Nigeria's government, led by President Bola Tinubu, has responded with reforms aimed at stimulating growth and boosting investment.

Moreover, conflicts and a global shift towards green fuels compound challenges for the region. The IMF highlights a need for affordable financing and reforms to encourage private sector investment, crucial for overcoming high poverty and inequality levels and fostering sustainable development.

(With inputs from agencies.)