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By Kodjo Adams, RNG
Accra, April 8
GNA – Mr. Albert Zeufack, World Bank Chief Economist for Africa, urged
African governments must ratify and implement continental free trade
Free Trade Agreement to reduce trade volatility and boost African economic growth.
He urged
African countries to invest in digital infrastructure to improve access to networks
connectivity, adding that the effective implementation of free trade
a policy would strengthen the regional value chain for increased development.
Mr. Zeufack said
Monday at a videoconference for the launch of this year's African conference.
Pulse Report, a bi-annual badysis of the issues shaping Africa's economic future.
The report
showed that growth in sub-Saharan Africa was reduced to 2.3%
2018, compared to 2.5% in 2017.
The report
attributed weak growth to domestic macroeconomic instability, including a weak
debt management, inflation and deficits; political and regulatory uncertainty;
and fragility that had visible negative impacts on some African countries
savings.
The report
discovered that fragility in a handful of countries cost sub-Saharan countries
Africa more than half a point of growth per year, which represents 2.6
percentage points over five years.
"Drivers of
fragility has evolved over time, as have solutions, "said Cesar
Calderon, Senior Economist and Lead Author of the Report.
"Countries have
a real opportunity to move from fragility to opportunities by cooperating through
borders to fight instability, violence and climate change ".
Mr. Zeufack said
digital transformation can increase growth by almost two percentage points
every year and reduce poverty by almost a percentage point a year
Sub-Saharan Africa alone, describing the phenomenon as a game changer for
Africa.
The report
shows that Ghana's growth reached 6.2% in 2018, down 8.1%
in 2017. The World Bank expects Ghana to grow by 7.6 per cent in 2019,
higher than Ghana's forecast of 7.2%.
according to
Report says Nigeria's growth reached 1.9% in 2018, up 0.8%
in 2017, reflecting a modest recovery in the non-oil economy.
However, the south
Africa emerged from the recession in the third quarter of 2018, but growth was
0.8% during the year, as political uncertainty slowed
investment.
Angola, the
third economy in the region, remained in recession, with declining growth
strongly because oil production has remained low.
Mr. Zeufack said
growth has resumed in some resource-intensive countries like the democratic regime
Republic of Congo and Niger, while mining production and commodity prices have increased
boosted activity along with a rebound in agricultural and public production
investment in infrastructure.
"Countries like
Liberia and Zambia, growth has been moderate as high inflation and high debt
levels continued to weigh on investor sentiment. In Central African
Economic and Monetary Community, reform efforts continue
reducing fiscal and external imbalances has slowed down in some countries. "
He said
resource-intensive countries such as Kenya, Rwanda, Uganda and many others
the West African Economic and Monetary Union, including Benin and Côte d'Ivoire
recorded strong economic growth in 2018.
CFTA
created a single continental market for goods and services, with free movement
business people and investments and also a paved way to accelerate the
creation of the Continental Customs Union.
GNA
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