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Company News on Tuesday, April 9, 2019
Source: ghananewsagency.org
2019-04-09
Albert Zeufack, World Bank Chief Economist for Africa
Albert Zeufack, the World Bank's chief economist for Africa, on Monday called on African countries to embrace the digital transformation to modernize their economy and boost their economic growth, stating: "This is changing gives it to Africa ".
He said that for African nations to benefit from economic dividends, it is essential to create the necessary digital infrastructure, put in place the right regulatory frameworks and invest in skills that enable entrepreneurs and government officials to explore the possibilities offered by the digital world.
He said that digital transformation could open new avenues for inclusive growth, innovation and job creation, as well as to improve service delivery and reduce poverty in Africa.
Mr. Zeufack announced it at a press conference organized by the World Bank in Washington, United States, through a video conference, which was held in conjunction with a selection of journalists gathered at the Bank's offices in Ghana, Kenya, Liberia and Zambia.
The recommendations announced by Mr. Zeufack were also included in the Bank of Africa's nineteenth annual Africa & # 39; s Pulse report, which presented an badysis of the situation of African economies published on Monday, April 8.
Zeufack said that while Africa has made great progress in mobile connectivity, only 27 percent have Internet access, which is well below the global average.
The chief economist of the Bank for Africa explained that the digital transformation could increase Africa's per capita growth by 1.5 percentage points per year and reduce the number of people living in poverty by 0, 7 percentage points per year.
He said that the digital economy would create more jobs, encourage entrepreneurship among young people, increase farmers' productivity, attract more women to the labor market and create more jobs. new markets to stimulate economic growth.
The report said economic growth in sub-Saharan Africa was 2.3 percent, 0.4 percentage point below the Bank's estimate in October, and down from 2.5 percent in 2017.
External factors that necessitated the slowdown include volatility in the economic and financial environment, trade tensions, protectionism and uncertain commodity prices.
On the domestic front, the report said that macroeconomic instability, such as poorly managed debt, high inflation and fiscal deficit, as well as political and regulatory uncertainties, delayed Africa's economic growth in 2018.
The report also examined the uncertainty that was hindering growth in sub-Saharan Africa, noting that this fragility cost Africa more than half a percentage point of growth per year and was 2.6 percentage points out of five. years.
Zeufack said the Bank expects Africa's growth to resume this year at 2.8 percent, thanks to export support, private consumption and the increase in the economy. agricultural and oil production, as well as the extractive industries and services sector.
However, he said Africa's economic growth would remain below 3% since 2015.
At the same time, Kwabena Gyan Kwakye, a World Bank economist, said Ghana's economic growth for 2019 is expected to be 7.6 percent ahead of the government's forecast of 7.2 percent, due to the expected from oil, mining and food production.
He stressed the need for the government to manage the external debt in a sustainable manner in order to preserve the gains made so far in stabilizing the macroeconomy.
Ms. Maura Leary, Media Relations and Outreach Officer, Africa Region for Africa's Pulse, moderated all the discussions.
The semi-annual report of the World Bank was prepared by the Office of the World Bank's Chief Economist for Africa, Albert G. Zeufack.
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