Rising Africa’s Task Is to Share Wealth, Invest in People

Conference hails drive to transform, diversify African economies

A rising Africa should also be a watching and a partnering Africa

Cooperation, regional integration can help boost inclusive growth

Concluding the two-day Africa Rising conference organized by the government of Mozambique and the IMF in the Mozambican capital, policymakers also hailed African countries’ drive to transform and diversify their economies.

IMF Managing Director Christine Lagarde, noting that Africa is rising in terms of its economic growth, added that the continent’s challenge now is to make that growth more sustainable and more inclusive. She told a news briefing after the conference that

• A rising Africa should ensure that everyone benefits from growth, particularly those in the rural economy;

• A watching Africa should maintain sound macroeconomic policies to guard against internal and external risks; and

• A partnering Africa can benefit from working together with development partners such as the IMF to strive jointly toward development goals.

Five years after a conference focused on Africa’s changes in Dar es Salaam, Tanzania, finance ministers, governors, and civil society and private sector representatives from sub-Saharan Africa met in Maputo May 29–30 to take stock of their region’s achievements over the past two decades, its increased resilience to shocks, and economic policy challenges for sustaining growth and development.

A joint declaration issued after the Maputo conference by African finance ministers and governors and the IMF noted strong economic performance in an increasing number of African countries, reflecting good macroeconomic policymaking, stronger institutions, and higher investment in both human and physical capital. But in many countries, the benefits of this growth have not been well shared across the population. Moreover, there remain wide infrastructure gaps, and job creation falls short of expectations.

Transformation is key

Lagarde noted Africa’s solid phase of growth over the past two decades, but added that there are significant issues still to be addressed. “Structural transformation remains key: build infrastructure, build institutions, build people. These themes have come through loud and clear,” Lagarde said, alluding to major takeaways of the conference.

The event saw more than 500 participants discuss topics crucial to the continent, including how to harness the wealth stemming from Africa’s natural resources; how to...