Bangkok:African Finance Ministers have emphasized the need for the continent to transition from merely managing recurring global shocks to achieving economic transformation through domestic resource mobilization, diversification, and investment.
According to Ghana News Agency, Ministers Aboubacar Nacanabo of Burkina Faso, Christian Yoka of Congo, and Mariama Ciré Sylla of Guinea highlighted the limitations of resilience strategies exposed by recent global crises. Speaking at the 2026 International Monetary Fund (IMF)/World Bank Group Annual Meetings, they stressed the importance of building fiscal buffers, strengthening local value chains, and investing in human capital.
The ministers referenced several shocks, including the 2014 oil price crash, the COVID-19 pandemic, the Russia-Ukraine conflict, and the war in the Middle East, as events that have tested African economies. Mr. Nacanabo noted the need for a transformative agenda, focusing on domestic revenue mobilization, greater ownership of natural resources, and suitable financing systems. He cited Burkina Faso's success in raising its tax-to-GDP ratio through reforms as an example of effective policy implementation.
Mr. Yoka highlighted the necessity for sustainable policies and economic diversification, noting that reliance on oil leaves economies vulnerable. He discussed Congo's efforts to build fiscal resilience and encourage future development through domestic resource mobilization.
Ms. Sylla pointed out the untapped potential of Africa's natural resources, advocating for investment in skills and capacity to improve negotiation of resource agreements. She mentioned Guinea's efforts to leverage its Simandou project to boost agricultural competitiveness and regional logistics.
The ministers collectively called for leveraging natural resources, investing in infrastructure and human capital, and securing appropriate financing to drive lasting economic transformation and enhance sovereignty for African nations.