Strategies for mobilizing domestic resources and investments for structural transformation

Abstract

Africa has witnessed a resurgence in economic growth since the beginning of the century but, while there has been significant growth across countries, it has not been sufficiently inclusive, given the widespread poverty, high unemployment and worsening inequality. In order to address the challenges of structural transformation and inclusive development, there is now a noticeable revival of development planning and a growing recognition of the role of the State in economic development. Development plans focus on industrial policies, which aim to leverage domestic capabilities, technological advance and natural resource management in a highly complex globalized market context. Such ambitions have been reflected in the African Union’s first ten-year implementation plan for Agenda 2063, the recently adopted regional development framework for inclusive growth and sustainable development, and the Sustainable Development Goals. This report proposes policy recommendations that fall into nine interconnected themes to enhance resource mobilization and investment for Africa’s economic transformation.