African countries can do better with improved fiscal policy, says Songwe

Abstract

The 38 meeting of the Committee of Experts of the Conference of African Ministers of Finance, Planning and Economic Development opened in Marrakesh, Morocco, Wednesday with a clarion call for African countries to improve their fiscal policy and expand their tax base so they can ably fund their developmental processes. In opening remarks to the meeting, Economic Commission for Africa (ECA) Executive Secretary, Vera Songwe, said the ability to increase revenue collection was key to the continent’s capacity to finance its development, in particular Agenda 2030 for sustainable development and Africa’s Agenda 2063. A typical economy on the continent, she said, collects just about 16 percent of GDP in taxes, with the exception of countries like Morocco which collect at least 25 percent.