Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has appealed for accelerated action on economic reforms and domestic resource mobilisation across Africa to finance development and job creation.
Speaking on the sidelines of the G20 Investment Breakfast Dialogue in Johannesburg, the Minister stated: “We must accelerate bold economic reforms and strengthen domestic resource mobilisation to finance investments, jobs, and long-term development.”
Delivering the keynote address at a forum convened by MTN, which included CEOs from South Africa, the Nigerian Investment Promotion Commission (NIPC) and various development partners, Edun noted that the continent is meeting at a moment of “profound global economic change” demanding coordinated action, deeper regional collaboration, and an investment climate built on stability and reform.
The Minister outlined four major disruptions reshaping the prospects of developing regions. First, global trade dynamics are being rewritten, with the established rules that supported the rise of economies like China, India, and Brazil changing rapidly.
Second, capital flows to emerging markets have tightened dramatically. Citing African Development Bank estimates, he pointed out that many developing economies now pay more in debt service than they receive in development assistance.
