Reflections on Africa’s priorities in financing for development

Africa’s growth recovery since the start of the twenty-first century has not been sufficiently transformative. Although the overall macroeconomic performance has been remarkable across Africa over the past 15 years, most African economies remain largely agrarian and heavily dependent on natural resources and commodity exports, making them highly vulnerable to commodity price fluctuations. To achieve the overarching goal of structural transformation, many African countries have established a number of special initiatives focusing on infrastructure and human capital development, agricultural transformation, and inclusive and sustainable industrialization. However, the financial implications of Africa’s transformation agenda remain substantial.