Platform on Investment and Productive Transformation in Africa - 24 February 2021 Meeting - Day 2

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https://www.oecd.org/dev/africa/Platform-Investment-Productive-Transformation-Africa.htm

The challenge: Rebooting Africa’s productive investment strategies

Even before the COVID-19 crisis stopped the continent’s economic growth in its tracks, Africa was facing a deficit in domestic and foreign productive investment. Levels were too low to either match the needs of a fast growing, increasingly urban, working-age population, or improve the insertion of the continent in the global economy: on the eve of the pandemic, decent jobs remained the exception, and labour productivity had declined to about half the Asian average.

As African governments refine their post-COVID recovery strategies, therefore, they are not only aiming at improving on pre-crisis levels, but also at stimulating more robust, inclusive and sustainable types of productive investment. Given the impact of the crisis on their fiscal space, however, such a reboot requires both innovative policies to mobilise and allocate resources more effectively, and better coordination amongst all African stakeholders and their international partners.
Our response: Fast-tracking policy innovation, facilitating dialogue
In order to accelerate those processes, the OECD Development Centre and the African Union Commission are opening a new space for dialogue, mutual learning and the exchange of best practices. It is designed to facilitate joint work by the Member States of the African Union, its Regional Economic Communities (RECs), other major stakeholders and their international partners.

The Platform convened for the first time on the occasion of the 20th International Economic Forum on Africa in February 2021, under the chairmanship of HE Mr Albert M. Muchanga, Commissioner for Economic Development, Trade, Industry and Mining of the African Union Commission, and HE Mr Manuel Escudero, Chair of the Governing Board of the OECD Development Centre and Permanent Representative of Spain to the OECD.

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