BY BAMIDELE FAMOOFO
It has been estimated that countries in Africa will spend not less than $285billion (about N118.56 trillion) in the next five years as expenditure to achieve Sustainable Development Goals.
On a yearly basis, according to the United Nations, the continent’s expenditures are expected to rise by $154billion or N64.06trillion.
These among other issues will be the focus of the United Nations Economic Commission for Africa at its 54th edition of the Conference of African Ministers of Finance, Planning and Economic Development, taking place from May 11-17, 2022 in Dakar, Senegal.
“Development financing gaps have widened significantly since the outbreak of the coronavirus disease (COVID-19) pandemic. For Africa, annual Sustainable Development Goal expenditures are expected to rise by $154 billion annually as a consequence of the pandemic and by an additional $285 billion over the next five years to ensure an adequate response to COVID-19,” a statement from UNECA disclosed.
UNECA hinted that the unprecedented financing needs demand disruptive approaches that break new financing ground and provide sustainable options to scale up public financing, crowd in private sector financing on favourable terms, leverage climate financing and facilitate trade finance.
In light of the impact of the COVID-19 pandemic, the forthcoming Conference of African Ministers of Finance, Planning and Economic Development (CoM), organized by the United Nations Economic Commission for Africa, will be held under the theme of Financing Africa’s recovery: breaking new ground.
The Conference, to be hosted in Dakar, Senegal, will promote results-driven discussions amongst seasoned and high-level panelists both from within and outside Africa to support the continent’s development agenda.
