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Digital Transformation, surest growth for African economy -World Bank

Victor Kezelee/ Jos Garneo Cephas Sr.
World Bank Chief Economist for Africa
World Bank Chief Economist for Africa

MONROVIA, LIBERIA - The World Bank Chief Economist for Africa, Albert Zeufack, says one of the surest ways to enhance economic growth in African Countries is digital transformation.

Mr. Zeufack said: “Digital transformation can increase growth by nearly 2% and can help reduce poverty by nearly 1% annually in South Saharan Africa alone”.

Quoting the April 29 issue of Africa’s Pulse, he said growth in Sub-Saharan Africa has been downgraded to 2.3% in 2018 down from 2.5% in 2017.

Mr.  Zeufack spoke Monday, April 8, 2019 at a video conference for stakeholders in African Countries held at the World Bank Offices in Congo Town, Paynesville City, Liberia. 

Africa Pulse also found that fragility is another factor affecting South Saharan African countries’ growth. The report calls for countries to unite in tackling instability, violence and climate change as a means of boosting economic growth.

Also speaking the at the function, the World Bank Country Economist for Liberia, Daniel Boakye, attributed the main drivers of inflection in Liberia to physical pressure.

Mr. Boakye said: ”The current inflection is occurring in Liberia amidst the Country’s falling revenue, the Liberian Government needs to improve on its revenue generation and cut down on its expenditure as a way of tackling inflation”.

The Bank's Country Economist for Liberia, called on the Liberian Government and also recommended that the Liberian Government maintains macro stability, encourages investors, ensure debt management and proper monetary policies and good governance as a recipe for enhancing economic growth.

The World Bank is therefore encouraging African Countries to subscribe to digital revolution to unlock inclusive growth and job creation across the Continent.

 


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