The Minister of Economic Planning in the Presidency and Director-General of the National Planning Commission, Tom Alweendo, says Africa can sustainably develop its economies if it makes better use of its domestic financial resources.
“The time has come for Africa to rely heavily on domestic financial resources,” Alweendo informed the Africa Redemption International Conference (ARIC) that started in Rundu on Tuesday and ends tomorrow.
The conference is deliberating on issues that deter the continent from emerging from poverty.
“An increasing share of Africa’s development needs from domestic sources would give Africa much-needed flexibility in the formulation and implementation of policies that address the continent’s socio-economic and other developmental challenges. However, for the continent to leverage its domestic financial resources a number of things need to happen.”
According to Alweendo, it is the case that in many African economies public administration remains weak and inefficient. He added that in many African countries the public sector plays a major role in financing infrastructure investments, thus public sector inefficiencies in turn have negative consequences for growth and therefore development.
“It is therefore important for African governments to prioritise the reform of public finance and administration. The reform agenda should comprise topics such as public sector expenditure control, fiscal and procurement transparency, civil service reform, tax administration and the planning and budgeting process,” he said.
The conference that is being attended by participants from South Africa, Zimbabwe and Zambia, among others, is being hosted by the Rundu Unam Campus in collaboration with the Faculty of Economics and Management Sciences under the theme ‘Shifting Mindsets from Poverty to Prosperity.’