Addis Ababa, 27 April 2022 (ECA) – Member States of the United Nations Economic Commission for Africa (ECA) have elected Cameroon as the Bureau Chair of its Committee on Economic Governance (CEG). Ghana and Algeria will be vice-chairs while Ethiopia and Lesotho will serve as rapporteurs.
During the first session of the Committee, held virtually on 27 April 2022, the Member States also commended ECA on the support given to African countries to improve macroeconomic policy and implementation.
The CEG will coordinate the work of ECA to ensure coherence and results in the support given to member States and other stakeholders in their effort to build and strengthen economic governance institutions and policies, and foster peer learning to accelerate sustained and inclusive social and economic development.
The Committee will also provide evidence-based advice and guidance on economic governance issues relating to promoting sound macroeconomic management and inclusive development strategies, fighting corruption, and illicit financial flows out of Africa.
Jonse Gedefa Leta, Director, Fiscal Policy Directorate of Ethiopia’s Ministry of Finance, acknowledged the “importance of the Macroeconomics and Governance Division (MGD) at the ECA in supporting African countries to ensure robust economic governance, macroeconomic forecasting and analyses, and the design, implementation, and monitoring of development plans as well as inclusive growth, sustainable development and structural transformation.”
The director of ECA’s Macroeconomic Policy and Governance Division (MGD), Adam Elhiraika, thanked representatives for attending and implored them to continue to cooperate with the ECA to ensure resilient African economies.
“Because of COVID, the Ukraine crisis, and other challenges, the economies of Africa are facing difficult times and they need to improve economic governance in order to manage unfolding crises. However, Africa is expected to grow at 3% in 2022 and 3.5% the year after, yet risks remain. Therefore, strong economic governance is imperative,” Mr. Elhiraika explained.
He also noted that the ECA was working with countries to generate and transfer knowledge in the field and on technical cooperation projects such as integrated planning and reporting on economic policy and countering illicit financial flows from Africa.
The composition of the Committee, under MGD includes senior officials from ministries responsible for Finance, Planning and Economic Development, Central Banks, Revenue Authorities, Financial Intelligence Units, National Statistics Offices of member states.
The Conference of African Ministers of Finance, Planning and Economic Development, held in March 2019, endorsed the CEG on its Resolution 966(LII) as a sectoral subsidiary body for ECA’s intergovernmental structure. The CEG coordinates the work of ECA to ensure coherence and results in the support given to member states and other stakeholders in their effort to build and strengthen economic governance institutions and policies and foster peer learning to accelerate sustained and inclusive social and economic development.
The outcome of this year’s session will inform the proceedings of the Conference of Ministers of Finance in 2023.
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