Session I | Africa Economic Outlook 2021 with UNECA and World Bank

On Tuesday, February 9, 2021, Corporate Council on Africa (CCA) hosted the first session of theAfrica Economic Outlook 2021 series. Session one featured remarks byDr. Albert Zeufack, Chief Economist for Africa at the World Bank Group andDr. Bartholomew Armah, Director of Macroeconomic and Governance of UNECA and wasmoderated byRu Nyambuya, Senior Manager Client Coverage at Standard Bank Group.The meeting kicked off with welcome remarks provided byCCA President and CEO, Florizelle Liser. She stated, “Through these moderated sessions, we hope you will get a fuller picture of the continent’s economic outlook and actionable intelligence to guide you and your business as you plan for the year ahead.”During the discussion, Dr. Zeufak highlighted private sector investment facilitated by policy reform to achieve economic growth. He considered five policy areas that directly translate to investment opportunities: restoring fiscal space for service delivery, expanding digital infrastructure, adding value to, and diversifying exports, enhancing urban-rural connectivity, and human capital.Dr. Zeufak underscored the economic effects of the Covid-19 pandemic in these five areas, in human capital specifically he described how digital technology has proven to be instrumental in developing human capital. Dr. Zeufak said, “We can leverage digital (technology) to improve service delivery across African countries both in education and health and the private sector has a big role to play in those areas.”In agreement with Dr. Zeufak’s remarks, Dr. Armah stressed the role of energy in the economic recovery of Africa. Emphasizing a collaborative energy investment approach, Dr. Armah described the African Union’s collective response to the Covid-19 pandemic to ensure the distribution of PPE and how the same collaborative efforts are critical in investing in energy.Dr. Armah also discussed agri-processing and the implementation of digital IDs in the informal sector to make products competitive in the international markets. He addressed food spoilage and the potential of a restructured agri-process to support farmers, students enrolled in food programs at their schools, and many others.Tuesday’s session concluded with closing remarks by Ms. Liser. Ms. Liseremphasized CCA’s commitment to advancing economic development across Africa. “CCA will continue our effortsto promote activities that strengthen African economies tobolster the U.S.-Africa trade, investment, and business relationships.”