<\/p>\n
The IMF said current growth trends mean it could take nearly 50 years for income per person in the region to double. However, targeted structural reforms could significantly accelerate progress, with output potentially rising by about 20% within a decade.<\/p>\n
<\/p>\n
The findings, outlined in the IMF\u2019s latest Regional Economic Outlook for sub-Saharan Africa, highlight the need to shift away from a growth model heavily driven by the public sector. The IMF argues that future growth must rely more on private investment, improved productivity and job creation.<\/p>\n
<\/p>\n
Economic performance across the region has remained uneven. While some countries such as Benin, C\u00f4te d\u2019Ivoire, Ethiopia, Rwanda and Uganda have recorded stronger growth, overall expansion has been modest. Over the past three years, real gross domestic product per capita grew at about 1.4% annually, compared with about 3.4% in other emerging and developing economies.<\/p>\n
<\/p>\n
The IMF said past growth episodes, often linked to commodity booms or public spending, failed to generate sustained private sector investment. Productivity growth has remained weak, with little improvement over several decades.<\/p>\n
<\/p>\n
With public debt rising, borrowing costs increasing and external support declining, the IMF said governments can no longer serve as the main driver of growth. Instead, reforms are needed to create a more supportive environment for businesses.<\/p>\n
<\/p>\n
Key priorities include improving governance, strengthening business regulation and increasing market openness. The report also highlights the need to reform state-owned enterprises, particularly in sectors such as energy and transport, where inefficiencies continue to affect economic performance.<\/p>\n
<\/p>\n
The IMF said closing even part of the gap with stronger-performing economies could deliver significant gains through higher investment, stronger productivity and increased labour force participation.<\/p>\n
<\/p>\n
The report also emphasises that successful reform requires strong political commitment, public support and protection measures for vulnerable populations to manage short-term impacts.<\/p>\n
<\/p>\n
The IMF said timely and coordinated reforms could help the region move towards more sustainable growth, create jobs and improve living standards for a rapidly growing population.<\/p>\n
<\/p>\n
–IMF\/ChannelAfrica–<\/p>\n","protected":false},"featured_media":35048,"template":"","meta":{"_acf_changed":false},"news-type":[44],"class_list":["post-35047","news","type-news","status-publish","has-post-thumbnail","hentry","news-type-finance","entry"],"acf":{"short_description":"Sub-Saharan Africa risks waiting decades to see meaningful income gains unless decisive reforms are implemented to boost growth, according to new analysis from the International Monetary Fund (IMF).","published_date":"","news_description":"Sub-Saharan Africa risks waiting decades to see meaningful income gains unless decisive reforms are implemented to boost growth, according to new analysis from the International Monetary Fund (IMF).","form_embed":"","author":"","image_caption":""},"_links":{"self":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/35047","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/types\/news"}],"version-history":[{"count":1,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/35047\/revisions"}],"predecessor-version":[{"id":35049,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/35047\/revisions\/35049"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/media\/35048"}],"wp:attachment":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/media?parent=35047"}],"wp:term":[{"taxonomy":"news-type","embeddable":true,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news-type?post=35047"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}