الرئيس التنفيذي
أشرف الحادي

رئيس التحرير
فاطمة مهران

To deepen domestic resource mobilization on the continent, countries should broaden their national tax base

To deepen domestic resource mobilization, countries should double efforts to broaden their national tax base, said Hanan Morsy, Deputy Executive Secretary and Chief Economist UN Economic Commission for Africa at the closing of the Experts Segment of the 56th session of African Conference of Ministers, spanning three days of dynamic and thought-provoking discussions ahead of the arrival of the Ministers in Victoria Falls, Zimbabwe

On broadening the tax base, she said that Africa has the lowest tax to GDP ratio across the regions. Optimising our tax collection efforts is imperative for sustainable development,” adding that countries can begin by improving their efficiency of public spending, ensuring that every dollar invested delivers maximum returns.

“It is not just about investing in the right areas; it is also about doing them in the best possible way to minimize waste and maximizing impact,” she stressed.

On the question of taxation, she recommended progressive tax systems, digitalization through electronic tax filing and removing ineffective tax exemptions.

ECA is currently piloting research on assessing optimal taxation of the digital and technology sectors.

Climate change, she said has exacerbated the situation of an already shrinking fiscal space with increasing financing needs, leading to a vicious cycle of investment shortfalls that increase exposure risk and worsen impact, further eroding fiscal space and increasing financing cost.

“It is important for African countries to leverage their assets, starting by harnessing the most valuable asset of all – human capital,” said Ms. Morsy, adding that “empowering and equipping our youth will be crucial to shape our shared future.” To achieve this, stressed Morsy, “we must continue to prioritize innovation and invest in skills and education.”

She noted that Africa’s path to sustainable development hinges on three crucial elements:

First, addressing the issue of finance and investment to attract more affordable and concessional finance to the continent through the reform of the global financial architecture.

“This also requires de-risking projects to attract private sector investment that is needed to boost the meagre 14% share of private sector in Africa,” she said.

Secondly, at the regional level, countries must transform potential and ideas into tangible action through concrete bankable projects. She underscored that the success of regional initiatives and approaches “depends greatly on our ability to effectively implement the African Continental Free Trade Area (AfCFTA). As such, countries should continue to foster the creation of regional value chains in critical sectors like minerals and electric vehicles (EVs), food and energy systems and technology.”

“Regional collaboration can energize our joint determination to foster economic diversification, industrialization, and intra-regional trade, to catalyze positive transformation throughout our continent,” stressed Ms. Morsy.

Lastly, Ms. Morsy called for national level actions such as creating an enabling environment and adequate policy and regulatory frameworks. “This entails optimizing public revenue and spending, streamlining lengthy permits and approval processes and fighting untransparent regulations and policy inconsistencies, monitoring and reporting properly the use of proceeds and aligning with medium- to long-term strategic priorities,” she said.

The experts report which explored a spectrum of instruments and mechanisms aimed at financing the transition to inclusive green economies in Africa will be presented to the Finance ministers meeting this week from 4 -5 March 2024 for purposes of advancing the agenda.

Related Posts:

JA Resorts & Hotels Launches Personalised Seasonal Staycation Itineraries for Multigenerational Escapes

Governor of Central Bank of Egypt Hosts Nigerian Counterpart and Conducts a Tour of the New Administrative Capital Printing House

Why South Korea is Emerging as the Ultimate Leisure Destination

AvaTrade Reveals the Growing Demand for Islamic (Swap-Free) Accounts Among UAE Traders

dubizzle Signs Partnership Agreement with Banque Misr to Support Mortgage Financing Services

Hong Kong Tourism Board Appoints AVIAREPS as New Marketing & PR Representative for the Gulf Region

Ukraine Leads as Intensity Rises on Day Six of IMMAF Youth World Championships in Al Ain Region

Artal Developments launches (Cēllen & Wēllen) projects in New Cairo

آخر الأخبار
أسعار الدواجن والبيض في مصر اليوم الاربعاء أسعار اللحوم الحمراء اليوم الاربعاء أسعار الخضار والفاكهة اليوم الاربعاء مواصفات هاتف Redmi 15 5G من شاومي بولستار تطلق سيارة خارقة للاعبي كرة القدم طعام غير متوقع يحمى القلب من أخطر الأمراض JA Resorts & Hotels Launches Personalised Seasonal Staycation Itineraries for Multigenerational Esca... “عندي حكاية”.. ندى إمام تروي حكايات المشاهير وتطرح أسئلة الحب الصعبة . حصريا على هلا بوكاست متحدث "الكهرباء": إصلاح العطل بمحطة جزيرة الدهب.. وتشغيل مصدر تغذية إضافي خلال ساعات التعليم العالي: ١٩ ألف طالب يسجلون في تنسيق المرحلة الأولى للقبول بالجامعات لابيد: حكومة نتنياهو قادت إسرائيل لكارثة وتعرض الجنود للخطر ترامب: نرفض اعتراف بريطانيا بدولة فلسطين ونتعاون مع إسرائيل بشأن توزيع المساعدات في غزة السكة الحديد تعتذر للسادة الركاب عن تأخر قيام القطار رقم 923 المتجه من القاهرة إلى الإسكندرية هواوي كلاود تقود التحول الرقمي في شمال افريقيا عبر حلول الذكاء الاصطناعي الشامل وزير البترول والثروة المعدنية يعقد اجتماعًا موسعًا مع مجموعة موانئ أبو ظبي بمقر المجموعة بإمارة أبو ... البورصة المصرية تطلق مؤشر جديد للأسهم منخفضة التقلبات السعرية "EGX35-LV" وزير الثقافة يُعلن أسماء الفائزين بجوائز الدولة لعام 2025 وزير قطاع الأعمال يتفقد المصانع وخطوط الإنتاج لمتابعة سير العمل وموقف المشروعات المشرق يسجل دخلاً تشغيلياً 6.2 مليار درهم إماراتي للنصف الأول من عام 2025 جو شو: مصر مركز محوري في خريطة هواوي للتحول الرقمي في إفريقيا