Benin’s president Patrice Talon has called on African countries to prioritize the mobilization of domestic resources, implement relevant tax reforms and the removal of harmful subsidies in their economies to unlock their potential.
Talon who spoke during the opening session of the African governors caucus meeting also called on developed countries to support the strengthening of African capabilities in the fight against illicit financial flows.
“We must improve governance in our states and to change our relationship… to make it a tool that unlocks the potential of domestic resources,” Talon said during the two day meeting that kicked off in Benin’s economic capital, Cotonou.
We must improve governance in our states and to change our relationship with, to make it a tool that unlocks the potential of domestic resources.
This year’s meeting is taking place on the back of falling world commodity prices and increasing insecurity which have continued to burden Africa’s economic growth in a context of slowing global growth.
“The Bretton Woods Institutions (IMF and the World Bank) need to do more to help Africa respond to exogenous shocks, enhance the continent’s growth and promote economic transformation in Africa,” Talon noted.
The African Caucus was established in 1963, as the “African Group,” with the objective of strengthening the voice of African Governors by the Bretton Woods Institutions on development issues of particular interest to Africa.
The caucus meets twice every year and membership is open to all the 54 African countries who are members of the IMF and World Bank.
Angola hosted last year’s caucus while Botswana is earmarked to host the meeting in 2017.