To boost the prospects for a strong and sustainable recovery from the impact of COVID-19, African governments need to mobilise significant additional external financing, with the assistance of the international community, says President Cyril Ramaphosa.
The President made the remarks during his address at the Paris Summit on the financing of African economies on Tuesday, convened by French President Emmanuel Macron.
President Ramaphosa last night successfully concluded the visit where he was joined by African Heads of State and government. At the summit, they were joined by leaders of financing institutions, such as the International Monetary Fund, World Bank, Economic Cooperation and Development (OECD) and representatives of G7 and G20 countries.
The summit took place at a time when world economies are counting the cost of the COVID-19 pandemic and considering measures that are urgently needed for a swift recovery.
"The economies of the African continent have been particularly hard hit," said the President.
The International Monetary Fund estimates that sub-Saharan African economies will grow at 3.4% in 2021, compared to global growth of 6%.
Although this expected growth will be buoyed by the resumption of international trade, higher commodity prices and a resumption of capital inflows, the recovery, President Ramaphosa said, will be slow.
