Declining aid and terms of trade, mounting debt, and ineffective adjustment policies have left sub-Saharan Africa (SSA) poorer than two decades ago. Bolstering growth and halving poverty in Africa over the next 15 years will require a dramatic increase in aid and trade for the continent.
With a projected growth rate of just over 3% for the next decade, Africa´s fortunes are unlikely to improve. This figure, marginally above population growth, is only half the 6% target set by the United Nations 10 years ago to tackle the economic and social challenges of the continent.
This Report sketches the main policy measures required to reverse this situation. These include:
- Financing development through a doubling of aid flows; a bolder approach to debt relief, including a standstill on debt repayment; and an independent assessment of debt sustainability;
- Conducting a full review of all current agreements and practices in the international trading system in order to remove any impediments to growth and development in Africa and to enhance Africa´s exports; and
- Undertaking a critical review of adjustment and poverty reduction policies for raising growth and bettering income distribution.