The United Nations resident coordinator, Sunil Saigal while commenting on the 2016 Africa Economic Outlook (AEO) on Tuesday said that the report came in Sierra Leone at a time when the country is building back better following the devastating ebola outbreak that collapsed international iron ore prices.
While commenting on the relevance of the 2016 theme to Sierra Leone at the ministry of finance hall, Mr Saigal said that the AEO assesses Africa’s performance and prospect in crucial areas including macroeconomics, external financial flows, tax revenues, trade policies and human development.
Mr Saigal maintained that the 2016 AEO report also takes the view that urbanisation plays a crucial role in the process of structural development noting that the view departs from post-independence urban-bias notion, which tended to dismiss Africa’s urbanisation.
Lamenting on the low agricultural productivity in rural areas directly into low productivity services in urban area, Mr Saigal stated that one of the reasons is the weak performance of modern manufacturing and service sectors adding that formal wage-paying jobs are very rare.
”Indeed, the contribution of the manufacturing sector in Sierra Leone, which normally should offer great opportunities for transformative change is relatively low and declined from 2.3% of GDP in 2010 to 1.6% in 2014.” Mr Saigal stated.
Noting some vibrant recommendations with regards to the report, the UN coordinator pointed that urban strategies should be integrated into long term national development strategies and informed by reliable data illustrate the country’s demographic shift.
Officially launching the 2016 AEO report, the minister of finance, Momodu L Kargbo, expressed delight for the collaboration of the United Nations Development Program, Africa Development Bank and other institutions over such laudable venture.
Mr Kargbo furthered that prior to the ebola outbreak; the country had made considerable progress in consolidating peace and security as well as rebuilding the economy.
While deliberating on the impacts of climate change and high environmental risk that compound the development of the country, Mr Kargbo registered the government commitment to robust sustainable economic growth.
“The government will continue with its sustained reform efforts in fiscal and financial sectors to generate robust growth which can facilitate poverty reduction” the minister added.
As various collaborative institutions recalled the positive growth projected by the report by 2020, Mr Kargbo reassured stakeholders of government supports in better service delivering in major areas.
Sylvia Villa
Wednesday July 20, 2016
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