The African Capacity Building Foundation (ACBF) has reiterated its willingness and readiness to support challenged countries to accelerate their delivery and implementation of policies meant to keep economies afloat during and post covid-19.
As the Covid-19 pandemic takes hold and destroys economies, ACBF says it is time for African countries to seriously reflect on, and consider expansionary policies such as quantitative easing, to maintain liquidity in the economy and supply resources to the financial sector. Countries are also urged to think about social protection programs for the vulnerable and those who have been seriously affected by the disease.
ACBF’s ExecutiveSecretary Prof. Emmanuel NNADOZIE says there is a need for African countries to think about sensible exchange rate policies, as well as need for Central Banks to move away from the narrow inflation targeting that many of them have been doing. He says focus must be on growth and employment.
The ACBF says Covid-19 represents a wake-up call and opportunity to improve Africa’s weak health infrastructure and fragile economies.
“It has exposed some of the capacity challenges including co-ordination faced by African countries, but it also offers opportunities for a change in mindset through building transformative leadership skills, and strengthening human capital and institutions, and building systems that are resilient,” Prof. Nnadozie says.
To ensure that the future is guaranteed, the Executive Secretary urges African countries to prioritize support for businesses, especially small and medium enterprises, as well as stimulus packages to allow business activity to happen. Pledging ACBF’s support for efficient implementation of policies by struggling countries, Prof. Nnadozie has acknowledged that many countries are already doing well in terms of stimulus packages and putting together good trade policies.
On the other hand, the ACBF is mindful of Africa’s place in the Fourth Industrial Revolution and the evolution of jobs that will need to be inclusive of the youth, women and people with disabilities.
“For us, this requires a couple of things. First, is to make sure that we have the digital capacity to be able to participate effectively in this Fourth Industrial Revolution, which means that our program on building digital capacity for Africa is now more essential, especially in this pandemic period digitalization has become essential in the fight against the Covid-19 pandemic” the Executive Secretary says.
Prof. Nnadozie has called on countries to reflect on how best to retool to build the skills for young people to participate in the Fourth Industrial Revolution.