The IMF plays a crucial role in supporting Africa’s economic recovery, as the continent faces financing difficulties, high borrowing costs, and impending debt repayments. The institution can provide rapid and flexible financing to African countries when they encounter budget and financing challenges.
However, Mr. Tapsoba acknowledges that in the past, the IMF’s structural adjustment programs applied to many African countries lacked a « human face » and focused more on macroeconomics than on people. More recently, the IMF has moved away from these structural adjustment programs and now focuses more on growth and poverty reduction .In the case of Burkina Faso, the IMF has supported reforms such as revising the mining code, which previously gave the country the lowest royalties and least economic benefits from its mining sector.
The IMF has also helped Burkina Faso establish a social fund and reorient the economy towards more value-added activities .Overall, the relationship between the IMF and Africa has evolved, with the institution adopting a more growth-oriented and socially conscious approach in recent years, in contrast to the structural adjustment programs of the past. The IMF’s African Department organizes the « Africa Perspectives » series, which provides an opportunity for policymakers, academics, analysts, and civil society to offer their perspectives on economic and policy issues relevant for sub-Saharan Africa.
Despite the challenges, sub-Saharan African countries will need additional support from the international community to develop a more inclusive, sustainable, and prosperous future. As by 2040 or so, a third of new labor market entrants will be from Sub-Saharan Africa, and skilled, educated workers will be vital to the health and stability of the global economy
