This archive report was first published on 3 December 2019.
On Monday, African leaders gathered at the African Economic Research Consortium's 51st Plenary Session in Nairobi, where they were urged to prioritize the development of strong institutions to drive economic growth and reduce disparities in performance across sectors.
According to Prof Njuguna Ndung'u, Executive Director of the African Economic Research Consortium, weak institutions are a major constraint to market development and economic growth in Africa. He emphasized that high transactions costs, an uncertain macroeconomic environment, and socio-political cycles that undermine long-term strategic directions are all major obstacles to achieving sustainable and inclusive growth.
Prof Ndung'u noted that competitive economies are more likely to provide a conducive environment for business, market development, policy clarity, and effective coordination, ultimately leading to more sustainable and inclusive growth. He spoke at the AERC 51st Plenary Session in Nairobi on Monday.
East Africa Community Cabinet Secretary Adan Mohammed highlighted the challenge of reverse globalisation, where big economies are refocusing on their domestic markets through various policies, posing a hurdle for African countries.
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