April 22, 2025
Washington, DC - A statement was released following the African Consultative Group meeting led by Mr. Hervé Ndoba, Central African Republic’s Minister of Finance and Budget and Chair of the African Caucus, along with Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF).
In the statement, they noted, “Today we brought together Ministers and Governors from the African Consultative Group to discuss strengthening Africa’s economic resilience at a pivotal juncture in the global economy."
Despite Africa's economic resilience in the face of multiple global shocks, the statement acknowledged a downturn in growth projections. "The sudden shift in the global outlook has interrupted the growth momentum. Growth on the continent has been revised down by 0.3 percentage points to 3.9 percent for 2025," they said. Risks to economic stability remain high amid ongoing uncertainties, affecting different countries unevenly, particularly those in fragile and conflict-affected states, the statement added.
The group reaffirmed its commitment to maintaining macroeconomic and financial stability in line with Africa's development goals. They emphasized, "Domestic reform efforts should promote fiscal sustainability, particularly through domestic revenue mobilization and by improving spending efficiency." Central banks were advised to prioritize price stability and adjust monetary policies appropriately to support growth where inflation permits.
Greater trade integration, particularly through the African Continental Free Trade Agreement, and securing adequate external financing were highlighted as crucial to fostering economic resilience and attracting investment.
Looking ahead, the IMF reaffirmed its support to African countries. "Now, more than ever, the Fund is committed to working with its member countries to help navigate the complex global economic environment," said the statement. With the addition of a 25th chair on the Executive Board for sub-Saharan Africa, the region's representation and voice within the IMF are set to strengthen.
The IMF plans to remain adaptive in its approach, addressing challenges like digitalization and AI. The statement continued, "The IMF will remain agile in adapting our toolkit, policy advice, and capacity development to respond to emerging challenges."
The meeting reiterated the importance of global initiatives such as the G20 Common Framework and the Global Sovereign Debt Roundtable for effective debt restructuring, and a review of the Debt Sustainability Framework for Low-Income Countries is anticipated. Programs linked to Fund support are being assessed to better cater to macroeconomic imbalances whilst promoting growth and poverty reduction.
The IMF reassured that it will continue to be a reliable advisor to its member countries in the evolving macroeconomic landscape.