IMF urges African unity to tackle global economic pressures

The International Monetary Fund (IMF) has called on African leaders to strengthen intra-regional trade and cooperation as a strategy to cushion the continent against mounting global economic pressures.

Kristalina Georgieva, IMF Managing Director, made this appeal during a press briefing on the global policy agenda at the joint spring meetings of the IMF and World Bank in Washington, D.C., on Thursday.

Georgieva warned that rising global tariffs, particularly those announced by the United States, are increasing financial uncertainty and threatening worldwide stability. Although the direct impact of these tariffs on most African countries is minimal, she noted that indirect consequences—such as slower global growth—are already affecting Africa’s economic outlook.

The IMF has revised down growth projections for Africa, citing challenges such as falling commodity prices, tighter financial conditions, and weakening global demand. “We have downgraded growth prospects for the continent,” she said.

Georgieva emphasized that different African nations face unique challenges. Oil-producing countries like Nigeria are under fiscal pressure due to declining oil prices, while oil importers may benefit from lower costs.

To navigate these complexities, she encouraged African governments to remove infrastructure and policy barriers to regional trade. She also praised the continent’s potential, highlighting its mineral wealth and youthful population, and urged a more unified approach to economic development.

She noted that institutions like the World Bank are already working to ease infrastructure constraints that hinder trade, adding that enhanced collaboration could help Africa become a global economic powerhouse.

In addition, Georgieva advised countries to strengthen economic fundamentals by broadening the tax base, combating tax evasion, and using technology to improve revenue collection. She also urged policymakers to adopt tailored monetary strategies suited to their domestic realities rather than copying neighboring countries.