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The International Monetary Fund (IMF) and senior African economic officials warned on Tuesday that Africa’s recovery from recent global shocks remains fragile, as fresh headwinds threaten to stall hard-won gains in inflation control, debt stabilization, and external balance.
Following a high-level meeting of the African Consultative Group during the ongoing IMF and World Bank Spring Meetings in Washington DC, Hervé Ndoba, Central African Republic’s minister of finance and budget and Kristalina Georgieva, Chair, African Caucus, and IMF Managing Director issued a joint statement calling for renewed reform efforts and stronger international support.
“Growth on the continent has been revised down by 0.3 percentage points to 3.9% for 2025,” the statement said.
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“The strong policy actions that have been taken to bring down inflation, stabilize public debt, and reduce external imbalances risk being undone in the face of further shocks.”
African economies have shown signs of resilience amid multiple crises—including global monetary tightening, commodity price volatility, and regional conflicts—but officials warned that the risks to growth remain high. Fragile and conflict-affected states face the most acute challenges.
The Group reaffirmed its commitment to macroeconomic and financial stability while pursuing inclusive development goals. Ministers and central bank governors called for reforms to strengthen fiscal sustainability, particularly by boosting domestic revenue and enhancing spending efficiency.
“Ambitious structural reforms will unlock growth and drive job creation,” the statement added, pointing to the African Continental Free Trade Agreement (AfCFTA) as a key pillar for deepening regional integration and attracting investment.
The officials also emphasized the urgent need for “adequate and affordable external financing” to support reform efforts. Many African nations continue to face constrained access to global capital markets, exacerbating debt vulnerabilities.
Georgieva reiterated the IMF’s commitment to Africa, highlighting the recent addition of a 25th chair on the Fund’s Executive Board to improve Sub-Saharan Africa’s representation and voice in global financial governance.
The IMF is also reviewing its toolkit, including the Debt Sustainability Framework for Low-Income Countries and the design of Fund-supported programs, to ensure its support is better tailored to promote both macroeconomic stability and poverty reduction.
In the face of digital transformation, geopolitical uncertainty, and climate shocks, Georgieva said the Fund “will remain agile” in adjusting its policy advice and technical support to member countries.
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The statement cited continued engagement with global debt initiatives such as the G20 Common Framework and the Global Sovereign Debt Roundtable as essential for timely and predictable debt resolution.
“In an increasingly complex global economic landscape, the Fund stands by its African members—as a trusted advisor and a convening force for cooperative solutions,” it noted.
The African Consultative Group, established in 2007, brings together finance ministers and central bank governors from 12 African countries with IMF management. The Group meets annually during the Spring Meetings, complementing broader engagement with the full African Caucus during the Annual Meetings.
