African countries may have to rely more on domestic resources to escape spiralling debt and costly infrastructure rebuilding. At the 48th ordinary session of the African Union (AU) Executive Council in Addis Ababa, Ethiopia, officials acknowledged that access to credit is increasingly out of reach, forcing governments to seek alternatives.
That could mean tapping local capital or better utilising natural resources. United Nations Under-Secretary-General and Executive Secretary of the Economic Commission for Africa (ECA) Claver Gatete said global economic growth – including Africa’s – has slowed amid trade tensions and disrupted supply chains, making capital expensive as aid dries up.
