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Policy Responses
The report highlights the urgency to address the education and skills gaps, among other investment and policy priorities, which could help accelerate growth to end poverty in Sub-Saharan Africa. Currently, seven in 10 children in Sub-Saharan Africa are not benefiting from pre-primary education. And fewer than 1.5% of 15-to-24-year-olds are enrolled in formal vocational education programs, compared to roughly 10% in high-income countries.
Central banks will need to maintain a firm grip on inflation to enhance monetary policy credibility and allow more accommodation over the next two years. Fiscal policy makers will need to consolidate public sector accounts while finding space to fund priority and viable public investment and social programs. They also need to address the high cost of debt service and ensure debt sustainability. Debt management practices that put an emphasis on transparency and more concessional sources of financing are critical.
Addressing fiscal and debt sustainability risks through domestic resource mobilization and greater spending efficiency requires careful attention to the quality of public services and investments. This starts with transparent and accountable spending decisions, including independent reviews to ensure that public projects have met their targets.
Accelerating inclusive growth and creating high-quality jobs will require a transformation of the region’s education system, with a focus on two interrelated pillars that support skills development: providing a solid foundation of basic skills for all children, and equipping the workforce, including the youth, with