ACET CEO calls for structural economic transformation at IMF–World Bank Spring Meetings

By:   Nana Appiah Acquaye

The President and Chief Executive Officer of the African Center for Economic Transformation, Mavis Owusu-Gyamfi, has called for a renewed focus on structural economic transformation across Africa, warning that emerging technologies such as artificial intelligence cannot substitute for strong economic foundations.

Speaking following engagements at the International Monetary Fund and World Bank Group Spring Meetings, Owusu-Gyamfi emphasized that Africa’s resilience in the face of global shocks depends on building productive capacity, deepening regional markets, and ensuring that growth translates into decent job creation.

She noted that while innovation and digital technologies are gaining prominence, they risk being overemphasized as quick solutions without the necessary economic structures to support sustainable development. She stressed that economic transformation remains the continent’s most viable pathway to long-term resilience.

Owusu-Gyamfi highlighted growing alignment among African institutions and partners on the need to move beyond growth-focused models toward structural change. Discussions with stakeholders, including the African Union, the African Peer Review Mechanism, and other policy and research organisations, underscored the urgency of advancing green industrialisation, particularly in the context of fluctuating commodity and energy prices.

She also pointed to increased coordination among African countries and regional institutions in engaging the global financial system, noting that a more strategic and collective approach is strengthening the continent’s negotiating position and shaping its development trajectory.

On financing, Owusu-Gyamfi acknowledged the growing emphasis on domestic resource mobilisation, including strengthening tax systems and improving public financial management. However, she cautioned that this shift should not replace the responsibility of global partners to provide adequate support, particularly in a constrained financing environment.

She called for a balanced approach that combines stronger domestic efforts with sustained international cooperation to ensure effective and inclusive development outcomes, especially for vulnerable populations.

Owusu-Gyamfi reaffirmed ACET’s commitment to supporting Africa’s transformation agenda through research, policy engagement, and partnerships, including its role in the Future of Development Cooperation Coalition.