By African Business Watch Reporter – Marrakech, Morocco – The former Secretary of Finance of the Republic of the Philippines, Cesar Purisima, advices Africa to work on taxes on alcohol and tobacco products -institutionalize reforms.
He made the comment this morning in Marrakech Morocco addressing African economy ministers who are gathered for the 2019 Conference of Economy and finance ministers.
“Confidence is the most important currency that a country has. Confidence among investors catches you in a virtue cycle… Anti-corruption is not just talk, but more work,” he said.
He also suggested the need to use technology and media to disrupt the status-quo such as using datamining, indicating that over the past 10 years the average GDP growth rate in the Philippines was the highest in the past 50 years.
Commenting on how Africa should manage its natural resources Cesar Purisima said, “We are trying to draft a better law for the mining sector. Mining companies draw the benefits and not the country. Here is what Africa and the Philippines have in common.”
The Deputy Secretary General of the UN on her part stated that the defining question in front of us is how African countries can achieve growth that supports job creation, increases wealth and reduces poverty and inequalities.
Today and tomorrow the minister are expected to reflected on several economic issues pertinent to0 the continent, which includes the African Continental Free Trade Area, which was signed by 44 countries a year ago in Kigali and has so far ratified by half of the signatory countries.
The free trade area, which is expected to be the largest market block in the world, is expected to be operational as July this year allowing the free movement of people and goods across the continent with over 1.2 billion population.