Africa’s dependence on foreign aid has never helped its development—Ambassador Muchanga

Ambassador Albert Muchanga, AU Commissioner for Economic Development, Trade, Industry, and Mining, has stated that Africa’s reliance on foreign aid has hindered its development goals.

He urged African governments to improve domestic tax revenue mobilisation for infrastructure and social programs. Currently, Africa’s tax revenue to GDP ratio is 15%, compared to 25% in South America and 34% in Europe.

At the AU Mid-Year Coordination Meeting in Accra, he emphasized re-structuring Africa's debt, ending poverty, curbing illicit financial flows, and establishing a Credit Rating Agency and Capital Market.

Muchanga also called for credible economic statistics and deeper economic integration to strengthen Africa's investment appeal and global financial position.