## Investment, Diversification Key to Growth—African Ministers

_IMF News, April 24, 2017_

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**Canonical URL:** [Investment, Diversification Key to Growth—African Ministers](https://www.imf.org/en/news/articles/2017/04/24/na042417-investment-diversification-key-growth-africanministers)

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## Bibliographic details
- Published: April 24, 2017

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### Overview
- Publication date: April 24, 2017
- Context: Remarks by African Finance Ministers during the IMF-World Bank Spring Meetings in Washington, D.C.
- Central message: Boosting private investment and diversifying revenue streams are pivotal to increasing growth in the current environment.

### Findings and country perspectives
- Gabon (Finance Minister Regis Immongault)
  - Oil revenues are "significantly down."
  - Finding the resources to build much needed infrastructure is becoming increasingly difficult.
  - Policy emphasis: "We must make hard choices and choose those projects that will boost growth."
  - Need to make the business environment more attractive for private investors to participate in financing infrastructure projects.

- Senegal (Finance Minister Amadou Ba)
  - Senegal continues to experience growth above 6 percent.
  - Private investment is crucial to sustaining this level of growth.
  - Policy action: Established special economic zones where businesses can operate with fewer regulatory obstructions.
  - Quote: "It's a space where we’ve tried to create a business environment that is consistent with international best practices to attract more foreign investors."

- Liberia (Finance Minister Boima Kamara)
  - Liberia has experienced zero percent growth since 2014, attributed to lingering effects of the Ebola crisis and weak global demand for iron ore and rubber.
  - Lesson: Diversification is essential; reliance on extractive industries leaves the economy vulnerable.
  - Recommended comparative advantage: Leverage agriculture to build a resilient economy.
  - Note on governance: Since the civil war ended in 2003, Liberia has enjoyed relative peace and stability; good governance is important for regional development.
  - Quote: "The quality of life for people in our respective countries will be reflected in the quality of our laws, and how those laws are respected."

### Policy recommendations and priorities (as expressed by ministers)
- Prioritize projects that will boost growth when resources are limited.
- Improve the business environment to attract private investors for infrastructure financing.
- Promote private investment as essential to sustaining high growth rates (example cited: Senegal’s >6 percent growth).
- Establish policy frameworks (e.g., special economic zones) that reduce regulatory obstructions and align with international best practices to attract foreign investment.
- Diversify economic bases away from extractive industries toward sectors such as agriculture to enhance resilience.
- Strengthen governance and the rule of law to support development and improve quality of life.

*IMF NEWS — April 24, 2017*

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## References

- [https://www.imf.org/en/News/country-focus](https://www.imf.org/en/News/country-focus)
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- [IMF Country Focus](https://www.imf.org/en/news/country-focus)
- [Watch the webcast](http://www.imf.org/external/mmedia/view.aspx?vid=5407638003001)
- [IMF-World Bank 2017 Spring Meetings](http://www.imf.org/external/spring/2017/index.htm?utm_medium=top&utm_source=Expandable_Banner)
- [https://www.imf.org/en/home](https://www.imf.org/en/home)

_Source: https://www.imf.org/en/news/articles/2017/04/24/na042417-investment-diversification-key-growth-africanministers_