CFG Advisory CEO on how to drive an inclusive recovery post-COVID-19

As the world continues to grapple with the devastating impacts of the COVID-19 pandemic, the conversation has shifted towards what is needed to drive a recovery and ensure inclusive growth post-crisis. In a recent interview with CNBC Africa, the World Bank President David Malpass emphasized the importance of dealing with the health crisis, facilitating vaccinations, addressing the significant debt burdens faced by countries, and seeking ways to achieve sustainable growth in both advanced and developing economies. To delve deeper into these issues and explore the path towards inclusive recovery, Tilewa Adebajo, CEO of CFG Advisory, shared insights on key strategies and reforms essential for African nations. Here are the key takeaways from the discussion: One of the critical aspects highlighted by Adebajo is the need for countries to embrace structural reforms that allow for a more efficient allocation of resources. This includes repurposing assets that may no longer serve their original intent and enabling a smoother transition towards new opportunities. Adebajo emphasized the importance of creating an environment that fosters adaptability, particularly in terms of workforce skills, to meet the evolving demands of a post-pandemic economy. Another significant point raised in the interview is the urgency for countries to address market distortions that hinder economic growth. Adebajo specifically pointed out the detrimental impact of subsidies that skew market dynamics and create inefficiencies. By reducing these distortions and eliminating vested interests that benefit a select few, countries can pave the way for a more equitable and sustainable recovery. Adebajo highlighted the importance of transparency in government investments and urged leaders to prioritize accountability and public disclosure to ensure that resources are allocated effectively. Furthermore, Adebajo underscored the need for African governments to proactively engage in structural reforms and resource mobilization efforts. With the World Bank providing crucial support to the continent, there is a growing call for increased private sector investment and a strategic realignment of subsidies to promote growth. Adebajo outlined the investment deficit faced by many African countries, emphasizing the critical role of addressing debt overhang and eliminating economic distortions to facilitate a more robust recovery. In response to the World Bank President's comments on appealing to vested interests and removing economic distortions, Adebajo echoed the sentiment by highlighting the pressing challenges faced by economies like Nigeria. With mounting debt obligations and persistent economic disparities, Adebajo stressed the need for comprehensive reforms to overhaul existing structures and foster a more transparent and inclusive economic landscape. By focusing on the collective welfare of the nation and prioritizing growth strategies, African countries can chart a sustainable path towards recovery and prosperity. In conclusion, the road to inclusive recovery post-COVID-19 requires a concerted effort towards structural reforms, transparency, and accountability in economic governance. By implementing strategic changes that promote efficiency, eliminate market distortions, and prioritize the common good, African nations can position themselves for a more resilient and equitable future. As the conversation continues on driving sustainable growth, the collaboration between public and private sectors, as well as a commitment to transparency and reform, will be instrumental in shaping a more inclusive and prosperous post-pandemic era.