Bangkok, Thailand – October 14, 2026: Seedy Keita, Chair of the African Caucus and Gambia’s Minister of Finance and Economic Affairs, and Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), issued a statement following their meeting during the 2026 IMF–World Bank Annual Meetings in Bangkok.
The leaders discussed strategies to enhance Africa’s resilience against various challenges and promote economic transformation across the continent. They acknowledged that African economies have shown considerable resilience in recent years, with expected growth of 4.5 percent this year despite global pressures, including the war in the Middle East. Inflation is predicted to decrease to 9.3 percent but remains a concern.
The statement highlighted that resource-rich economies may benefit from improved terms of trade, while non-resource-rich nations could require expansionary fiscal policies to alleviate the impacts of external shocks. Although average external buffers are stable, several countries face escalating debt vulnerabilities and high debt-service costs, restricting development expenditures. Additionally, tightening global financial conditions and the potential effects of a severe El Niño could further complicate these challenges.
Keita and Georgieva emphasized that Africa’s dynamic entrepreneurial spirit could drive future global growth. The African Caucus reiterated its focus on maintaining macroeconomic stability, harnessing local resources, and boosting job creation and opportunities across the region.
They also underscored the importance of sustaining macroeconomic stability in a world prone to shocks. Rising energy prices have increased costs for both households and businesses, while deteriorating aid levels and expensive financing options limit development initiatives and investments in climate resilience. Policymakers stressed the need to control inflation, ensure fiscal responsibility, improve policy frameworks, and promote governance and transparency.
To maximize the benefits of its resources for the populace, Africa must implement efficient and fair tax systems that expand the revenue base and enhance compliance. Developing sustainable revenue sources and smarter spending strategies can protect vulnerable communities and meet essential development objectives. Continued international backing through affordable financing and technical support remains crucial.
Effective policies and robust institutions are vital for structural changes and job generation. The leaders pointed out that creating job-rich growth necessitates a more favorable investment climate, better financial market development, and increased regional integration. Full execution of the African Continental Free Trade Area is expected to enlarge markets, bolster regional value chains, and improve Africa’s competitiveness on the global stage.
The IMF reaffirmed its commitment to supporting African nations as they work to bolster resilience against a volatile global landscape. Through customized policy guidance, capacity building, and financial assistance when required, the IMF aims to aid efforts to rebuild policy buffers, protect vulnerable groups, and promote inclusive and sustainable economic growth throughout the continent. The African Caucus also recognized the enhanced representation provided by the third sub-Saharan Africa chair on the IMF Executive Board and called for the continuation of strong collaboration with the IMF to boost representation in the organization.
