Finance Minister, Khamis Mussa Omar, has called on the World Bank to deepen its support for Africa’s private sector, warning that without stronger businesses, the continent risks slowing its economic transformation.
Speaking during the Africa Group 1 Constituency Meeting held in Washington, D.C., Mr Omar said Africa must shift focus toward empowering entrepreneurs and investors as a sustainable way to grow economies and reduce dependence on debt.
He said while governments are working to strengthen domestic revenue collection, the private sector remains the most effective engine for attracting investment and expanding economic opportunities.
His remarks come at a time when many African economies are grappling with rising debt burdens and limited fiscal space, forcing governments to rely more on taxation to finance development.
He cautioned that excessive taxation risks hurting ordinary citizens, particularly low-income groups.
“The solution lies in building a strong and competitive private sector that can generate growth, jobs and revenue without placing additional pressure on wananchi,” he said.
Mr Omar also proposed the development of a continent-wide economic transformation plan, drawing inspiration from the Marshall Plan, which helped rebuild Europe’s economies after World War II.
Meanwhile, Zarau Wendelin Kibwe said the World Bank is preparing a major financing package of up to $100 billion aimed at helping member countries address economic challenges while accelerating private sector growth.
She said the initiative will prioritise inclusive development by expanding employment opportunities for youth, women and marginalised groups, while strengthening social protection systems and economic resilience.
Dr Kibwe noted that the focus is not only on creating jobs but also on ensuring they are productive and sustainable, particularly in key sectors such as agriculture, energy, health and mining.
The Africa Group 1 Constituency comprises 22 Sub-Saharan African countries, including Tanzania, Kenya, Uganda, Zambia and Zimbabwe.
The meeting underscored a growing consensus among policymakers that private sector-led growth will be central to Africa’s long-term economic stability, investment expansion and job creation.
