Dr. Edward K. Brown, Senior Director of Research, Policy and Programmes at the Africa Center for Economic Transformation (ACET), has emphasized the critical role of economic transformation in driving Africa’s development.
Speaking on The Point of View on Channel One TV, Dr. Brown highlighted the need for African economies to move beyond structural adjustments and focus on adding value to their products and exports.
“Absolutely, I think, in the 1980s and 1990s, we were talking about structural adjustments and so on. But if you are not transforming the structure of the economy into high value-added products and exports. Then you are not able to create jobs, you are not able to get the revenue that you need to finance social programmes,” Dr. Brown said.
“So, transformation is very critical; it will help to alleviate poverty, so rather than focusing on poverty, you focus on real outcomes. If your economy is transforming, you are adding value to the products, and you are creating the jobs necessary, then you can reduce poverty, you can have an inclusive growth, and all those things come together around that framework,” he added.
Dr. Brown stressed that economic transformation is essential for reducing poverty and achieving sustainable development.
He noted that by focusing on value addition, job creation, and inclusive growth, African economies can become more resilient and self-sufficient.
He also underscored the importance of export diversification to protect economies from external shocks, urging policymakers to prioritize strategies that drive long-term transformation.