Fin Min Ncube push for homegrown solutions to African economic problems

Minister of Finance and Investment Promotion Professor Mthuli Ncube has called for homegrown solutions to African problems as foreign aid withers.

Ncube made the call while attending the Group of 20 Finance Ministers meeting in Cape Town, representing Southern African Development Community (SADC) Finance Ministers, as Chair.

“I am attending the G20 Finance Ministers meeting in Cape Town, representing SADC Finance Ministers, as Chair.

“A key issue is Domestic Resource Mobilization (DRM) in order to finance our development in the face of declining overseas development assistance.

“While raising domestic revenues from taxation is key, discussions also see the need to balance this with incentives for growth. Strong growth is an enabler. One thing to watch is cost of collecting taxes.

“Increased digitisation, including developments in AI, offers immense opportunities for domestic resource mobilization and efficient tax audits,” he said.

He added that while capital market development is also critical for domestic resource mobilisation, they are a source of Debt finance for governments and private sector, and equity finance for private sector.

Zwnews