IMF, African Ministers Urge Stronger Tax Collection Even as Most Countries Surveyed Collect Less Than the Recommended 15% Minimum

email facebook linkedin twitter Whatsapp African finance ministers and the IMF are calling for stronger tax collection and better-targeted public spending to fund development, protect vulnerable households and reduce pressure on government budgets. Twenty of 38 African countries surveyed collected less than 15% of GDP in taxes in 2023. The continental average of 16.1% remained below those of Asia-Pacific, Latin America and the OECD. Africa's economic growth forecast for 2026 has been raised to 4.5%, from 4.2% in April, but high debt costs, declining foreign aid and inflation continue to strain government finances. Seedy Keita, chair of the African Caucus and Gambia's minister of finance and economic affairs, and International Monetary Fund (IMF) Managing Director Kristalina Georgieva issued a joint statement after a meeting on the sidelines of the IMF and World Bank Annual Meetings in Bangkok on October 14.