Prof. Jane Mariara Highlights Disproportionate Impacts of Global Shocks at African Economic Conference

PEP’s Executive Director, Prof. Jane Mariara, spoke on resilience-building in African economies with a focus on women, especially marginalized women and the vulnerable, in the face of sudden shocks during the 2024 African Economic Conference (AEC 2024). Themed “Securing Africa’s Economic Future Amidst Rising Uncertainty,” the conference was organized by the African Development Bank (AfDB), the UN Economic Commission for Africa (ECA), and the United Nations Development Programme (UNDP).

Prof. Mariara participated in a panel titled "Navigating Uncertainty: Strategies for Building Resilience in Africa," drawing insights from the program Impact of the Russia–Ukraine War on Africa: Policy Implications for Navigating Shocks and Building Resilience. This initiative is a collaborative effort involving PEP, the African Economic Research Consortium (AERC), the Economic Research Forum (ERF), and ODI Global, with funding from Canada’s International Development Research Centre (IDRC) and Global Affairs Canada.

Speaking on the cascading economic effects of the Russia–Ukraine war, she said:
"Like the COVID-19 pandemic, the Russia–Ukraine war has led to multiple price shocks, particularly in fuel, food, and fertilizer prices. These shocks have heightened vulnerabilities for women in low-income economies due to unequal access to resources and finance. Women-headed households, subsistence farmers, and informal workers bear the brunt of these disruptions, exacerbating food insecurity and economic instability."

She also highlighted the importance of tailored policy solutions, as outlined in the report. Using advanced modeling techniques, the research outlines strategies to enhance resilience through strengthened social safety nets and inclusive financial mechanisms across several African countries.

Prof. Mariara proposed actionable solutions to mitigate the gender-differentiated impacts of shocks:

• Expanding coverage and improving targeting of social protection schemes and ensuring gender-responsive implementation to prioritize vulnerable groups, such as women-headed households and informal workers.
• Empowering women through mechanisms like Village Savings and Loans Associations (VSLAs), capacity-building initiatives, and improved access to credit.
• Incorporating gender considerations into trade diversification, regional cooperation, and foreign direct investment strategies to promote women's participation in the formal workforce.

She further emphasized the need to re-frame macroeconomic policies to make monetary policy, inward investment promotion, and debt restructuring strategies more gender-sensitive to ensure equitable outcomes and promote women's economic participation.

Speaking about the importance of technical assistance, she added:
"At PEP, we combine research expertise with local knowledge to co-model policies that address the unique challenges faced by women and vulnerable populations."

Prof. Mariara concluded her remarks with a call to action:  By prioritizing gender equality and addressing structural barriers, we can build a more resilient and inclusive Africa capable of withstanding future shocks."

She expressed her gratitude to ODI for organizing the sessions and for the opportunity to serve as a panelist. She also extended her appreciation to African Development Bank, UNDP, and ECA for hosting the conference and acknowledged the contributions of IDRC and Global Affairs Canada in advancing knowledge and funding this critical research.

The other Speakers at the event were:

• Hon. Dr. Monica Musenero Masanza, Minister of Science, Technology, and Innovation in Uganda, emphasized the transformative role of innovation and technology in addressing Africa's systemic challenges.
• Colin Bermingham, representing the European Investment Bank (EIB), shared insights from the Finance in Africa 2024 report, focusing on unlocking green finance and bridging critical investment gaps.
• Dr. Pagnamam George Yekpa, from the ECOWAS Bank for Investment and Development (EBID), presented strategies from the West African Development Outlook, advocating for enhanced regional cooperation to build resilience against recurring shocks.

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